Word: busting
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Dates: during 2000-2009
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...also witnessed some of the tech industry's biggest setbacks, such as the implosion of the dotcom bubble in 2000 that plunged the U.S. into recession. In an recent interview with TIME senior editor Jim Erickson, Otellini discussed some of the differences between the dotcom bust and the current global financial crisis - and whether technology's Next Big Thing can help lead the country out of its economic funk (Answer: not this time...
...from Phoenix, has become an exurban magnate and a retirement destination for folks like Anderson, who retired here from Colorado eight years ago. With construction now at a virtual standstill, the county - much like Phoenix - has been one of the areas worst hit by the economic crisis and housing bust. Last year, Prescott, the largest town in Yavapai, elected its first Democratic mayor ever. Governor Janet Napolitano, a Democrat, lost Yavapai by 5,000 votes when she was first elected in 2000 but won it by 10,500 in 2006. And the area's congressional seat - being vacated by Republican...
...property sector from engulfing the larger domestic economy. Commercial and residential real estate markets in Japan are slumping, and with banks reluctant to lend, developers, contractors and other property companies are increasingly in peril. On Oct. 9, New City Residence Corp., a real estate investment trust, went bust, becoming the first REIT to fail since the trusts were allowed to sell stock to the public. "Property developers could face more bankruptcies if banks continue their severe attitude," says Masahiro Mochizuki, a REIT analyst at Credit Suisse in Tokyo. "And companies in other sectors may go bankrupt because the economic condition...
...forget the wars in Iraq and Afghanistan or the rise of China, the bluster of boom-and-bust Russia, the murky threat of Iran and the accelerating decay of Pakistan. Between the economic crisis at home and the geopolitical cauldron abroad, the new President's agenda will be largely predetermined. He might wish he could shrug off this dismal inheritance and devote himself to the shiny projects cataloged on his campaign website - but that's beyond his power...
...Mark L. Clifford is executive director of the Asia Business Council and co-author of Meltdown: Asia's Boom, Bust, and Beyond