Word: downturn
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...this downturn more than in any other recent downturn, people are more likely to be permanently unemployed," said the economist...
...year peak. Turnout in primaries is even lower than usual, and much of the stay-at-home electorate may be too bitter to bother to vote in November. The recession is seen as a talisman of America's long-term economic decline, rather than just as a cyclical downturn. The House-bank scandal underscores the impression that Congress is mired in corruption. "There's something out there of major significance," says University of Texas political scientist Walter Dean Burnham. "Thank God we're not a culture that produces Fuhrer figures very easily. Because the underlying conditions that do that...
Basically we like the free market only as long as the trend is up. As soon as the inevitable downturn occurs, we complain bitterly and expect the government to fix things. We want to have it both ways -- the energy and dynamism of capitalism, plus stability and security. It is simply impossible to square the circle completely. But we seem to be working out a new geometry. We are rethinking the interaction between the government, private enterprise, the local community and the individual...
More distressing, this latest downturn gives every indication of being permanent. Faced with languishing prices, lower profit margins and tight environmental hurdles to new exploration, the major oil companies are selling off their properties, packing up their drilling gear and heading overseas. Ten billion dollars in assets are on the block as exploration and production head for Africa, South America and the Far East, where drilling costs can be cheaper by half and government sweeteners make new ventures enticing. As the majors lay off workers and leave, those independent companies that can are following. Others are closing up shop...
...trade is the key to prosperity. The recession of 1931 became the Great Depression of 1932 after the Smoot-Hawley tariffs contributed to the collapse of world markets. Since trade accounts for 25% of U.S. GNP today, a trade war would trigger a depression that would make the present downturn look like a minor blip...