Word: boomings
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...Just a few years ago, when an economic boom was pulling a flood of Western professionals into Singapore, a Western face in a working-class neighborhood like Bukit Panjang was a rare sight. According to investment bank Credit Suisse, Singapore's population grew 18%, to about 4.8 million, from 2004 to 2008. More than three-quarters of that growth, Credit Suisse estimates, came from newly arrived foreigners taking lucrative positions at expanding private banks, oil-exploration firms and shipping companies. Foreigners filled 61% of the 796,000 jobs created in Singapore during that four-year period...
...last year, the mechanism broke down. Investors backed away from all types of consumer credit after getting burned in the mortgage market. Less than $200 billion in asset-backed loans was securitized in 2008, down from an annual rate of a trillion dollars at the height of the credit boom. This year there has been only a few billion dollars in securitized-debt deals. (See the worst business deals...
...Orszag has been reading up on that aspect of the economy ungoverned by numbers: the realm of groundswell and mojo - our "animal spirits," in the vivid words of economist John Maynard Keynes. Spirits such as trust, belief and confidence. When surging, these spirits can turn a slump into a boom and a boom into a bubble, but once they shatter, it's a devilish job trying to resurrect them. That's because other animal spirits rise up to take their place: doubt, fear, even panic...
That would be BHP Billiton, mate, an Xstrata rival. In fact, Geoff Clare, an executive director of Queensland's Environmental Protection Agency, had mining in mind because the industry had raked in record profits thanks to Australia's commodity boom. Some green sheen wouldn't hurt the industry...
...Sensitivity isn’t being wimpy,” Jeff Buckley once declared. “It’s about being so painfully aware that a flea landing on a dog is like a sonic boom.” While Kathy Nilsson refrains from such gestures of grandiose pomposity, her poems are imbued with a similar ear for the power of the mundane. “The Abattoir” is a chapbook with 23 poems that frequently use the everyday to direct the reader on to more abstract concerns of love, loss, and a decaying spirituality. Written...