Word: downturns
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...Morgan, a psychologist whose practice centers on senior-level banking executives, recognized that burst of animal spirit as the "euphoria" phase; he knew it signaled darker emotional repercussions to come as the Masters of the Universe undergo the psychological fallout from the global economic downturn. As jarring as the market drops have been, he says, "the psychological shock has been every bit as great" for bankers who have lost their jobs at Lehman and other institutions...
...traders, the economic downturn may come as a particularly deep shock; because most of them are young, they have never faced unemployment or recession. For their entire professional lives, their abilities have been so in demand that many have been repeatedly headhunted, giving them a sense of invulnerability. Now, Morgan says, "They're living in a world that they didn't think existed." On top of that, traders tend to be single-skilled with limited academic backgrounds, Morgan says, meaning they will need further training in order to find other jobs...
...beginning of this month. Beginning in 1999, the state’s Department of Transitional Assistance has placed families without homes in motels. The program was phased out in 2004 but reinstated in 2007 as demand for shelters exceeded supply due to the nationwide economic downturn. The Council’s consideration of homelessness follows an effort by Mass. Governor Deval Patrick to end family homelessness and cut the state’s costs by using a preventive approach. But councillors said they thought the problem would only get worse in the near future, citing the state?...
...Among the harbingers of the changing mood: Nakheel, the developer of Dubai's proposed kilometer-high skyscraper near Jebel Ali airport, recently announced that it is reassessing its overall staffing needs in line with "predictions of a downturn in the global economy." Boardrooms and coffee shops alike are buzzing with talk about the coming fall. The Cairo-based investment bank EFG-Hermes recently predicted that Dubai property values could tumble as much as 20% in the next three years. Share prices of Emaar, a public Dubai company that has become one of the biggest real estate developers in the world...
...Dubai and its real estate market are vulnerable to an international economic downturn, especially compared with many of its Gulf neighbors. As the region's premier business, transportation and tourism hub, it is by definition more entwined with the global economy. And in tight times, Dubai lacks the windfall oil profits that have enabled sister emirate Abu Dhabi, for example, to amass a financial cushion in sovereign wealth funds totaling hundreds of billions of dollars...