Word: busting
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...engine is sputtering. Population growth is at a 30-year low. School enrollment is declining. Retirees are drifting to the Southwest and the Carolinas, while would-be Floridians who bought preconstruction condos in more optimistic times are scrambling - and often suing - to break contracts. This is our dotcom bust, except worse, because our local governments are utterly dependent on construction for tax revenues, so they're slashing school and public-transportation budgets that were already among the nation's stingiest. "This may be our tipping point," says former Senator Bob Graham...
...financial and environmental bill for a century of runaway growth and exploitation is coming due. The housing bust has exposed a human pyramid scheme - an economy that relied on a thousand newcomers a day, too many of them construction workers, mortgage bankers, real estate agents and others whose livelihoods depended on importing a thousand more newcomers the next day. And the elaborate water-management scheme that made southern Florida habitable has been stretched beyond capacity, yo-yoing between brutal droughts and floods, converting the Everglades into a tinderbox and a sewer, ravaging the beaches, bays, lakes and reefs that made...
Housing: End of the Boom, or Bust? Consumption has been so strong in the U.K., Ireland and Spain for the past few years in part because house prices have been soaring, making consumers feel a lot richer and enabling them to borrow against the rising value of their property. But gravity has finally caught up with the housing market in much of Europe, especially in those three countries. It's anybody's guess how far prices will fall, but the signs aren't encouraging...
...officials dismissed the report from Merrill, with the implication that Merrill - itself desperate for cash, having lost billions in the real estate bust - doesn't have the best financial acumen. "We won't comment on market speculation or the Merrill reports specifically," said GM spokeswoman Renee Rashid-Merem. She said GM is not cash short: "We continue to believe the company has sufficient liquidity and financial flexibility to meet its 2008 funding requirements, despite lower U.S. industry volumes." More than 17,000 blue collar workers dropped off GM's payroll last week as part of a buyout of long-term...
...couple of hundred may seem minuscule. But for Delhi's gay community, the turnout at their first-ever Queer Pride this Sunday was beyond belief. Over 500 marchers carrying rainbow-colored flags and "Queer Dilliwalla" banners marched to bhangra beats, breaking into Bollywood-style pelvic thrusts and bust-heaving from time to time. Starting from Barakhamba Road in the heart of the city's business district - at which point the media seemed to outnumber the marchers - they walked 2 km to Jantar Mantar, an 18th century astronomical observatory that has become the unlikely hub of sundry protests in India...