Word: booming
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...last? Poor Venezuelans know from experience the pain of the bust that follows a boom, and with oil hovering around $40 a barrel some of Chávez's socialist agenda will surely face cuts after the referendum. Many people have begun asking why the radical who so boldly stands up to the U.S. can't confront the violent crime that plagues the country and leaves scores dead each weekend. "I know in my heart that life is better here than it was 10 years ago," says Tobías Caravallo, 42, who owns an electronics repair shop...
...going that matters as much as where you're coming from," says William Spindler of the U.N.'s refugee agency. "It's usually the push factor that is decisive, whether you're talking about refugees or people looking for work." (See pictures of the force behind the Gulf Boom...
...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 (355 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 (32 km), you bump along...
...toxic assets that have been the downfall of so many of their counterparts in the U.S. and Western Europe. Yet the drop in energy and commodity prices since the summer is exposing Russia's fragility: gas and metals account for more than three-quarters of export earnings. 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 the government now expects the economy to contract 0.2% this year. And for the first time since the collapse of the Soviet Union...
Nouriel Roubini, the New York University economics professor who was famously early in predicting that the end of the housing boom would cause a financial crisis, estimates that continued loan losses will force U.S. banks to come up with an additional $1.4 trillion just to stave off bankruptcy. And since the banks aren't likely to earn much money or attract new investors anytime soon, much of the money will have to come from the government...