Word: 1990s
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Dates: during 2000-2009
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...California that would become Neverland. Maintaining the theme park - complete with zoo, movie theater and fairground - swallowed up about $5 million annually. As Jackson gradually retreated from work, the additional millions eaten up by plane charters, antiques, lavish gifts and legal disputes - a child-molestation case in the early 1990s cost Jackson around $20 million to settle - left a hole in his fortune. To help plug it, in 1995 the singer signed over to Sony a 50% stake in the rights to the Beatles' catalog in exchange for almost $100 million. (Watch TIME's video "Appreciating Michael Jackson, the Musician...
...Burmese and North Koreans were not always this close. In 1983, North Korean agents bombed a South Korean delegation visiting a monument in Rangoon. More than 20 people died and Burma severed relations with Pyongyang. But the two nations held secret talks during the 1990s and restored formal ties in 2007. Soon thereafter, North Korean vessels started docking at Burmese ports, reportedly unloading heavy equipment and weapons parts. It is suspected that resource-rich Burma sends minerals, rubber and foodstuffs to North Korea in return for such assistance...
...alliance with Sufi Muhammad, the hard-line cleric it enlisted to broker peace in the Swat Valley earlier this year, proved equally disastrous. Muhammad's politics were well known: during the 1990s he had waged a campaign of violence for the imposition of an austere form of Islamic law in the Swat Valley, and in late 2001, he led hundreds of young men to fight the U.S. invaders in Afghanistan. He had been imprisoned upon his return, and released last year on the condition that he disavowed militancy...
...1990s and 2000s, in fact, this myth of the rational market was embraced with a fervor that even Irving Fisher never mustered. Financial markets knew best, the thinking went. They spread risk. They gathered and dispersed information. They regulated global economic affairs with a swiftness and decisiveness that governments couldn't match. And then, as debt markets began to freeze up in 2007, suddenly markets didn't do any of these things. "The whole intellectual edifice collapsed in the summer of last year," former Fed chairman Alan Greenspan said at a congressional hearing in October...
...found it wanting. But the strong performance of the U.S. stock market and economy tended to silence doubts about the wisdom of the market both on campus and where it really mattered--in Washington and on Wall Street. Shiller warned repeatedly of irrational exuberance in stocks in the late 1990s and in housing in the early 2000s. He was largely ignored both times--until he turned out to be right. Unwillingness to countenance the possibility that market prices might be wildly wrong defined the behavior of regulators, corporate executives and most Wall Streeters during both the tech-stock and real...