Word: downturned
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...have been -7.8%, in the second quarter of 1980, and -10.4%, in the first quarter of 1958. But those were both temporary setbacks engineered by the Federal Reserve to crack down on inflation, and growth resumed soon afterward. All indications so far this year are that the downturn has continued and possibly worsened...
...Unless it ends suddenly tomorrow, all signs are that this will stack up as the worst economic downturn in the U.S. since the Great Depression. But if government spending is able to begin stabilizing the economy sometime in the second half of this year, the scale of the decline in indicators ranging from GDP to employment to consumer spending will be much closer to that of the harsh recessions of 1981-82 and 1974-75 than the nearly complete economic collapse of the 1930s. Will the stimulus work? That's the $770 billion question the new GDP numbers really...
This week, President Barack Obama called for the 19 largest banks in the country to undergo “stress tests” to determine whether they are adequately capitalized to withstand a significant economic downturn. Critics have claimed that the government’s worst-case economic condition forecasts are too weak, making the tests inadequate. Still, the tests should provide valuable information on the health of our banking system, and the administration was wise to order them. Should the results eventually show that any major bank is undercapitalized, the government should not hesitate in taking it into receivership...
...economies to be easily replaced. They represented 74% of Taiwan's GDP and 46% of South Korea's in 2007. "You can't change the [export] model," laments Song Seng Wun, an economist at CIMB-GK Research in Singapore. "You just have to make sure everyone can take the downturn...
...This Time It's Different Asia has suffered recessions before, of course, and bounced back strongly. But this downturn is different. Unlike during recessions in 1997-98 and 2001-02, Asia's favorite customer - the American consumer - appears to be making profound changes in his purchasing habits. In the long run, this may be a good thing. Roughly 25% of Asia's final exports end up in the U.S., and economists have been warning for years that America's penchant for borrowing and spending, coupled with Asia's pattern of saving and selling, created massive trade imbalances that would ultimately...