Word: sectoral
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...need to be nationalized. Congressman Barney Frank told the same group of reporters that it might make sense to nationalize the duties of Fannie and Freddie that have to do with promoting affordable housing. The job they do of supporting the mortgage market could be returned to the private sector. "The two roles should be separated," says Frank, a Democrat who heads the House Financial Services Committee...
...officials working with the U.S. Global Change Research Program released on June 16 the first climate-change assessment to be completed during Barack Obama's presidency. The assessment, which is required periodically by Congress, breaks down the predicted effects of global warming in the U.S. by region and sector; it contains no new research, but it paints a detailed and worrying picture of what a warmer America will be like 10, 50 and 100 years from today. "It is clear that climate change is happening now," says Jerry Melillo, a lead author of the report and an ecologist...
...with the nuclear program. The U.S. wants bans on insuring Iranian energy firms and any companies that do business with them. It also wants to stop credit guarantees for Iranian energy companies and those that work with them, and it wants to halt all investments in the energy sector. And Ross doesn't want to stop there. The U.S. has pushed Russia, a major trading partner of Iran's, to be ready to commit to sanctions on businesses unrelated to Iran's nuclear program - something Russia has resisted. In a secret letter in early February to Russian President Dmitri Medvedev...
...that said, the U.S. faces an uphill battle to gain broad support for tougher sanctions, including those targeting Iran's ailing energy sector; Iran sits on the world's third largest oil reserves, but it loses as much as 500,000 barrels a year in production capacity and what it does produce it has little ability to refine, importing up to 50% of its gasoline. Russia has said it does not support sanctions beyond those targeting businesses with direct ties to the nuclear and missile programs in Iran...
...exports. This year all three of these moneymakers are being clobbered. While the price of petroleum nose-dived with the crisis, the recession north of the border pushed Mexican remittances down 18.6% in April compared with the same time last year. To add to these woes, Mexico's manufacturing sector has been battered by a drop in spending in the U.S. In total, the Mexican government predicts the economy will shrink 5.5% this year. But some private analysts speculate the decline might be more than 8%, the worst dive since the Great Depression...