Word: downturns
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...rest of the country the feeling that things will get worse before they get better. Whether Encore signals a new beginning for Las Vegas, the way Wynn's Mirage did in 1989, is not a bet to take lightly. "We're still in a fairly early phase in the downturn," says Schwer. "I don't see Steve Wynn sticking his finger in the dike and holding it back...
...steady employment, no personal income tax and housing that seemed to grow ever more valuable (home prices increased 135% between 2000 and 2006, according to Standard & Poor's). "We thought we had decoupled from the national economy," says Schwer. Unlike the rest of country, Nevada hadn't had a downturn since the 1980s...
...longer interested; another potential suitor, Russian tycoon Oleg Deripeska, is fighting to keep his own empire from being shredded by economic distress. Renault-Nissan, a third potential suitor, is pulling back in the face of what its chief executive, Carlos Ghosn, has warned could be a long global downturn...
...indefinitely," says the diplomat. "That's why 90% of their children are in business, not working their way up the Communist Youth League or whatever. But that change is 15, 20 years down the road. That's not going to happen now, even if it is a very bad downturn. Change will come to China...
Still, this economic downturn has the potential to put a bigger dent in happiness than the past few. Unemployment is expected to rise higher than it did in the recessions earlier in the decade and in the 1990s. And economists and psychologists, not surprisingly, agree that unemployment is a big downer...