Word: dollarization
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...zombie firms - they appeared to be living but were actually dead, too burdened by debt to do much more than live off further handouts. One economist called Japan a "loser's paradise." The classic zombie was retail chain Daiei, which limped along for years, crushed by debt and multibillion-dollar losses, as banks kept bailing out the firm. Daiei, with nearly 100,000 employees at the time, was considered by politicians too big to fail. It was only after Japan began solving its zombie problem, rather than perpetuating it, that the country's financial crisis was finally resolved. (Daiei eventually...
...their designer suits and million-dollar salaries, most coaches have less power than many fans realize. "It's often said that the NBA is a players' league," notes Van Gundy, who was fired in 2007 after a relatively long run of four years as coach of the Rockets. "What's left unsaid is that it's also a league about the guys who pick the players, the general managers." Not only do they make most of the big player decisions on trades and free-agent signings, but they also get a lot more face time with the people who sign...
...slamming on the brakes - there is a 75% increase in projects being stopped. But demand is falling quickly too. "There's [been] nothing like this in history, in terms of falling demand" says Bjorn Hanson an industry analyst with New York University's hotel school. With the strengthening dollar, hotels are losing the European traveler; slumping corporate profits mean conventions are seeing fewer attendees; and as the job picture worsens, family vacation travel is down...
...nation's largest accounting firms to the list of watchdogs and regulators that didn't catch the multibillion-dollar Madoff investment scam...
...here's a challenge. Start a new tradition in the New Year: a regular Sunday-night Scrabble smackdown; a spring clothing drive; a rule that every time Mom or Dad swears, they put a dollar in the charity box that gets distributed on New Year's Eve. At their best, traditions make us better; at the very least, they remind us how far we've come and how lucky...