Word: auto
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Dates: during 2000-2009
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...economy until they had time to measure the full effect of the tragedy. But last Wednesday, participants told TIME, the Fed chief brought a different message to the table. "We've learned a lot in two weeks," he said. With consumer spending sinking in nearly every sector but auto sales and movie tickets, he added, it was time for Congress to act--even though that would mean putting the government in the red for the first time in five years...
...these workers are in effect paying to keep their job--and it's a trend that's accelerating far beyond the auto industry. Suddenly, everyone from $1 million-a-year investment bankers to middle managers and department-store clerks is facing a reduction of 10% to 100% in bonuses, profit sharing, stock options and commission payments. Some workers are even taking cuts in base salaries. Many employers and economists believe this newfound flexibility in pay may help keep unemployment a bit lower than it has been in previous downturns. But even as it cushions the blow, it is also spreading...
While recognizing that variable pay helps keep the ranks from being further depleted, organized labor knows that it can be a double-edged sword. The decline in profit sharing was a key factor in the United Auto Workers' decision not to discuss additional wage or contract concessions after DaimlerChrysler's financial problems started last winter...
...sometimes clog the rugged roads to Votanikos, the thriving trend-setting part of Athens. Within minutes, you'll be stunned by the sight of Athinais, an architectural oasis designed by one of Richard Branson's favorite visionaries, Tom Gazetas. Formerly a silk factory sandwiched between a cluster of auto-repair shops, the 6,500-sq-m stone Athinais in now home to the first museum of ancient Cypriot art in Greece, with one of the rarest collections of its kind in the world...
...anticipating a two- to four-month stay before it can find a new permanent home. The alternative? "If we didn't have a backup site, another exchange would have taken over our trading," says Gambaro. "We'd be out of business." The exchange's temporary digs--surrounded by auto-body shops, garment factories and an elevated train--are a far cry from Wall Street. But trader Chris O'Neill, 33, is glad to be working, and says of his management: "They were well prepared for this disaster...