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
      
Before it's here, it's on the Bloomberg Terminal. LEARN MORE