Until the next crash.

This article focuses on the economic conditions in the U.S. as of September 19, 1992. The recession in America is over, but to many the pace of recovery is suspiciously slow. Economists Stephen Roach pointed out that most of the corporations which borrowed heavily during the 1980s were in industries that are relatively insensitive to the business cycle-industries such as food, tobacco and retailing. So the risk that highly leveraged firms might fail to meet their debt-servicing obligations in a recession was much less than the aggregate figures for corporate debt implied. American firms have lately been doing some deleveraging. In 1990 and 1991 they sharply reduced their bank borrowing, and in 1991 they were net issuers of new shares for the first time since 1983.