Word: nation
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Dates: during 2000-2009
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...hard for many Americans to believe, but the United States' checkbook hasn't always been in the red. Aside from periods of war or economic turmoil, the federal budget was actually in surplus for most of the nation's first 200 years. The government incurred considerable debt during the Civil War and the Spanish-American War but paid it off by the early 1900s. Between 1901 and 1916, the budget was almost always balanced. But then came the Great Depression followed closely by World War II, which resulted in a long succession of deficits that caused the federal debt...
...city of 110,000 people just north of Miami is staring at another figure today: a 13% home-foreclosure rate. That's the second highest in Florida, a state that now has the nation's highest rate of homes - 23% - either in foreclosure or delinquent on mortgage payments. Many of the mortgages that have collapsed in Miami Gardens were subprime; city leaders like Williams say they were ethically questionable deals pushed by banks that too often knew their clients were in over their heads. (Read "Four Steps to Ending the Foreclosure Crisis...
...recently chided banks for their poor loan-modification performance: so far only 9% of the 3 million-plus at-risk mortgagees have received relief, like rate or principal reductions to reduce monthly payments, despite the federal Making Home Affordable Program. This year MHA made $75 billion available to the nation's 38 major home lenders for that express purpose. (Read "Is Florida the Sunset State...
...under control, which is why President Barack Obama reappointed Fireman Ben to a second term on Tuesday. Bernanke was at the President's side when he made the announcement and heard Obama say that Bernanke had "led the Fed through one of the worst financial crises that this nation and this world have ever faced." (Read Obama's remarks about Bernanke...
...Some see an opportunity in the nation's current political divisions. Presuming that Abdullah loses upfront or in a second round, Nasrullah Stanikzai, a law and politics professor at Kabul University, says a strong opposition is healthy to help raise the legitimacy of the Karzai government, which lately has enjoyed little public faith. "This would be good for Karzai, good for Afghanistan," he says. With U.S. mediation, political analyst Waheed Muzhda believes that a bargain might eventually be worked out between Karzai and Abdullah that "everyone can live with...