Word: sectoral
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...swing in the other direction. And it's gotten even worse than that: during the relatively severe downturn of 1974, giving declined 5.4%. Given that the current crisis seems unprecedented in its scope, no one is willing to predict just how bad things might get for the nonprofit sector. "The ramifications are absolutely going to be huge," says Gordon J. Campbell, CEO and president of United Way of New York City...
...only to then guarantee German private bank accounts and save Hypo Real Estate. That followed similar moves by Ireland and Greece. And Britain's Gordon Brown will always be loath to see Brussels lay its regulatory hand on London's City; his recapitalization of Britain's banking sector was no less unilateral than Merkel's actions...
...while sales volume is down by 50% in some areas like Clapham and Fulham. That's just the start. Vincent Tchenguiz, one of the biggest property moguls in the U.K., believes the real estate downturn will last five to seven years. "It's obvious that with a crippled financial sector the consequences won't be too good," he says. "London was helped by strong international markets, but as they're now gone, we'll see some stress...
...what's happening in world financial markets and says: "The economy of Paris will resist the shock better than London. We're more diversified." And in Brussels, at the European Trade Union Institute, economist Andrew Watt draws some uncomfortable historical parallels. "There was some idea that the financial sector was immune," he says. "It's like pinning your hopes on anything, whether it's textiles in the north of England or the car industry around Birmingham. It expands for a while and then it takes a nasty knock...
Boris Johnson, London's charismatic, mop-haired mayor, takes issue with the notion of overdependence, saying that the city's economy has "a very, very wide base." But he tells TIME: "The strength of the financial sector is obviously pretty important in acting as a flywheel to spin those other wheels. And I'm going to be fighting very hard to make sure that we don't in any way gum up that machine...