Word: busts
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...aids Colombia's Marxist guerrilla violence (which Chávez in fact has renounced), the Venezuelan President shot back that Obama had "the same stench" as Bush. But when the U.S. Coast Guard called Venezuelan authorities last week for permission to board a Venezuelan boat involved in a cocaine bust, Chávez called it a "positive signal that never would have happened" under Bush...
...months. The report also noted that this was the first time Moody's analysts were broadly worried about the ability of local governments to pay back their debts. Among the places Moody's finds to be most troubled are cities in Florida and California, because of the real estate bust, Indiana, Michigan and Ohio, which are being hurt by the drop in manufacturing, and Connecticut, New Jersey and New York, due to the financial crisis...
...Last week, New York City said that it would have to cut thousands of municipal workers to keep the city from going bust. "We cannot continue," NYC mayor Michael Bloomberg told reporters. "Our pension costs and health care costs for our employees are going to bankrupt this city," he said...
...other words, after a brief, stimulus-driven spike, the economy will resume its downward track later in the year. Inevitably, growth will return. But Wood says a second downturn could be perilous and deep if current government measures artificially and temporarily prop up marginal manufacturers that otherwise would go bust (China's total production capacity exceeds domestic demand by a factor of 10), and if tens of billions of dollars in loans now being made on Beijing's command...
...near its pinnacle. "The new kings of capitalism," the Economist called them. The kings of birthday parties too: the $3 million 60th-birthday bash for Blackstone Group chief Stephen Schwarzman in February 2007 will go down in history as a glaring sign that the boom was about to go bust...