Word: booming
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...economy by pursuing socialist and populist policies. But Lula stuck to the market-oriented fiscal reforms of his predecessor, Fernando Henrique Cardoso. Those policies, plus a windfall from high global prices for Brazilian products like soybeans and steel, helped Lula tame the country's notorious hyperinflation and create a boom - growth will be 5% or more again this year...
...Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been hit with a double whammy. Western investors have pulled out of Arab markets to cover bad deals back home, at the same time that Western economic problems have pushed down the price of oil from its high of $145 a barrel in July...
About three years ago, when Saddiq Khan finished college in Pakistan and began working for a real estate brokerage firm in Dubai, it seemed impossible not to make money. Foreign buyers from Europe and the U.S. were flocking to the Gulf to get a slice of the oil boom and take advantage of the region's loose tax laws and resort lifestyle. Developers competed to launched one headline-grabbing mega-project after another: a ski slope inside a shopping mall, luxury skyscrapers, condos on artificial islands shaped like a giant palm tree. "It was crazy," says Khan...
...bloom is coming off the boom. Foreign buyers have scattered, and Khan now has to drum up customers over the Internet or with magazine ads. "No one's got cash in their account," sys Khan. "Now in the back of their mind everyone is thinking, is this going to be the crunch...
...starting in 2003, as a long boom in house prices and mortgage lending that had at least some foundation in economic reality (lower interest rates, higher incomes) gave way to an orgy of ever-sharper price increases fueled by ever-dodgier loans, the folks in the drivers' seat were the mortgage brokers that made the loans and the Wall Street investment banks that packaged them into private-label mortgage-backed securities...