Word: gloomed
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Still, the picture isn't one of unrelenting gloom. Interest rates are low, unlike in the early 1990s, and the price of oil has dropped from its peak earlier this summer as demand slows from the cooling global economy. That's good news for consumers everywhere. But the signs of economic woe still add up to a minefield that European governments, central banks and other policymakers will have to navigate carefully. Here are some of the mines that lie in wait for them...
...there's more than one kind of rousing. The last night at the Alamo was also stirring. Some rousing speeches were delivered in the trenches of the Somme. Given the dreadful litany that began his address, McCain couldn't quite shake the shadow of existential gloom...
...gloom descends, one question is starting to make the rounds - a question that London hasn't really asked itself before: Did the City become too successful for its own good? The increasing dependence on financial services has brought in fabulous wealth in the past 15 years, but it has also left the British capital at the mercy of the ups and downs of the moneymen. As finance has soared as a proportion of the local economy, it has eclipsed other sectors. London was once a major center for industry, for example, but manufacturing now accounts for just...
...Confidence has completely crashed, and it will take a while to rebuild it," says Craig Wright, chief economist at the Royal Bank of Canada, who is nonetheless hopeful that these and other measures will eventually start to work. "But it's hard to hear positives in a thunderstorm of gloom...
...lines, with liberals as disgusted by handouts to irresponsible bankers as conservatives are by a socialist solution to capitalist problems. On the Hill, constituent phone calls ran 100 to 1 against the Paulson plan, and most vulnerable incumbents in both parties voted against it despite all the doom-and-gloom warnings about the devastating consequences. It's times like these that call for presidential leadership, and Bush no longer has many followers, which is why his spokesmen are so busy counseling against finger-pointing, just as they were after the foul-ups in dealing with Hurricane Katrina...