Word: borrowings
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Dates: during 2000-2009
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...What, exactly, does that mean? Let's start, first, with what we do know: financial institutions are asking a much higher price to lend their money to those who would borrow it than they were just a little while ago. In some cases, they are not willing to lend it at all. That's as true for global giants such as Citibank as it is for your local mortgage broker. Clearly, that has consequences for growth. Everyone knows the U.S. housing market continues to plummet, but the rise in interest rates that we've seen lately will crimp growth - reducing...
...grip. Safe in their offices far, far away, the True Believers think they can summon spirits from the vasty deep, as Shakespeare put it, but that does not mean they will come - especially if the water and electricity (and the police force) fail to function. Or, to borrow a little less grandly from the Bard, "For want of a nail...
...global labor market, and their paychecks will shrink as work migrates to places where it can be done for lower pay. They will need a safety net to catch them. "Displaced workers deserve retraining," says Stephen Roach, for what he calls "the inevitable global labor arbitrage." American policymakers could borrow a page here from European nations, who have been much more successful and imaginative at building social safety nets...
...rates, like those on a standard mortgage, are set on the open market. They are partly a bet on how well the Fed will control inflation but also reflect supply and demand. If there are lots of people with money to lend and not so many who want to borrow it, rates go down...
...Evening is, to borrow an antique movie company slogan, "In The Tradition of Quality," which in olden times meant adaptations of high-toned popular fiction. No one ever got to say what was on their minds in those films, which often featured feverish and high-strung emoting by such live-wire nut jobs as Bette Davis or Joan Crawford who would haul a handgun out of her handbag and plug whoever was thwarting her hormonal needs. Here everyone suffers in hushed silence...