Word: bustingly
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...those attending the G-20 summit in London this week want a quick lesson on how economic booms can turn into busts and how grandiose bets on real estate plays can get you into trouble, they would do well to learn the lesson of their surroundings. The summit of leaders from 19 of the world's key economies will be held in London's docklands, just east of Canary Wharf, a real estate megaventure conceived on industrial wasteland in Britain's go-go 1980s. By the time the first part of the project was completed in the early 1990s, Britain...
...this is a symptom of a larger problem, a bubble-and-bust economy that valued reckless speculation over responsibility and hard work," Obama said in a statement released by the White House. "That is what we must ultimately repair to build a lasting and widespread prosperity...
...Republicans alike said the Treasury Secretary Geithner has been asleep at the wheel; and the Obama Administration tried to refocus attention on the consensus point that Wall Street greed is the opposite of good. "In the end, this is a symptom of a larger problem - a bubble and bust economy that valued reckless speculation over responsibility and hard work," President Obama said in a statement. "That is what we must ultimately repair to build a lasting and widespread prosperity." (See pictures of TIME's Wall Street covers...
...think this is the latest, depressing tidbit from the historic real estate bust in the United States, think again. The other former global growth engine - China - which saw its own real estate bubble expand in the last five years, has now got its own property market problems - and they're intensifying. (See pictures of Beijing's changing skyline...
...Chinese government - and indeed, the global economy - a gathering deflationary bust in real estate is a big problem. So-called fixed asset investment accounted for 40% of China's GDP last year - an extraordinarily high figure - and real estate, both commercial and residential, accounted for about one-fifth of that. Given that vacancies among office buildings are also rapidly rising now, this means that one of the prime drivers of growth in China has shifted into reverse...