Word: debts
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Remember, this is a crisis born in part of the fact that households around the world in particular took on too much debt. So debt as a share of our economy rose to extraordinarily high levels, and we're having a recession that is deeper in part because people are having to go back to living within their means. It means probably that you're going to see a slower recovery than we would normally...
...were in China recently. How worried are the Chinese about their debt in America...
...would go on to amass, though, Jackson never really got a grip on the numbers. Profligate spending, a slew of legal settlements and a reliance on ever increasing bank loans blew a hole in the fortune Jackson earned over four decades of performing. Some estimates put the singer's debt at the time of his death at $300 million. Others put him almost twice as far into the red. (See pictures of people around the world mourning Michael Jackson...
...instance, had backed him - he further lost control of his finances. Duff investments and a divorce settlement with Lisa Marie Presley helped push Jackson to increasingly use his earnings from music as collateral for loans, first from Bank of America (BoA), before Fortress Investment Group, a specialist in distressed debt, took the loans off BoA's hands. By the mid-2000s, Jackson was believed to be $270 million in debt. (See Thriller's entry on the All-TIME 100 Albums...
...tectonic shift. Part of Washington's $787 billion stimulus spending is meant for green initiatives: $2 billion to support lithium-ion batteries and hybrid electric systems, $800 million for a biomass program, $400 million to add electric technologies to vehicles and $400 million for geothermal technologies. But with public debt now equal to 82% of GDP and the budget deficit forecast to hit $1.4 trillion next year, the U.S. is in no position to spend more...