Word: houston
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Dates: during 2000-2009
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...becomes a much longer term issue with long-term demand destruction." In the short term, there's simple math. The average driver goes about 12,000 miles a year at 20 miles per gallon, says Ken Medlock, an Energy Fellow at the Baker Institute at Rice University in Houston, Texas. If gasoline drops $1.50 the $900 that Joe Average Driver saves would amount to a big stimulus package. According to Ed Leamer, director of the UCLA's Anderson Forecast, the current price slide could drop another $200-to-$250 billion into consumers' pockets, given that as of the second quarter...
Openings. Doubletree opens in Milan...St. Regis Houston completes a refurbishment and updating of all 232 rooms and suites...W Scottsdale Hotel & Residence opens with 224 rooms...Sheraton opens in the Northbrook, Ill., near O'Hare Airport...
...onto the field. Because of worries about the U.S. economy, the NBA is eliminating about 80 jobs, or 9% of the league's workforce, and it shuttered its Los Angeles office. Commissioner David Stern has predicted a "modest" decline in season-ticket sales, though sales in some markets, like Houston, are strong. "I will say that corporate sponsors are a bit later than usual coming to the party," says Houston Rockets CEO Tad Brown. "That's the one area where we've had to be more attentive and where we've seen delays in funding...
...regular investors--long advised to buy stocks, diversify and stay patient--are taking the beating. Anna Weiss, 67, of Houston embodies the anxiety now taking hold across the country. "I saved for 30 years. I have saved and saved and saved so that I could afford some of the nice things that I never allowed myself when I was young," says the retired retail manager. "Now I find because of other people's stupidity that the money I have saved has shrunk...
...turmoil: the bear market of 2008 may have ended the spendthrift ways of the 80 million--strong boomer generation, which is now heading rapidly toward retirement, and refocused them on saving. "We must have a reset on consumer spending; frankly, it is out of control," says Daniel J. Houston, president of retirement investor services at Principal Financial Group in Des Moines, Iowa. The average contribution to a 401(k) plan is 7% of salary, yet the average person may need to save 13% to 15% of his salary to maintain his standard of living in retirement. For people 10 years...