Word: primed
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...Another lesson: don't be afraid to experiment. Unorthodox measures can pay off. Malaysian Prime Minister Mahathir Mohamad was slammed by most orthodox economists for pegging his currency and slapping on capital controls when the crisis hit to defend the ringgit. While Mahathir's anti-Semitic diatribes against hedge funds and currency traders were off the mark, his radical action bought Malaysia time and almost certainly saved it from the worst ravages of the crisis...
...remarkably bubbly period for London. Over the past decade and a half, ever since its last protracted downturn, the British capital has transformed itself into Europe's indispensable financial center. Leaving Frankfurt and Paris in the dust and encouraged by the policies of Gordon Brown, the current British Prime Minister, it has become a magnet for people, jobs and investment from around the world. The big U.S. banks made London their international hub, and the major banks of continental Europe moved much of their trading and investment-banking operations there. About 70% of international bonds, one-third of the world...
...London between this year and 2010--although if the credit crunch is protracted, that number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime houses in central London has dropped 12% so far in 2008, according to the real estate firm Savills, while sales volume is down 50% in some areas like Clapham and Fulham...
...this amounts to a particularly tricky issue for a man who has played a key role in the City's growth: Prime Minister Brown. In the 10 years when he was Chancellor of the Exchequer, his support for financial services was especially notable because his Labour Party had a history of antagonism with the City. Brown sought to convince the financial community that New Labour would be pro-business, pro-enterprise, noninterventionist and keen to cosset the rich, believing their wealth would trickle down to the wider economy. Brown also championed a new governance system for financial services that...
...makes sense though. Amid market turmoil, job losses, a discredited Administration and foreign policy meltdown, what could be a better symbol for our depressed and divided nation? Two legendarily awful clubs from economically hurting swing states, battling it out for the championship of a past-its-prime sport while the rest of us watch football highlights. Philadelphia--my city--hasn't won a championship of any kind for 25 years, a record for a four-sport town. Tampa Bay has a shorter history of woe, but this is a city (well, technically, a body of water) whose football team...