Word: 1980s
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...short term, that may be a necessary price to pay to pump life into the economy, but the effects of deleveraging on Wall Street and Main Street still threaten the steepest recession in the U.S. since the early 1980s, when unemployment peaked at 10.8% in 1982. Here's why that's so, and how we can still emerge from this crisis a little bit wiser - and, eventually, a lot more solvent - for our trouble...
...video is a follow-up to the literal A-Ha video-turned-Internet-hit. This one takes place in a library and is about a guy who falls "head over heels" for the would-be-hot-if-she-weren't-wearing-enormous-glasses librarian. But like any good 1980s music video, it doesn't make any sense-a monkey, a man in a gas mask, and a rabbi all make absurdist cameos. So when the parody's creator, Dustin McLean, references them directly-"Now the rabbi's walking right behind me"-it's funny. At least, it's supposed...
...soon to tell: it depends on how long people remain unemployed. A full-blown recession lasting three or four years or longer would be cause for concern. Morgan cites increased rates of depression and suicide in British cities that relied on steel and coal manufacturing in the mid-1980s, when factories started shutting down permanently. And the suddenness of the current crash doesn't make things easier. Former Lehman Brothers employees, he says, "have some emotional catching up to do," because they hardly saw what was coming and went right into the euphoria phase. "The instant high becomes a very...
...hierarchical tradition like Catholicism, debates don't happen very often. Right now, however, American Catholics are going through a revival of the arguments that took place in the 1980s between bishops who believed abortion ought to be the top political and moral focus of the church and the camp led by the late Cardinal Joseph Bernardin that argued for a more "consistent ethic of life...
Obama has also benefitted from the resurgence of progressive Catholics. The Catholic Left used to be a vigorous social and political presence, from the work of Dorothy Day to the activism of the Berrigan brothers to disarmament advocates in the 1980s. But by the time Kerry ran in 2004, there were very few Catholic voices echoing his insistence that church teaching addressed more than just abortion or pushing back against suggestions that he and other pro-choice Catholics should be denied communion...