Word: downturned
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...investigation also coincided with the darkest period of the Administration: the Iraq war's dramatic downturn, the absence of WMD and festering problems in Afghanistan. And it unfolded as Bush was launching a wholesale course correction of his presidency in his second term. The pivot was hard to miss. Where Cheney had urged unilateral U.S. action in the first term, "in the second term we're going to be doing more diplomacy," Bush told top aides. Where Cheney had orchestrated a secret push to embrace the "dark side" in the war on terrorism, Bush instructed aides in 2005 to begin...
Economist David Rosenberg, of investment firm Gluskin Sheff & Associates in Toronto, says Canada's trade deficit is the result of an overvalued loonie bumping up against a lingering downturn in U.S. consumer spending. "The Canadian dollar's overvaluation is a major impediment to the manufacturing sector," says Rosenberg, former chief economist at Merrill Lynch in New York City, noting that the loonie has overshot its real value by about...
Like Ireland, which for more than a decade boasted growth rates three times the E.U. average, Spain's once booming economy has been hit especially hard by the downturn. Spain's GDP is expected to shrink 1.6% in 2009, and the first place that young people feel the contraction is in their purchasing power. "Kids today have grown up with consumerist expectations and feel frustrated when they can't maintain them," says Alberto Saco, sociologist at the University of Vigo. "But more frustrating is what is happening to their expectations about work and housing." (Read: "Ireland's Economy: Celtic Crunch...
...vulnerable than others. German companies tend to hire workers at an early age; French and Spanish firms prefer temporary contracts to get around sometimes draconian labor laws. "The social crisis is more pronounced [in France and Spain] because their citizens believe policy should create more employment. But in a downturn, it leads to a rapid increase in just the opposite," says Askenazy...
Ultimately, community-college administrators hope their schools will emerge stronger from the downturn as it highlights their potential for juicing the economy. "In some ways, the terrible nature of the economic recession will actually help people understand [community college]," says Kinslow. "People are going to be forced into looking at it more carefully...