Word: shock
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Dates: during 2000-2009
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Move away from London, however, and you get a rather different perspective. Across the English Channel, Thierry Jacquillat, chairman of the Greater Paris Investment Agency, looks at 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...
...locomotive of the world economy, and everyone will drag down everyone else. Overall, the IMF expects world economic growth to slow to 3% in 2009, from 5% in 2007, and it warns, "The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s." Wright of the Royal Bank of Canada predicts, "The U.S. will go into a shallow recession, unfortunately followed by a shallow recovery...
...families that find their budgets stretched thin. Last year, Grinnell expanded its financial aid program, which covers about 90% of its students, to offer mostly grants instead of loans. That could give the school a competitive edge - as long as it can convince parents to get past the sticker shock and learn about the financial aid options that sometimes make elite private colleges even cheaper than state schools. Ditto for Hamilton College in Clinton, N.Y., where a $700 million endowment and a budget designed ahead of time to accommodate a growing number of college students (this year marks the demographic...
...team has been really helpful, and I think that the fact that we have such competitive practices has made going into regattas easier and less of a shock,” DeAngelo said...
...shock is what is needed to restructure the banking rules in Europe, one may be underway. Economists are warning that the Continent is facing its biggest crisis since the Depression - when Europeans also first mistakenly thought the problem would remain confined to the U.S. One leading German politician, Interior Minister Wolfgang Schauble, even raised the specter of the kind of longer term economic dislocation that led to the rise of Adolf Hitler. "Four months ago," says economist Schmidt, "I might have said that it may not get worse. But we have not seen anything like this before. I cannot...