Word: debt
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Dubai, the Arab world's glittering, golden embodiment of capitalism, is broke. On Nov. 25, the emirate announced it would postpone payments on some of its $80 billion in debt, sending markets into a tailspin...
...Dubai's heavily leveraged business ventures couldn't withstand the ever souring economy. In 2008, real estate prices dropped 50%; new construction all but stopped. Sheik Mohammed has downplayed the rising debt, which some estimate to be more than 100% of GDP. Despite a $15 billion bailout from Abu Dhabi, the bills are still mounting. Unless they're paid off, it looks as if Dubai's vision of becoming a desert Singapore may be just a mirage...
...policymakers in Washington don't is that there's a real belief out there that all government does is waste money," says Doug Schoen, the pollster who helped President Clinton move into the era of "Big Government is over" after the Democrats' 1994 midterm-election drubbing. "Taxes go up. Debt goes up. People think, 'All you're going to do is waste my money and put me in a dire situation.'" Karlyn Bowman, a public-opinion researcher at the conservative-leaning American Enterprise Institute, advances the counterintuitive notion that Americans may be happier with Big Government in good times than...
...national romance with consumer debt seems to be coming, at least for now, to a screeching halt because of the realities of the Great Recession. Belt-tightening, whether it's imposed by job loss or financial insecurity, is de rigueur. The savings rate is 4.4%, up from its 2007 rock-bottom level. Book publishers are hurrying to catch up with the rediscovered restraint. Three authors with new books are eager to restore fiscal conservatism to its proper, vaunted role. Being thrifty has become a badge of honor...
...dealerships across the U.S., support for suppliers and special employee-attrition programs at GM operations in Europe and Australia. Despite the bankruptcy, GM also owes $17 billion to governments in the U.S., Canada and Europe that supported the company during the crisis last winter. The $17 billion debt does not include $3.2 billion in notes or preferred stock that GM also owes to employees' health care trusts, or VEBAs, in the U.S. and Canada. GM expects to repay the notes to U.S. and Canadian VEBAs with money from the eventual sale of new stock - an IPO that will be successful...