Word: markets
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Dates: during 2000-2009
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...hurt. That's a lesson Ben Bernanke learned not long after being confirmed in January 2006 as the head of the U.S. Federal Reserve. At a Washington dinner a few months later, Bernanke responded to a question from CNBC anchor Maria Bartiromo, who asked whether the media and financial markets were right to think that he had signaled the Fed was done raising interest rates. "He said, flatly, no," she reported on her program at about 3:15 p.m. the following Monday, causing stock prices to drop sharply before the market closed. He called that move a mistake and vowed...
...think this is the latest, depressing tidbit from the historic real estate bust in the United States, think again. The other former global growth engine - China - which saw its own real estate bubble expand in the last five years, has now got its own property market problems - and they're intensifying. (See pictures of Beijing's changing skyline...
...press for help among big property developers. In fact, the outcome - more subsidized housing (about $4.8 billion worth) for relatively low-income citizens - is exactly what most developers didn't want to happen, because they look at the lower cost housing as just more competition in an already glutted market...
...prospect now is that the deflation evident in the housing market may intensify. As Zheng Jia, 35, who sells medical equipment in Shanghai, said after a weekend looking at villas in suburban Shanghai: "Why buy now, when prices may be lower a month from...
...profit, and buy a bigger place." Ask her if that plan still holds, and she just laughs. "I have no idea now what my place is worth now - and I don't intend to find out, because I'm not going to sell into this market." China may not confront the disastrous effect that huge numbers of foreclosures have had on real estate prices in the U.S., but its own problems are bad enough - and they're not getting better anytime soon...