Word: occurred
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Dates: during 2000-2009
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With speculators' positions massively leveraged, holding only a fraction of the value of the oil they had purchased, they scrambled to cover losses. Not only did oil prices go down, but other assets also declined significantly. The further oil prices went down, the more deleveraging and liquidation had to occur to cover these losses. The financial crisis was the spark; deleveraging, the fuel. A chain reaction occurred as traders who had bought oil saw their money disappear in oil and other losing investments. And with a credit crisis looming, major players interested in maintaining a long position could not raise...
...fortunate to be able to respond to documented changes in family circumstances,” Donahue said. “There are always unexpected financial events that occur in the lives of students and families that affect their ability to finance education.” —Staff writer Benjamin M. Jaffe can be reached at bjaffe@fas.harvard.edu. —Staff writer Esther I. Yi can be reached at estheryi@fas.harvard.edu...
...problem, of course, is that the Big One never comes. California has more than 300 faults running beneath its surface, including the massive San Andreas Fault, yet the quake to end all quakes has yet to occur. In 1980, a federal report declared the likelihood of a major earthquake striking California within the next 30 years to be "well in excess of 50%." Seismologists predicted a 1993 earthquake in the community of Parkfield - which lies along the San Andreas Fault - but the quake did not come until 2004. Earthquake prediction is a tricky practice, and one that, for all their...
When scientists talk about a "big" California quake, they are generally speaking of anything higher than 6.7 on the Richter scale. (The Richter scale is logarithmic, meaning that each number represents a tenfold increase in magnitude.) Although small quakes can create major damage if they occur in a densely populated area - a 1960 earthquake in Morocco registered only 5.75 but destroyed the entire city of Agadir and killed 12,000 people - earthquakes above a 6 are almost guaranteed...
...Tejon in 1857 and is due any day - or decade - for something of magnitude 6.7 or higher. Northern California is ready for one too; the Hayward Fault, which runs along the east side of the San Francisco Bay, averages a major earthquake once every 140 years. The last one occurred in 1868, exactly 140 years ago. The U.S. Geological Survey puts the odds of a magnitude 7 earthquake occurring within the next 30 years at 60%. Thirty years may seem like a long time to residents, but it's barely a tick of the clock when it comes...