Word: protractedness
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A year ago, the Congressional Budget Office estimated the cost of funding the Iraq and Afghanistan wars from 2001-2017 to be around $2 trillion, or more - factoring in some $705 billion in interest payments in recognition of the fact that the war is being funded with borrowed money. (Nations...
That worries economists, as bank failures exacerbate the already bleak situation by decreasing the amount of lending in the system. That's one reason most now predict the country will sustain a protracted recession even if it manages to avoid the kind of systemic risk the FDIC feared a disorderly...
But those are only short-term fixes. For export-oriented Asian economies, the specter of a protracted U.S. recession remains daunting. Tommy Lam, owner of a garment factory in Dongguan, a Chinese city near Hong Kong, says that he has already seen a reduction in demand. "We're not getting...
It was a fitting end to what has been a 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...
Oxford Economics, which specializes in regional forecasts and advises the British government, expects 110,000 jobs to be cut in London between this year and 2010 as the city's economy contracts - although if the credit crunch is protracted, it predicts that the number could rise to almost 150,000...