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| Caroline Baum |
“The U.S. economy remains almost comatose....The current slump already ranks as the longest period of sustained weakness since the Great Depression....Once- in-a-lifetime dislocations...will take years to work out. Among them: the job drought, the debt hangover, the defense-industry contraction, the (banking) collapse, the real estate depression, the health-care cost explosion and the runaway federal deficit.” That’s how Time magazine described the dismal state of the U.S. economy -- in September 1992. The passage has been making the rounds in financial circles, a token reminder that today’s pessimism -- the forecast of a “lost decade” for U.S. employment by Pimco CEO Mohamed El-Erian, for example -- may turn out to be too extreme.
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| Mohamed El-Erian |
Almost before that Time article reached the recycling bin, the U.S. economy was humming again. Real gross domestic product rose 4.3 percent, both in the fourth quarter of 1992 and on a year-over-year basis -- and for the rest of the decade America never looked back. Read more here:
Baum - "Working Girl" Big Idea Needed for 1990s Redux:
From the Carlsbad Current-Argus: Carlsbad Caverns National Park is doing some renovation in the name of safety. On Sept. 13, a contract to replace most of the steel support beams in the Caverns' primary elevator hoistway will commence. According to a press release, the maintenance is required due to peeling lead-based paint and damage caused by corrosion on the 55-year-old steel framework. "This is a very necessary project that will improve employee safety for the elevator mechanics and significantly prolong the useful life of the primary elevator system," said park Superintendent John Benjamin. "We regret that it will affect visitor use on busy days. We have scheduled the work for the time of the year with the lowest visitation, and we have made extensive contingency plans to lessen the adverse effects of the project." The elevator system at the park provides transportation for visitors and cargo to and from the main cavern, located 754 feet below the Visitor Center. The system includes four elevators: a primary set that carry 16 passengers each and a secondary set that carry eight passengers each. Many factors, such as the difficulty of accessing the hoistway, the presence of lead-based paint and the interest in public safety, raised the recommendation to reinforce the structure with galvanized beams, from a team of National Park Service and industry experts. Read more
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