Word: booming
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...exuberance. Forget the glass-half-full predictions of a "U"-shaped recession (gentle recession, gentle recovery); laugh at those who worried about an "L" (steep recession, very gentle recovery) and twelve more months of thirst. Investors are now back to betting big on the "V" - the snap-back boom...
...During the 1990s boom, politicians could pretend that the problem was fixing itself. Health-care costs were being held in check. Private employers offered more and better health care to attract workers. The states were becoming more generous and creative in taking care of lower-income working people, who most often fall into the crack between private insurance and public-assistance programs...
Naysayers at the time cautioned that the bill’s worst consequences would not be felt until the boom ended; of course, such foresight was quickly muffled by the roaring debate about how to spend a surplus that vanished before it ever materialized. The bill must be renewed this year, just when its optimistic if not utopian targets (like the requirement that 50 percent of signle parents on welfare work at least 30 hours per week) might need a little tweaking in light of the recession. Bush’s former gubernatorial colleagues are asking for wiggle room...
...Abdullah began shaking the Kingdom out of its petroleum hangover by declaring in 1998 that the "boom is over and will not return - all of us must get used to a different lifestyle." As an alternative to the easy oil riches, Abdullah has spearheaded the most significant attempt at economic restructuring in the Kingdom's history, opening negotiations with American and other Western energy powers on a $100 billion foreign investment project to develop natural gas and build related electricity and desalination plants. Still, oil accounts for around 70% of the country's revenues...
...doesn't Mbeki lower the boom on his dictatorial northern counterpart? The answer probably lies in Mbeki's greater plan for African solidarity, as espoused in the New Partnership for Africa's Development drawn up by him and other African leaders from Nigeria, Senegal, Eygpt and Algeria. NEPAD involves a "peer review" process to censure, possibly even intervene in, states that do not practice good governance. But Mbeki is not prepared to take such action unilaterally...