Word: 1980s
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Dates: during 2000-2009
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...late 1980s, after banking laws were relaxed, Japan went on a credit binge that made the modern U.S. look prudent. The stock market took off into the stratosphere, and property prices got so out of control that it was said the land on which the Imperial Palace sat in the center of Tokyo was worth more than the whole of California. Then the bubble burst, banks found that their balance sheets were full of bad loans, and Japan entered a lost decade of stagnant economic growth. Nearly 20 years after its peak in December 1989, when the Nikkei index nearly...
...Early, Act Often After the bubble burst, Japan's powerful bureaucrats, who had earned a reputation for brilliance in the 1980s, dithered for years. In the face of slumping demand and price deflation, they cut interest rates too slowly, delayed a fiscal stimulus and failed to restructure so-called zombie banks, whose bad loans made them dead in all but name...
...part in a decades-long Ponzi scheme, now estimated in court documents to amount to $64.8 billion, considered the largest in history. In fact, the new dollar amount cited in a Justice Department communication to Sorkin tallies the total size of the fraud, which dates back to the 1980s, at $170 billion, which includes money invested with Madoff, interest earned and payouts to investors as well as the value of things he bought for himself, like a yacht. "The charges reflect an extraordinary array of crimes committed by Bernard Madoff for over 20 years," said acting U.S. Attorney...
...hard to see how China could fail with its plans to keep its GDP growing rapidly with such an impressive arsenal. It looks almost as good as the one that the U.S. had in the 1920s and Japan did in the 1980s...
Families with children comprise roughly one-third of the nation's homeless population. Poverty continues to be a core reason for the crisis, though the aftermath of Hurrican Katrina combined to swell the numbers in Louisiana, Texas and Georgia. Since the 1980s, single mothers have accounted for an increasing share of the homeless population, partly because of increased divorced rates, gender and wage disparities, and the shrinking supply of affordable housing. Officials believe that the current home foreclosure crisis will be adding a new demographic to these statistics: middle-class blacks and Latinos. "It's families that were living pretty...