Word: nationalizes
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Staffers in the industry at the heart of the nation's economic woes have been hurt less in the downturn than the rest of the country has. Jobs in the banking and insurance industries have fallen just 5% since the start of the recession. That's half a percentage point less than the 5.4% overall drop in nongovernment employment over the same time period, according to the Bureau of Labor Statistics (BLS). And it is far less than the pain experienced by workers in other sectors of the economy...
...that shift hasn't happened. At the end of May, just over 7% of the nation's workforce was employed in the financial-services business, unchanged from December 2007, when the downturn started. In all, the government said the economy lost 345,000 jobs in May - a significant improvement from April, when employment fell by just over 500,000. The banking and insurance businesses, though, accounted for only about 5% of May's losses, or 19,500 jobs...
...know there has been controversy about the promotion of democracy in recent years, and much of this controversy is connected to the war in Iraq. So let me be clear: no system of government can or should be imposed upon one nation by any other...
...That does not lessen my commitment, however, to governments that reflect the will of the people. Each nation gives life to this principle in its own way, grounded in the traditions of its own people. America does not presume to know what is best for everyone, just as we would not presume to pick the outcome of a peaceful election. But I do have an unyielding belief that all people yearn for certain things: the ability to speak your mind and have a say in how you are governed; confidence in the rule of law and the equal administration...
...There are many speculations on why the Arab Muslim world has been such an economic failure. There is the legacy of empire (but that affected half the world); an anti-industrial culture (an explanation rather than an excuse); the resources curse (though nations from Australia and Norway have built successful economies on the back of a natural endowment); or continual instability fostered by the failure to settle the Israel-Palestine dispute (though why Israel - a tiny nation on a sliver of land - should be thought to be responsible for Arab economic failure beats me.) There are doubtless others...