Word: debts
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...R.O.A.D. to Happiness: "R.O.A.D. stood for residencies in radiology, opthalmology, anesthesiology, and dermatology. These specialties usually paid better than a career in family or internal medicine. For students leaving medical school with an average debt of more than $100,000, income was an important consideration. A R.O.A.D. specialty also meant a better ability to have what doctors called a controllable lifestyle. On the R.O.A.D., schedules were more predictable. There were fewer emergencies. Nights spent on call at the hospital were limited. On the R.O.A.D., a doctor could reliably make good on commitments other than work. On the R.O.A.D., becoming...
...banks also borrow on wholesale markets, mainly by issuing bonds. About $2.6 trillion of bank funding in the U.S., 20% of the total, comes from such debt securities, according to the FDIC. At the most troubled of the big banks, Citigroup, the figure is 27%. (Citi's domestic depositors account for just 16% - its main deposit base is overseas.) These bank bonds are mostly in the hands of large, sophisticated institutional investors - pension funds, insurance companies, mutual funds. It may be too much to ask small depositors to monitor the risks at the banks where they put their money...
...some ways, Asia's growth model came to resemble a vast Ponzi scheme--one precariously perched on expectations that debt-soaked Americans would buy more TVs, computers and cars forever. Those expectations have been dashed, leaving the tigers with excess manufacturing capacity and a burgeoning army of unemployed workers. At Taiwan's Hsinchu Science and Industrial Park, home to many of the island's flagship tech firms, most workers are taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of the job-search website 1111 Job Bank, says conditions at Hsinchu have never been...
...responsible for creating the world's second largest economy, and their lifetime-employment policies, with generous benefits, obviated the need for a comprehensive social safety net of the sort familiar to Western Europeans. Then came the bubble. After financial markets were liberalized in the 1980s, Japan went on a debt-fueled binge that made modern Americans look as thrifty as Amish farmers. The stock market soared into the stratosphere, and property prices went so haywire that it was common to claim that the land on which the Imperial Palace sits in the center of Tokyo was worth more than California...
...most alarming information that the federal government should give up before it gets deeper into debt comes from experts who join business TV news show hosts. Simply stated, they argue that the economy got itself into this mess and it will have to get itself out. This idea destroys the belief that the government has the power to protect the financial interests of its own people and companies. It is a philosophy that will create despair in almost all quarters because it is based on the idea that we are on our own in this economic fight for survival...