Word: boom
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Dates: during 2000-2009
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...want to take the pulse of Russia, as its oil and gas boom of the past few years comes to a sudden and wrenching stop, leave behind the garish consumerism of Moscow and drive 220 miles (354 km) southwest to the small Russian town of Lyudinovo. For the first part of the five-hour trip the road is a smooth four-lane highway that whisks you past gleaming gas stations and a brand new Samsung TV factory. Then everything slows down. The highway turns single-track and becomes progressively rougher. For the last 20 miles, you bump along the ruts...
...Russia has been caught unawares by the domino effect of the financial crisis because of its unhealthy overdependence on oil, gas and metals, which account for more than three-quarters of export earnings. The collapse in energy and commodity prices since this summer is exposing Russia's fragility: the boom, it turns out, was built on expensive oil, and precious little else. Economic growth, which averaged more than 7% for the past five years, has tumbled and may drop below 2% next year. And for the first time since the collapse of the Soviet Union in 1991, the threat...
Metro Detroit's ethnic communities are wide and diverse. The city's population increased more than six-fold during the early 20th century industrial boom, fed largely by an influx of Irish, Germans, Scots, Poles, Italians, Greeks, Serbians, Turks, Armenians, Jews, Arabs and Lebanese. In fact, "it is home to the largest concentration of Arab Americans in North America," says Warren David, founder of Arabdetroit.com and president of David Communications, a public relations firm specializing in Arab-American and Islamic markets. "Many initially streamed in from Syria for economic reasons. The silk industry had collapsed there...
...India? Indians want better intelligence, more responsive emergency services, stronger border defense, but some are also calling for an acknowledgement of the poisonous disaffection among Indian Muslims, widespread corruption among local police and the other ugly realities under the surface of India's much heralded economic boom. "Deep down, there is this pervasive feeling of massive government failure," says Mujibur Rehman, a political scientist at the Centre for Dalit and Minorities Studies at the Jamia Millia Islamia university in New Delhi. The attacks on Mumbai have forced India to confront those issues on an unprecedented scale. This is the first...
...it’s easy to forget what started this debacle—the subprime mortgage fiasco. If you’ve forgotten, then I’d suggest Michael Lewis’s recent article in Portfolio.com, “The End of Wall Street’s Boom,” as a refresher on the greed and incompetence that got us in this situation...