Word: growth
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...South, long synonymous with hyper economic growth, is going through a harrowing recession. Currently, 8 of the 15 states with the highest unemployment rates are in the South: North and South Carolina, Georgia and Florida are all reporting the highest rate in their state's history. South Carolina posted the nation's third-highest unemployment rate for March - 11.4%, after Michigan and Oregon. (Read "When Joblessness Becomes Homelessness...
Atlanta's growth bolstered the aspirations of cities and towns across this region. But the recession is delivering a dose of sobriety, and stoking fears in places like Allendale County, S.C., 200 miles away. Allendale County's unemployment rate stands at 23.4%. Ronnie Jackson, the mayor of the town of Allendale, population barely 3,700, says the town's decline started in the 1970s, when the old Route 301 was replaced by I-95 as the main connector to Florida. The town lost motels and restaurants, says Jackson, the mayor since last November. But the more recent closure...
...which were extraordinary during a poor economic period, for the first quarter, the company's chatty CEO Eric Schmidt said "Google had a good quarter given the depth of the recession - while revenues were down quarter over quarter, they grew 6% year over year thanks to continued strong query growth. These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online." What he did not bother to mention is that no business model is any good at all without customers. Google has millions of clients spending money...
...surprise to no one. Despite being written by party insiders, some of the essays are critical of Beijing's current policies and of the late Chinese leader, Deng Xiaoping, still greatly admired on the mainland for ushering in the economic reforms that led to China's rapid growth over the past 30 years. One essay plays down Deng's role as a reformer and insists that Deng - who forced Hu Yaobang from power in 1987 for his sympathetic handling of democracy advocates' protests in December of 1986 - was nothing more than a political conservative who monopolized power and treated...
...clear whether the government looked closely at commercial mortgage loans when it did its "stress tests" on banks. It is also not clear what assumptions the government used for the default rates of this paper. The $27 billion in debt that General Growth holds seems like a great deal of money. But, looking at all of the commercial real estate holdings across the country, particularly those with mortgages taken out between 2003 and 2007, and the problem is deeper than most people can imagine...