Word: busting
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...downturn in sunny San Diego that poses the far bigger risk to the U.S. economy. Detroit, Cleveland and some smaller Rust Belt cities are experiencing a traditional bust, in which economic woes spread to housing. In San Diego, the housing decline seems to be a self-generated phenomenon, the product of too-high prices and too-crazy lending practices. Now the "housing market is dragging down the rest of the economy," says Alan Gin, an economist at the University of San Diego. The same is true in and around Los Angeles, San Francisco, Phoenix, Las Vegas, Miami, Washington, New York...
...strength elsewhere was compensating for the slowdown in housing. But when the Labor Department reported in September that job creation had lurched into reverse after four years of gains, the tune on Wall Street and elsewhere shifted abruptly. Economists began fretting that, for the first time, a real estate bust would throw the country into recession--a sustained period when the economy shrinks instead of grows and lots of people lose their jobs...
THAT A REAL ESTATE BUST MIGHT LAND US IN a recession is in a way fitting because it was a real estate boom that kept the last recession, in 2001, so brief and shallow. Trying to stave off deflation in the wake of the stock-market crash, Alan Greenspan's Federal Reserve cut the short-term interest rates that determine what homeowners pay on adjustable-rate mortgages. Meanwhile, investors desperate for someplace other than the stock market to put their money piled into mortgage securities, driving down the cost of fixed-rate loans. Housing markets, already doing well amid...
...Lucky and Flo did not disappoint. During their five-month mission in Malaysia, their detective work helped unearth $6 million in pirated DVDs and led to the arrests of 26 people. One bust targeted a bootleg-DVD factory near Kuala Lumpur that Malaysian officials estimate could have produced 60,000 copies...
...Washington. The vote is scheduled to take place just as Congress receives a progress report by the U.S. military commander in Iraq, General David Petraeus. If the fractiousness continues, however, well-armed regional powers could assert control over the wealth under their turf, adding economic momentum to a national bust...