Word: meltdown
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...chief Ron Gettelfinger is trying to mute public criticism of auto executives, blaming domestic carmakers woes on a global recession created by the financial meltdown. However, he has also noted repeatedly that union members already made sacrifices in 2005 and 2007; he refuses to say whether the UAW would agree to wage cuts at this time...
...under way to decide whether the matter of the E.U. application will be put to a referendum at the same vote. Siguršardóttir replaces Geir H. Haarde, who resigned as Prime Minister under mounting public outrage over the government's handling of the country's economic meltdown last autumn. (See the top 10 financial collapses...
...activists, journalists and intellectuals descend upon the Swiss village to ski, socialize and participate in the annual meeting of the World Economic Forum. The five-day gathering, organized by the Geneva-based nonprofit, is intended to provide a platform to debate pressing global challenges. Not surprisingly, the recent economic meltdown is at the forefront of the agenda for this year's meeting - aptly titled "Shaping the Post-Crisis World" - which kicked off on January 28th and is already considered to be the most important (and somber) Davos conference yet. Read TIME's Davos 2009 blog...
...announcement came after three months of public protests over the government's role in the economic meltdown last October. On Jan. 20, as much of the world was glued to President Obama's inauguration, a mob of riotous protesters pounded on the walls of Iceland's parliament building, denouncing the government for its incompetence. "It was heartbreaking to watch America welcome a leader who they actually revere and place all their hope in, while here we are literally banging down the government's door to get them to listen to us," says Erla Bjarnadóttir, 32, an unemployed office...
With an economy in meltdown, two wars to fight and a need to find his feet quickly, Obama may not have the time to rewrite Bush's rulebook, even if it does hurt the planet. "It's a huge burden on a new presidency that already faces more than its fair share of burdens," says Vickie Patton, a senior attorney with the Environmental Defense Fund. Bush's messes won't be cleaned up easily...