Word: nationalizes
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...Tourism and Travel: California and New York - home to the country's two largest cities - both suffered dramatic declines in the number of visitors this fall. Hotel revenues in Manhattan plummeted in November, as did Broadway ticket sales. Atlanta, one of the nation's busiest hubs, experienced a drop in business travel. So too did Silicon Valley, which reported an increase in canceled corporate meetings. Restaurants in San Francisco are struggling as well; some predict they will close their doors completely in the new few months if conditions don't improve. The only upbeat tourism officials around are those...
...prices are well off highs too. And that is causing energy executives, recently determined to drill in places long considered uneconomical, to rethink their plans. "Oil and gas companies are going to meaningfully cut their budgets next year," says Larry Nichols, chief executive of Devon Energy, one of the nation's largest exploration companies. "And that includes us." (See TIME's photo gallery "Oil in the Sand...
...some places, like northwestern Colorado and Montana, exploration could drop as much as 40% in the next few months. Experts say the resultant drop in oil and natural-gas supplies could cause energy prices to spike sometime next year, further slowing the nation's economic recovery. Last month the International Energy Association warned that oil prices could return to record highs if energy companies pull back their investments. "I worry that the downward slide in prices is causing the industry to overcorrect," says John Harpole, who runs Mecator Energy, a natural-gas broker. "We are going to see higher tops...
...October, up 11% from a year earlier, according to the Bureau of Labor Statistics. All mining support-service jobs, including those in the coal business, were up an even larger 17%, to 343,000. Now energy companies are sure to pull back. And that could make the nation's economic recession even worse, taking job losses to areas that had so far dodged the downturn. Denver-based Delta Petroleum said it planned to cut its capital budget in half next year. Other companies are not waiting until next year. Matthew Simmons, who heads Simmons & Co., an investment-banking firm focused...
...government’s actions so far have lacked clarity and direction. Warren said she believes that if need be, the government should not shy away from repairing individual families’ financial health. “Household financial health is profoundly tied to the economic health of the nation. You cannot repair this economy if you can’t repair those families, and I’m not sure the people directing the bailout see that as their job,” she said in the article. Warren did not return requests for further comment yesterday. She said...