Word: grosse
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...official. On Nov. 17, Japan's government declared that the second largest economy in the world had slipped into recession for the first time since 2001. The Cabinet office of Prime Minister Taro Aso said that gross domestic product had contracted at an annual rate of 0.4% in the three months up to September, its second consecutive quarter of negative growth...
While there are many people who are elated at the election of Obama, they may not have considered all the consequences. I used to think that status as a First or Third World country depended on economic indicators such as gross national product. It turned out I was wrong. Back in the days of apartheid, South Africa was regarded by the outside world as a First World country. When the black majority took over in 1994, however, it was instantly reduced by the press to a Third World country, although the economy performed better than before. So the designation seems...
...million, which is still not a whole lot, and the film that came in just behind “Saw V” at the box office, the Mark Wahlberg action vehicle “Max Payne,” cost $35 million, so far has a total domestic gross of only $38.6 million, four weeks into its theatrical...
...Mortgage Modifications Help is on the way for hundreds of thousands of Americans facing foreclosure. Freddie Mac and Fannie Mae, which between them hold about 20% of delinquent U.S. mortgages, announced Nov. 11 that some customers will see their monthly payments adjusted to no more than 38% of their gross income. The companies, now under government control, plan to reduce interest rates and give borrowers more time to pay off their mortgages. Citigroup, JPMorgan Chase and Bank of America are modifying loans to slow or stop foreclosures...
There was even bigger news from China, where the government announced a $586 billion stimulus package in an attempt to soften the blow of the coming recession. The China package was big and bold - and a tacit challenge to the Obama Administration. It represented 18% of the Chinese gross domestic product, the equivalent of a $2.4 trillion program in the U.S. Of course, China has bigger problems to solve than we do. Its social safety net is made of tissue; vast sums will be needed to establish a proper health-care and pension system. But much of the $586 billion...