Word: past
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...Jersey, incumbent governor Corzine - already tarnished in the eyes of voters by his past as a Wall Street executive - has been hurt in his race against Republican former prosecutor Chris Christie by flare-ups of local public corruption and by eye-popping property-tax rates. But Corzine has fought back from a near fatal deficit earlier in the year thanks to four factors: 1) the rise of Chris Daggett, an independent candidate who has drawn votes away from Christie, giving Corzine a chance to win with far less than 50% of the vote, 2) the focus on Christie's personal...
...riles the crowd up with a chant, "Yes, we can!" Another gets them going with the old Kerry campaign slogan, "Help is on the way!" He continues: "When we're done and the polls close, change is on the way! But unlike change that we've seen in the past this is change you can hope for!" (Watch a video about how Virginians voted in the 2008 presidential election...
...just indiscriminate bank lending that has retarded moves toward rebalancing. Outright government subsidies to businesses have increased in the past 12 months. Everything from bicycle makers to textile producers to chemical companies have seen their export subsidies rise because their markets worldwide were shriveling, and a panicky Beijing was spooked by the prospect of massive unemployment if factories shut down. "By transferring wealth from households to boost the profitability of producers, China's ability to grow consumption in line with growth of the nation's GDP is severely hampered," says Michael Pettis, a finance professor at Peking University's Guanghua...
...Chinese side of the equation, many economists believe, that remains unaddressed. Far from making the promised progress on needed structural reforms, China has either stood pat in the past year or has probably regressed in terms of taking steps that would reorient its economy toward consumption and away from savings and investment...
...needs to move higher, both for China's sake and the sake of its trading partners. An undervalued currency reduces real household income in China by raising the cost of imports while subsidizing Chinese producers who sell their products overseas. As the dollar has declined in value in the past year, so has the RMB - making Chinese goods cheaper in the international marketplace. In other words, China's peg has helped it maintain its share of global export markets at the expense of other countries who let their currencies float. That's exactly the opposite of what needs to happen...