Word: roach
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...more than 3% in both the third and fourth quarters of 2008 - the steepest consecutive quarterly declines on record. As incomes shrink and America adopts a more frugal mind-set, some economists do not expect shoppers to return to free-spending ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation of the American consumer has only just begun." U.S. consumer spending as a percentage of GDP reached 72% in 2007, well above the pre-bubble norm of 67%. Using that as a gauge, Roach says...
...year. China's growth in the fourth quarter, at 6.8%, was the slowest the country has experienced in seven years. Compare that figure to the first half of 2008, when growth was more than 10%, and in 2007, when China posted an eye-popping 13% rate. As Stephen Roach, chairman of Morgan Stanley Asia, put it: "China hit a wall late last year...
...grass surrounding Roach in a courtyard near the Peabody Museum was peppered with small, razor-sharp stone blades, which Roach, a budding bio-anthropologist, said had been used throughout the afternoon to slice meat for the roast...
...shade of trees sheltering him from the hot Saturday afternoon sun, graduate student Neil T. Roach could be heard clacking rocks together, fashioning stone tools for the archaeology department’s annual goat roast...
...basement a few meters away from Roach, graduate student Katherine D. Zink’s electric knife buzzed through what appeared to be some rather tough goat meat...