Word: crashes
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...speak any foreign languages? I studied French in high school and German in college and I once took a 24-hour Italian crash course. English has by far the most words in it of any other language. Our money might not be worth anything anymore, but the language is. With everything else American going to pot, it's nice to know we've got a wonderfully rich language...
...self-immolation of American capitalism did not last very long, and those who crowed about the humbling of the "hyperpower" should have known better. For it is an iron law of global economics that America goes first, and Europe follows; that has been true at least since the Great Crash...
...moral of this tale is that you can try to hide, but you can't run; there is no "decoupling," as the Europeans had hoped when the global crash was still a stumble back in January. Just look at the stock markets since the beginning of the year. By market close on Oct. 7, the Dow Jones Industrial Average had dropped by 27.5%; the FTSEurofirst 300 Index of European shares was down 32.5% over the same period. The pattern continues. As go U.S. shares, so go Europe's, but faster and harder on the downswing - and more slowly...
...historically." At the Guildhall, which is where the City administration is based, policy head Stuart Fraser is bracing for a slump as severe as the one in the early '90s, when house prices collapsed and unemployment soared. Still, he adds, "It's like the aircraft industry. A plane will crash occasionally but what you don't do is stop flying...
Financial panics--short-term, acute market upheavals that often coincide with long-term recessions--were common as the U.S. economy developed. There was the Panic of 1857 (prompted by railroad-bond defaults), the Panic of 1873 (sparked by a stock crash in Vienna) and the Panic of 1907, which started when shaky New York City banks quit lending. We learned a lot from those scares--the U.S. Federal Reserve was created in the wake of the 1907 Panic--and some believed we were too smart to panic again...