Word: fourthly
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Dates: during 2000-2009
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With the economy in the U.S. "contracting significantly" in the fourth quarter, as San Francisco Fed president Janet Yellen recently put it, an issue that was practically unthinkable three months ago is now, for the Fed, front and center: the possibility of the U.S. entering a phase of deflation, or protracted declines in the general price level. In its statement accompanying the most recent interest-rate cut, the Fed said, "In light of the declines in the prices of energy and other commodities and weaker prospects for economic activity, [the Fed] expects inflation to moderate...
...This dark outlook augurs a U-shaped recession. The downturn, which began in the fourth quarter of 2007, will be longer than the usual 18 months. The recovery will probably be anemic and for the next few years the U.S. economy is likely to grow below potential. That's the best-case scenario. It suggests that we are many months, and perhaps thousands of Dow index points, from a market bottom...
...will be the feature of the next book? GM: Glinda is going to be the centerpiece, I think, of the fourth and final book in the series. It will be about a central theme—I just have to figure out what...
...fourth time, I am actually mad at the orphans...
...Whatever his preference, he'll have to get out of the Madrid airport first. On Monday, the fourth son of al Qaeda leader Osama bin Laden took advantage of a layover on his Cairo-to-Casablanca flight to seek political asylum in Spain. But on Wednesday, Spain's Interior Ministry confirmed it had rejected his request. A ministry official said the government determined that bin Laden did not "meet the conditions necessary for entering Spain." (The ministry official spoke on condition of anonymity in line with government policy.) He has 24 hours to make an initial appeal and remains...