Word: bustingly
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...hard not to miss the heavy predominance of blue-collar workers under 30. Manuel Bao, 24, has worked as an electrician since he was 18 - his contracts were never permanent but there was enough work to keep him busy. Now that the construction industry has gone bust, he's out of work - and about to run out of unemployment benefits as well. "Right now, I'm dependent on my mother," he says ruefully. In the hopes of finding a stable job, Bao is preparing to take the exam that would allow him to become a security guard. " If that doesn...
...dismal to anyone waiting for a housing-market rebound, but there is also some cause for cautious optimism in the Trulia analysis, which plumbed listings from brokers, agents, third-party aggregators and multiple-listing services on July 1. Some markets that were hit early and hard in the housing bust have been seeing a declining percentage of markdowns the past few months. In late April, for instance, 33% of houses in Los Angeles had been reduced in price. In early June, that figure inched down to 32%, and in the most recent analysis, it had dropped to 24%. The average...
...financial matriarch has carefully tracked recessions, studied boom-and-bust trends and spent her life - all 93 years - mastering the intricacies of the monetary system and banking world. She's worked as an economist with the National Bureau of Economic Research since 1941 and now serves as an adjunct professor at the Graduate Center of the City University of New York. She recently spoke with TIME contributing editor Janet Morrissey. (See pictures of the stock-market crash...
...argument goes like this: the biggest flaw in current financial regulation is not that there is too little of it or too much, but that it relies on regulators knowing best. We regulate because financial systems are fragile, prone to booms and busts that can have harmful effects on the real economy. But regulators aren't immune to the boom-bust cycle. They have an understandable habit of easing up when times are good and cracking down when they're not. In doing so, they often amplify the ups and downs of markets rather than modulate them. (Watch TIME...
...increasingly for the state. It's also a painful reminder of the halcyon days when Florida's economy could lazily rely on soaring real estate prices - and related taxes - to pour ever more money into government coffers. Now local governments say they're broke, thanks to the housing bust, and many are trying to maintain the lofty property-tax rates levied during the housing boom or even increase them - even though that could exacerbate the housing bust...