"If we are not going through a short-term cycle caused largely by inventory but if, in fact, we've entered a capital bust, then the Fed is not going to be so powerful," Mr. Abrams said.
When the capital bust finally arrived in 1985, there was a sudden universal loathing of PCs.
Ask yourself before you answer: Did the technology capital bust of 1985 kill the young PC industry?
As Mr. Thompson and Mr. Braitman symbolized the Internet boom of the 1990's, so they also came to illustrate the venture-capital bust that has rattled investors from the Bay Area to Boston -- a bust that is hurting even venerable firms like Kleiner, Perkins, Caufield & Beyer.
For example, when America's banks got into trouble in 1990 as a result of the property bust, capital markets provided an alternative source of finance.
The Putnam Green venture was, in many ways, a microcosm of the entire American banking meltdown: easy credit, blind optimism, heavy leverage, murky chain of custody, poor execution, infusion of foreign capital, market reversal, bust, more murkiness.
Founded by, among others, two Nobel laureates in economics, a former vice-chairman of the Federal Reserve, and one of Wall Street's most successful bond-traders, Long-Term Capital nearly went bust in September.
After several decades spent entertaining vacationers from the Argentine capital, a dam bust in 1985 buried Villa Epecuen by then home to some 5,000 people beneath floodwater.
After several decades spent entertaining holidaymakers from the Argentine capital, a dam bust in 1985, and Villa Epecuen – by then home to some 5,000 people – slowly disappeared beneath floodwater.
And it's a capital-spending-led bust.
In that sense, the expenditure is hardly a scandal, merely representative of ministers' wider ambitions to attract highly skilled managers from the private sector to help the MoD get a tighter rein on its notoriously budget-busting capital programmes.
