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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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102389
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10238900.045
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1990-09-22
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NATION, Page 42Grapevine
TAKES ONE TO KNOW ONE. The President's choice for the
Resolution Trust Corporation Oversight Board, which is charged with
setting policy for the $166 billion S&L bailout, is James Simmons,
retiring chairman of Valley National Bank, Arizona's largest.
Valley National has a net worth of $541 million and more than $350
million in defaulted real estate loans on its books, an amount that
could rise to $800 million, according to some banking experts.
Simmons was Bush's campaign co-chairman in Arizona.
THE COCAINE AVALANCHE. The fuss over the discovery of 21.4 tons
of cocaine in a California warehouse a fortnight ago has obscured
other huge caches of Peruvian powder discovered by incredulous
federal agents. In one eight-day period, more than 40 tons of
cocaine was confiscated -- equal to half the nation's estimated
annual consumption. Drug czar William J. Bennett is demanding an
urgent review of that estimate.
LOCAL HERO. George Bush has suggested that next year's
seven-nation economic summit be held in his adopted state of Texas,
setting off a scramble among cities vying to introduce Europeans
to barbecue and blazing heat. If Houston, which Bush is said to
favor, wins, it could be out of the running for the 1992 Republican
Convention -- a price worth paying, since the economic summit
should cost the city only $1 million, a lot less than a convention,
and reap several times as much in revenue.
QUOTE CHECK OF THE WEEK. Turns out that Ollie North's famous
quip -- "The average height of (Soviet people) is shrinking due to
poor nutrition. Pretty soon the average Russian male will be
shorter than Michael Dukakis" -- was first uttered a year earlier
at the University of Florida by Jack Wheeler, director of
Washington's ultra-conservative Freedom Research Foundation. Ollie,
says Wheeler, was sent a copy of his remarks.
GIMME THAT OLD SOFT SHOE. Because 12% of recruits were dropping
out of basic training, the Navy relaxed some rules. Being unable
to swim no longer results in automatic discharge. Poor academic
performance means remedial classes. Even boots aren't mandatory in
boot camp. Tender-footed recruits can now wear sneakers during the
first few weeks of training, and stress fractures are way down.