Word: markets
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Dates: during 2000-2009
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...sustained 9% growth, says Rajat Nag, the managing director general of the Asian Development Bank, "is governance." Behind that new buzzword lies a fundamental truth. The successful modernization of societies, it turns out, is not just a question of economics - of getting the macroeconomic fundamentals right and letting market forces and the private sector do the rest. It depends also on having effective, clean governments, at every level down to the village, which do not waste economic largesse or appropriate it for the use of their own politicians and officials. That has long been understood in true exemplars of development...
...York Post and Forbes. But at least one Wall Street executive has a different description: "A monumental asshole, who added dramatically to the financial instability during '08 and early '09." Gasparino's news bulletins (or rumormongering, depending on your view) on CNBC during that period often moved the market. He's well aware of the animosity. "They don't like the fact that I called them on the carpet," he told me. "I mean, you are not going to see a lot of Wall Street guys hanging out at my book party...
...getting in its way. As if we're the ones who created the sleazy subprime mortgages and exotic derivatives (graded phony AAA by real capitalists) that blew up the system. It's the standard Forbes canon: government and taxes bad; rich people good. The pair dutifully round up free-market evangelists from Smith to Hayek to Friedman to support their apologia but fail to add any real insight. Capitalism works, all right, but not like this...
Although green cleaners are still in the minority, government action from the top may make the shift inevitable - California is phasing out the use of perc, and other states will probably follow. "There's definitely a market out there," says Kistner. There's no reason dry cleaning has to dirty the earth...
Hardest hit: makers of small, light and midsize jets, such as Cessna Aircraft Co. and Hawker Beechcraft. Cessna, the largest company in the category, has halved its workforce of 16,000 this year because projected 2009 deliveries were cut almost in half, to 275. "I don't think the market will bottom out until the middle of next year," projects Jack Pelton, Cessna's CEO. "Then we will slowly crawl out of this predicament when corporate earnings improve in 2011." The demonization of corporate jets by Congress, prompted initially by the CEOs of the Detroit automakers, has helped kill thousands...