Word: borrowings
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...that preceded it. Fearing deflation after the meltdown of tech and Internet stocks in 2000 and the terrorist attacks of Sept. 11, 2001, the U.S. Federal Reserve Board cut the Fed fund rate from 6.5% to 1%. The easy availability of low-cost loans triggered a dramatic rise in borrowing, which lifted the prices of all assets, including stocks, real estate, commodities, bonds, art and wine. As U.S. consumption boomed, the nation's trade and current-account deficits exploded. But when economic growth is dependent on accelerating debt growth, the supply of money and credit has to continue accelerating...
...middle seat of the car or get the privilege of eating the last pack of Dunkaroos. Going to the same high school as my sisters just made things more complicated. It was the little things that really annoyed me, like how my younger sister, Kirsten, loved to borrow my car at inconvenient times to drive it into Boston, snow banks, and other parked cars. One of my extracurricular activities in high school was devoted entirely to keeping other guys away from Kirsten, a hobby that she did not seem too thrilled about. I soon discovered that I spent too time...
...didn't last long. Within a few weeks the auto rickshaw drivers had given up. The few dozen honest drivers at the lead of the campaign reported that honesty not only didn't pay, but that they were forced to borrow money just to feed their families. Stung, the drivers have launched a new campaign, which essentially explains why it is they have to cheat and lie. "How can we be honest?" a new signs on rickshaws reads, before listing a series of reasons why drivers are forced to behave badly. Among them: city officials recently voted themselves...
Nowhere is fear of commitment stronger than when it comes to fashion. With tastes changing faster than the seasons, keeping up with the latest trends can be taxing on both the psyche and the pocketbook. Following the success of Bag, Borrow or Steal, the online purveyor of premium handbags for rent, comes Wardrobe, which leases couture gowns straight off the runways. Neva Lindner, a stylist and former assistant to Katie Ford, offers the latest creations from designers like Dolce & Gabbana, Carolina Herrera and Behnaz Sarafpour in various sizes and at 15% of the retail price. Lindner's beautiful array...
Even high-end pieces of art are up for let. While corporations have long been able to borrow works from galleries and even museums, now individuals can bring favorite pieces home, if only for a few months. The Seattle Museum of Art has had such a great response to its leasing program that it recently moved its leasing gallery from inside the museum to a larger, more prominent location a block away. Last month 75% of its transactions were rentals as opposed to sales. Because the program offers three-month leases at 9% of the purchase price, the gallery...