Word: firestorms
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Dates: during 2000-2009
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...from its bread-and-butter exposure? The root of the problem is high leverage. For example, when this debacle hit, one of Goldman's funds was leveraged 6 to 1, so every dollar of investor capital claimed six dollars of positions. This is the dry kindling for a market firestorm. When things go bad for a highly leveraged hedge fund, it gets a margin call and has to sell assets to reduce its exposure. Naturally, as it sells, prices drop. The falling prices mean a further decline in the fund's collateral, forcing yet more selling. And so goes...
Even so, luck may have played the largest role in protecting Chertoff's job. He was able to sidestep the firestorm after Katrina largely because there was a fall guy, FEMA chief Michael Brown, to take the heat. Without Brown, it could have been Chertoff's head that rolled. In addition, the U.S. hasn't been attacked since 9/11. Most experts acknowledge that even with the best security preparations, there's still a risk of attack. Our number hasn't come up again since Chertoff took office...
...Skocpol ascended to the GSAS deanship two years ago, just months after she emerged as one of the most vocal Faculty critics of then-University President Lawrence H. Summers in the firestorm that erupted over his comments on women and science...
...firestorm of outrage provoked by the Abu Ghraib pictures seemed to catch U.S. officials by surprise. Army General John Abizaid, chief of the U.S. Central Command that oversees Iraq, told TIME that after learning of the abuses in January, he sent word of it to General Richard Myers, Chairman of the Joint Chiefs of Staff. Though military investigators had been aware for months that graphic photos existed, Pentagon officials showed no particular urgency in finding out how bad they were or informing anyone else about them. When Myers learned several weeks ago that CBS was about to air the pictures...
...note that India has produced both the world's most famous guide to love and erotic pleasure and some of the most conservative social rules this side of Saudi Arabia on such questions as kissing in public. That paradox was on display once again this week in the firestorm that swept India following a seemingly innocuous - and obviously staged - celebrity kiss on the cheek at an AIDS-awareness event...