Word: interest
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Dates: during 2000-2009
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...thrive - and he's put money on it. This fall, he plans to open a luxury tea shop in California that will be a gathering place for American aficionados and a showcase for his fine, aged Puers. "There is a lot of hype and marketing, but that doesn't interest me," he says. "I am only interested in taste." People have offered to buy his collection, but he's dismissed them in turn. He wouldn't trade it now, he says, not for all the tea in China...
...pain of an economic downturn by encouraging business and curbing unemployment (this is the theory behind the New Deal and Obama's stimulus package). But that doesn't mean that deficits are good, either. The U.S. covers the shortfall by issuing more government bonds, which can drive up interest rates and lead to inflation. Deficits also make it harder for a financially strapped government to deal with unexpected disasters. In fact, the last U.S. budget surplus occurred in 2001, when Washington was able to use fiscal and monetary policies to cushion the fallout following 9/11 and keep the economy from...
...Gardens house was appraised at what she now acknowledges was an unrealistic $294,000, Milligan says she took out adjustable-rate home-equity loans to help with medical bills. They raised her mortgage principal to far more than the house is now worth in the housing bust. Her mortgage interest has since adjusted up sharply, and she's saddled with monthly payments that eat up more than 50% of her income, and which she has already fallen behind...
...Milligan knows that the bank's first impulse, from a business standpoint, is to try to auction the house and at least get some long-term mortgage-interest revenue out of the sale. That's a big reason so many banks have balked at loan modifications in spite of MHA: they'd rather roll the dice with another owner since studies show many modified mortgages still go south, just delaying the inevitable. But in cases like Miami Gardens, says Milligan's lawyer, Miami real estate attorney Rashmi Airan-Pace, lenders need to realize that as foreclosures mount and infect neighborhoods...
...House economic adviser Lawrence Summers has yearned for the job. The markets like stability, and they really like Bernanke. And Obama might have done the same thing even if he did have a choice. Bernanke hasn't been flawless - he was slow to grasp the crisis and start yanking interest rates down toward zero, and market watchers will forever second-guess the decision to let Lehman go under. But overall he's been courageous and innovative and (so far) successful. And while he's fairly new to Washington, he's shown a flair for politics and p.r., doing a memorable...