Word: shrinkings
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...scheme is unraveling. Debt-ridden, house-poor and increasingly unemployed, U.S. shoppers are cutting back. Consumer spending in the U.S. dropped at an annual rate of 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...
...Senate majority leader Harry Reid on Wednesday defended the 2009 earmarks, arguing that while Democrats have worked to shrink the number of earmarks in recent years, such pet projects do play a vital role in the budget. Who better knows the needs of each district and state, he argued, than the members representing those populations? "Since we've been a country, we have had an obligation as a Congress to help direct spending," Reid told reporters on Capitol Hill. "We cannot let spending be done by a bunch of nameless, faceless bureaucrats buried in this town someplace...
...course, things could be worse—Latvia’s economy is projected to shrink by as much as 12 percent over the next fiscal year. But, more importantly for us undergraduates, the financial crisis has the potential to force Harvard students into reconsidering their postgraduate plans. For the Class of 2009, it may already be too late. For those of us who still have a little time left at the College, however, it is high time to reconsider the trade-school mentality that has characterized our campus in recent decades...
...commission predicts the E.U. economy will shrink 1.8% in 2009. That's going to make borrowing crucial. Ireland's budget deficit is projected to rise to 13% of GDP by 2010; Britain's could hit 9.6%. France and Germany are both expected to blast through the 3% ceiling. The region's debt figures are just as dire. (See pictures of the financial crisis hitting London...
Whether you think this is a problem depends on whether you agree with Kaplan and Rauh's assessment of the forces behind rising Wall Street pay. If it was all a market phenomenon, it will now correct itself, as the financial sector's employee ranks and paychecks shrink to reflect the smaller pool of assets it has to play with. Overall income inequality is likely to drop sharply as well, Kaplan says...