Word: boom
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Economist Nouriel Roubini, chairman of New York City - based research firm RGE Monitor, earned the nickname "Dr. Doom" by warning as early as 2005 that America's speculative housing boom could trigger an economic crisis. At the time, he was dismissed by many as a perpetual pessimist. Today, he's a sought-after analyst and a popular guest on financial-news programs and websites - and he's as gloomy as ever. Over breakfast in Hong Kong recently, the New York University professor talked with TIME's Michael Schuman about the perils that lie ahead if governments do not do more...
Ever since the Joads left Oklahoma's Dust Bowl in 1939 and set out for California, people have been flocking to the most populous state in the nation for what seems to have been a limitless pool of jobs. As Steinbeck's characters discovered the employment boom in California is often less spectacular than migrant's have been led to believe...
...report authored last month by Katinka Barysch, of the Centre for European Reform think-tank, says they were merely following E.U. recommendations: opening their markets to trade and investment and selling their local banks to western European ones. It helped to drive the export boom of the past five years but left them more vulnerable to the crisis. Western banks have lent $1.6 trillion to Eastern Europe, but the crisis could see them pull back yank credit lines from their local subsidiaries, triggering a domino effect of collapsing financial institutions...
...slowing in concert with the world economy, but even at that slower rate, its economy continues to expand, requiring a steady increase in supplies of oil, copper, aluminum and other minerals. And laying in sources of supply for those commodities also helps it prepare for the next boom. As economies across the world shrink, Chinese officials have told reporters in Beijing in recent weeks that they see a rare chance to expand its sources for primary commodities. "There are editorials in the Chinese press saying that this is a one-in-one hundred-year's opportunity," says Erika Downs, China...
...sprawling auto industry. China has more than 100 carmakers. Chinese media outlets are reporting that the government hopes to reduce 14 major carmakers to 10 this year. At the same time Beijing's economic planners would like to contain the industry's production capacity, which expanded greatly in recent boom years. "So far China has gotten away with that growth," says Dunne, but the slowdown puts "unprecedented pressure on weaker makers. Everybody looked good when you were growing...