Word: norms
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...ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation of the American consumer has only just begun." U.S. consumer spending as a percentage of GDP reached 72% in 2007, well above the pre-bubble norm of 67%. Using that as a gauge, Roach says that only 20% of the potential retrenchment of spending has taken place, even after the dramatic decline at the end of 2008. "The imbalance that contributed to the crisis - overconsumption and excessive savings - cannot continue," says Ajay Chhibber, director...
...becoming increasingly clear that Senate Republicans are using the Minnesota vacancy to obstruct the passage of President Obama's agenda.' ERIC SCHULTZ, spokesman for the Democratic Senatorial Campaign Committee, on the ongoing battle between Democrat Al Franken and Republican incumbent Norm Coleman for Minnesota's vacant Senate seat...
...Norm has been really upbeat, and he is motivated." BEN GINSBERG, an attorney for Coleman, on his candidate's mood despite a statewide recount in January that put Franken ahead by 225 votes. A Coleman lawsuit over the recount is still pending...
...presidential palace to declare victory Sunday night in his trademark red shirt, the socialist firebrand shouted: "Today we opened wide the gates of the future!" Chávez may well have opened another kind of gate. For much of the latter half of the 20th century, it was the norm in Latin America to limit presidents to one term, a safeguard against the lifetime rule so many caudillos had set up for themselves in the past. As democracy gained a stronger foothold on the continent, many countries voted to allow their leaders a second stint in office. (See TIME...
...cable-car-like network. (The PRT cars, unveiled at WFES, look as if they were stolen from the set of Star Trek.) More prosaically, the 2.3-sq.-mi. (6 sq km) walled community will have a solar-powered desalination plant, and conservation will keep water use 60% below the norm. The city's centerpiece will be the Masdar Institute, a graduate academy that will churn out new experts in clean energy. The hope is that a pool of educated workers--plus Masdar's favorable tax policies--will draw green companies to the desert, where they will be able to test...