It's the year of living seriously. War is in the air--the real kind, not the cold variety. Recession is definitely on our minds. It's time to hunker down. BUSINESS WEEK's annual roundup of fads and fashions shows a distinct drift back to home, hearth, and hash brown potatoes. We're into saving and V-mail to our GIs in the gulf. Wall Street is nowhere. Old-fashioned job experience outweighs MBAs. More surprises below.
MANAGEMENT What's In What's Out Bankruptcy lawyers Investment bankers Job experience MBAs Severance packages Bonuses Cash Debt Retrenchment Growth Lateral transfers Fast track Outplacement counselors Executive headhunters "Decruited" Recruited Right-sizing Downsizing Speed Strategy Northwestern's B-school Yale's School of Management Manufacturing jobs Wall Street RIFs (reductions in force) Paternalism FINANCE Workouts LBOs Bankruptcies Banks House auctions Antique auctions Deflation Inflation Mexican stocks Japanese stocks Cash Gold Bonds Real estate POLITICS & ECONOMICS War games Peace dividend Term limitation Incumbency James Baker and Bob Teeter John Sununu and Dick Darman United Germany Soviet empire The Civil War The cold war Trading blocs GATT Wal-Mart Sears Norma Major Denis Thatcher Public-service cuts Infrastructure spending Hosni Mubarak King Hussein SOCIAL TRENDS Basics Glitz Saving Spending Sitting tight Job-hopping Pink slips Bonuses Gloom Optimism Warehouse shopping Malls Values Greed V-mail to GIs Flag-burning Home cookin' Fancy dining Babysitting co-ops Quality time Julia Roberts Michelle Pfeiffer