Word: longer
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...that's your problem. If you owe the bank $100 million, that's the bank's problem." Leveraged financial institutions (banks, investment banks, hedge funds) make investments with lots of borrowed money, so when their portfolios tank they can quickly get into a situation where they can no longer make good on their debts. When that happens to a single institution, it's no big deal to let it fail. But if it's happening to a lot of them at once, you get the paradox of deleveraging: a downward spiral in which failure begets more failure and retrenchment begets...
...first moon landing, 43 since the first spacewalk, 47 since the first human being orbited the Earth. And this week, NASA itself - which was once the last word in moderne - turns 50. That may seem creaky, but the fact is, the space agency has been around a lot longer still...
...Middle East, perception is often more important than reality, and the perception along these once mean streets is that the U.S. has sold out some of its allies. "The Americans considered us like a piece of paper that was useful for a while but now is no longer needed," says the sheikh. He sternly watches a U.S. patrol of several armored Humvees pass the checkpoint. "The Americans made this decision. Believe me, any promises they make, nobody will believe them. They don't keep their word...
...dividing Jerusalem with the Palestinians. He wants to keep some of the Jewish settlements that adjoin Israel's pre-1967 border but accepts giving the future Palestinian state Israeli territory in a land swap with a "close to 1-to-1-ratio." "The notion of a Greater Israel no longer exists," Olmert says, "and anyone who still believes in it is deluding themselves...
...watch TV - mainly CNBC - to see how the House of Representatives would vote on the $700 billion bailout package. When it first started looking like the bill would fail, the Dow plummeted 389 points, or 3.6%, in just seven minutes. If it had continued at that pace for much longer, this would have been perhaps the most harrowing day in stock market history. It didn't, but things were still really, really bad. The Dow ended the day down 778 points, or 7%, and the S&P 500 - a better measure of the overall market - was down 107 points...