Word: globalization
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Dates: during 2000-2009
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Will today's Japan now pedal off to meet the future with confidence? At least in part, the prospects for a global economic recovery depend...
...Wall Street tries to right itself, the global economic crisis is punishing many of the youngest Americans. Preliminary nationwide figures indicate that there were nearly 16% more homeless students in the 2007-08 academic year than in the previous year. And the number of homeless students continues to climb as more parents face foreclosure or the unemployment line. Of some 1,700 school districts surveyed this fall in a separate study, 69% said they had already counted at least half as many homeless students during the first few months of this academic year as they...
Sounds awfully logical. So why haven't we stuck it to these guys? Because we're afraid they'll panic. "Unfortunately, we've built a system where if you hammer those guys hard, you're going to have a global credit collapse," said Simon Johnson, a former chief economist of the International Monetary Fund who teaches at the Massachusetts Institute of Technology and whose blog, Baseline Scenario, has become essential reading for crisis buffs. The Federal Reserve and Treasury left creditors at Lehman Brothers adrift in September, and the repercussions were so dire that regulators resolved not to let such...
...FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no more Lehmans, then inevitably you wind up guaranteeing the banks' debts," said John Hempton, a money manager and former Australian treasury official whose Bronte Capital blog has become another crisis must-read. That is, an orderly reorganization of the financial system in which creditors make sacrifices would be great...
...pictures of the global financial crisis...