Word: booms
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That summation captures the mainstream opinion among economists and within the Bush Administration: China's export boom has been a good thing for the world economy, they say, but now it's in everybody's interest for China to reduce its trade surplus by boosting its consumer spending and letting its currency steadily rise. The U.S. would benefit because its exports would increase; China would benefit because a stronger currency would make its citizens wealthier, increase its global economic clout and keep inflation down...
What does that mean for the nonbillionaires among us? Hmm. The jury's still out on whether what's good for private-equity firms and hedge funds is good for America. Also, we don't know if we're seeing the end of the boom or just a scary interruption. Decades of academic research has shown that you can't reliably predict the market's path...
...usual, pointed challenges arose. One questioner noted that the construction boom depended largely on cheap labor from the Indian subcontinent, labor that will grow more expensive as these workers are integrated into society down the road. Another questioner expressed skepticism about occupancy rates. This kind of push and pull is what makes markets, of course. The difference is that for hedge funds, trades gone wrong can be disastrous...
Santoro's territory, known as the Inland Empire, lies some 60 miles east of downtown Los Angeles. When the real estate boom started at the beginning of the decade, the Empire?s Riverside and San Bernardino Counties stood as monuments to the American dream, affordable nesting spots for those priced out of the L.A. market. Migrant Angelenos found bigger homes on bigger lots in brand new subdivisions for as much as $100,000 less. Johnson says that in some of those developments, as many as 80% of the buyers were subprime borrowers and many of them first-time homeowners. Consequently...
...Cultural Revolution, they mostly tell horror stories that would put anyone off politics forever. That chapter in Chinese history, which officially ended with Mao's death in 1976, is ancient history to today's young élites. They have known little but peace and an ever increasing economic boom. "We have so much bigger a desire for everything than [our parents]," says Maria Zhang, 27. "And the more we eat, the more we taste and see, the more we want...