Word: go-go
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...twins Lennon and Miles run by - those divots in the table are their doing - the couple explain that when they first started looking to become homeowners back in 2006, there was little they could afford. "Even a modest home was too much for us," says Jillian, recalling the go-go years of real estate, when a young family like hers didn't stand a chance of getting into the game...
...Patpong, Bangkok's most notorious red-light district, go-go girls count their livelihood by the number of sex tourists they entertain. "Three inches, three minutes, 3,000 baht ($87)," laughs Goy, a 25-year-old bar girl. Last summer, she and her fellow pole dancers at the Camelot Castle entertained scores of men every night - first in the bar, where they earn a monthly salary, then at the customer's hotel, where they negotiate their own rates. But as cash-strapped travelers turn their backs on Thailand - tourism officials say revenues will plunge 35% this year...
...into trouble, they would do well to learn the lesson of their surroundings. The summit of leaders from 19 of the world's key economies will be held in London's docklands, just east of Canary Wharf, a real estate megaventure conceived on industrial wasteland in Britain's go-go 1980s. By the time the first part of the project was completed in the early 1990s, Britain was in a deep economic slump, and the project's developer, the Montreal-based Olympia & York, went bust...
...economist, Summers has more credibility with Republicans than many other Obama officials do. He did an early stint in the economic back room of the Reagan White House and helped calm the markets during various mini-crises during the go-go 1990s. But Summers has long identified himself as a Democrat and has often leaned toward the left edge of the centrist economic consensus that has driven our recent financial history. "His solutions tend to be government-led, progressive structuring of the market for what he perceives as the greater social good," explains the new Treasury Secretary, Timothy...
...global financial meltdown can be traced to an American export - the subprime mess - the U.S. will import the consequences. As the go-go economies of China and India hit the brakes, so too will demand for American goods and services. That will have a knock-on effect on jobs and the earnings of companies that rely heavily on international sales. (One small silver lining: as their economies have slowed down, China and India have decreased their consumption of oil, contributing to a fall in prices, both globally and at the pump...