Word: crunches
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...total revenues a little over $3.8 billion, with only eight of the Premiership's 20 clubs reporting an operating profit. Revenues have increased, thanks to a new TV deal, but so too have wages. If the global economic slowdown eats into ticket and merchandising sales and the credit crunch suddenly trims the money available even to top clubs, the transfer market may see something of a correction - a development that could make middling leagues more competitive. And heaven help clubs boosted by vanity investment if their benefactors were to suddenly walk away. Even before this summer's spending is added...
...Good things may yet come of this exhausting upheaval, and Turkey does have a way of bouncing back from the brink. But in the midst of a global economic crunch, as conflict brews between neighboring Iran and the West, it has squandered valuable time and credibility on an essentially internecine dispute. Sunday's bombings are at the very least a fatal reminder of how high the stakes...
...crisis: the fact that a few million Americans got home loans they can never pay back. The resulting foreclosures have been driving housing prices down and forcing lenders to retrench. The result is less credit for heavily indebted American consumers. In the second quarter of 2008, this credit crunch was counteracted by $78 billion in stimulus checks--yet another of those government interventions. That boost is petering out. The likeliest next step, while not the Great Depression, is a recession that even Gramm will have to concede is more than just mental. Which could lead to a few more emergency...
...players from pointing fingers at each other. At Monday's opening plenary, British Petroleum CEO Tony Hayward called the suggestion that speculation was behind the doubling of crude prices in the past year a "myth," and instead blamed geopolitics, a decline in Russian production and increased demand for the crunch. "Supply is not responding adequately to rising demand," he said. "The problem is above ground, not below it." ExxonMobil CEO Rex Tillerson echoed the last part of Hayward's equation: "Look, it's hard for us to fully understand what's behind the high prices - there's a decoupling from...
...more every day, and the evidence, while not flawless, is frightening. By all means spend the money to halt malnutrition, or improve reproductive rights, or clean up water sanitation. But if I were asked to come up with the world's most pressing challenge, I wouldn't need to crunch the numbers. It's climate change - because we only have one Earth...