Word: dollarization
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Dates: during 1980-1989
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Lenders laid the blame for the increase on the bond market, where interest rates have risen sharply in recent weeks in reaction to the widening U.S. trade deficit and the falling value of the dollar. Home loans are now more sensitive to volatility in such markets because of a trend known as "securitization." That is a process in which lending institutions repackage their home loans as securities for resale to other investors rather than collect interest and principal themselves. The practice makes mortgage rates more sensitive to economic flare-ups. Even so, most financial experts contend, securitization keeps home loans...
...their dog Floyd Bite (after Frank Lloyd Wright). But if a tacky trailer in an expensive Colonial suburb seems a little out of place to you, consider what Badanes and his three colleagues, architect-builders who call themselves the Jersey Devil, were constructing on the same lot: a multimillion-dollar house that's shaped like an overgrown hero sandwich...
...imposition of sanctions suggested, Washington is skeptical about whether Tokyo has the will to correct its $58.6 billion trade imbalance with the U.S. Last week U.S. Treasury Secretary James Baker tried to allay Japanese concern about the yen by calling a further decline of the dollar "counterproductive." Nonetheless Baker complained that Tokyo's proposed economic reforms "are not yet government policy" and warned that "Japan still must do more...
Last February the government announced a multibillion-dollar five-year plan to redistribute the nation's 22 million cultivated acres. (President Aquino's family plantation, the 14,000-acre Hacienda Luisita, would be included.) But it is almost certain that the new Philippine congress, to be elected May 11, will water down the plan. Even then, the program will remain heavily dependent on foreign economic assistance...
...door: "Dedicated to the PRESERVATION of JAZZ." I suspect this is designed to fool gullible tourists into thinking they're in Preservation Hall, the legendary traditional jazz room across the street. By the time they realize the mistake they're too drunk to leave, having already bought three six dollar Hurricanes with the accompanying souvenir glass. Perhaps this happened to the sailors, who sat at a table near the stage surrounded on three sides by a senior citizens tour group from Florida. They kept looking at each other, then at their drinks, then back at each other, while a pedestrian...