Word: nationalizes
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When the global financial storm began to gather a year ago, China appeared to be a nation that was well supplied with raincoats. The economy was growing at double-digit rates, Chinese banks had little overseas exposure to the credit crisis, and the country's $1.9 trillion in hard-currency reserves stood as a vast emergency fund that could be drawn upon in the event of trouble. Just two months ago, while giant Wall Street and European banks were crumbling, China was relishing its role as host of the Olympic Games as the world paid tribute to its years...
...Economic reality, in other words, is settling in across the nation. Every tumultuous period of financial boom and bust comes to be defined by a word or catchphrase. Tulipmania. The Great Depression. The dotcom bubble. The word that could define the financial times we are now living through - and the economic pain that has begun - is leverage...
...lending spree is a scene playing out at credit unions across the country, though that's not to say the industry has escaped the financial meltdown completely unscathed. Some 21% of the nation's 8,000 credit unions have lost money in at least one quarter so far this year, and 14 credit unions have run into enough trouble that they've had to be taken over, according to the National Credit Union Administration, the federal regulator that backs deposits at credit unions much like the FDIC does at banks. Credit unions that made home loans in bubbly markets like...
...been as plain as he could be. If an Apollo project to create a new alternative-energy economy is his highest priority, as he told me, why hasn't he given a major speech about it during the fall campaign? Why hasn't he begun to mobilize the nation for this next big mission? In part, I suppose, because campaigns are about firefighting - and this campaign in particular has been about "the fierce urgency of now," to use one of Obama's favorite phrases by Martin Luther King Jr., because of the fears raised by the financial crisis and because...
...highest office - perhaps more so, given his race, his name and his lack of experience. But he has not been childishly egomaniacal, in contrast to our recent baby-boomer Presidents - or petulant, in contrast to his opponent. He does not seem needy. He seems a grown-up, in a nation that badly needs some adult supervision...