Word: poore
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...what's the reason for all this bullishness? Surely not the economy, which continues to muddle along through the muck of heavy consumer debt and a poor housing market. But businesses are in better shape, and the financial crisis seems to be fading from view, even as small business lender CIT struggles to survive another day. (Stock futures turned negative after the market close on news that CIT was not likely to get a government rescue.) (Watch TIME's video of Peter Schiff trash-talking the markets...
...American dream unfolds as a familiar tale: a poor kid works hard and grows up to be a rich, successful businessman. The Chinese dream isn't so different, except in the case of basketball star Yao Ming, it goes something like this: a poor kid is pushed into a sport he has little interest in, he brings a lackluster team in Shanghai to victory in the national championships, and he gets drafted by the Houston Rockets, where his offensive prowess earns him seven NBA All-Star awards. Fast-forward to the present and the 7-ft. 6-in. center faces...
...financial crisis. Yet, smug as he might have been, the reality is grim: According to the World Bank, in 2005 456 million Indians still lived in poverty. Mukherjee’s plans to combat this are well intentioned, but will only temporarily help to alleviate the plight of the poor. It will take the spread of private industry and finance to permanently raise their standard of living...
...Poor community colleges. President Barack Obama made a historic announcement on July 14 - that he's seeking $12 billion over the next decade to beef up funding for these two-year institutions, which educate nearly half of U.S. undergrads - but you'd never know it from the crickets in medialand. CNN and Fox devoted no live airtime to the speech, which Obama delivered at Michigan's Macomb Community College, while MSNBC cut back to the Sotomayor confirmation hearings partway through. The fear of eyeballs glazing over isn't surprising: glamorous these trade schools are not. But there's a good...
...difficulty is that China does not have a well-established system of credit ratings. "Banks are geared to lending to very big companies that are very easy to understand," says Spelich. "Lending to a company that has maybe five employees is not an intuitive thing." Banks consider small businesses poor loan candidates because they have shorter life cycles, often keep spotty financial records and lack significant property or other forms of collateral, says Du, the Chinese Academy of Social Sciences deputy director. Lending to a state-owned enterprise comes with at least the tacit understanding that the government will guarantee...