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...connections between East and West, between developing countries and the rich countries of the world, two nations with more than a billion people each have suddenly embraced capitalism and rejoined the world economy. Hundreds of millions of poor people have been lifted from desperate poverty as a result, and the West should not try to stop the rise of India and China. But the powerful, swift changes in the global economy will also trigger strong repercussions in the West. So nations such as the U.S. need to strive to create new jobs and to weave a stronger safety net ahead...
...only healthy big economy on the planet. Especially after the Asian currency crises of 1997, which brought on a deep regional depression, there just wasn't much demand for money outside the U.S. There also wasn't much demand for that other crucial economic fuel--fuel. As a result, the long-term rates set by the market stayed low, and falling prices of oil and other commodities allowed the Fed to keep short-term rates down even as the U.S. economy boomed...
...worried that inflation was so low it might turn into deflation. So it cut short-term rates even further, reducing them to 1% in 2003, while the yield on the 10-year Treasury bond--a key benchmark of long-term rates--dropped as low as 3.13%. The result: a real estate boom, as ultra-low mortgage rates made houses affordable at ever higher prices. Cash from refinancings and home-equity loans also kept consumer spending strong. By mid-2004, confident that deflation was out of the picture, the Fed began raising rates again. But the longer-term interest rates...
...Barbera, chief economist at the brokerage firm ITG. The world economy is in its fifth year of nearly 5% growth. But the U.S. is no longer leading. Foreign financial markets are booming and pulling in money. Rising commodity prices are complicating the Fed's inflation-fighting job. As a result, the U.S. consumer can no longer count on a steady flow of low-interest debt...
...eyes, nose, and throat; nausea; coughing; chest tightness; wheezing; skin rashes and allergic reactions." As early as March 2006, FEMA began to receive complaints about formaldehyde odors. After one trailer was tested, an April 2006 e-mail sent from a FEMA attorney to another staffer concluded, "The end result - well above OSHA (Occupational Safety and Health Administration) standards... Tester himself developed eye-watering symptoms of exposure." Yet, in response to complaints, FEMA's legal department advised that testing "would imply FEMA's ownership of the issue." Another read, "Do not initiate any testing until we give the OK... Should [tests...