Word: sky-high
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Consider the events of the past two weeks: President Barack Obama, fresh from sky-high approval ratings and an Inauguration that filled the National Mall, met with Republicans in the White House and on Capitol Hill. Disowning any "pride of authorship," he asked both publicly and privately for the two major political parties to work together in Congress on a crucial bill to stimulate the tanking economy. And what happened? While the bill passed by a comfortable margin in the House, it earned not a single vote from a Republican. What's more, 11 Democrats opposed it as well...
...economic crisis could be the Obama Administration's 9/11. You have a new President whom Americans want to succeed - no one wanted to be killed by terrorists then, and no one wants a depression now. You have a leader with sky-high approval ratings (which the media are monetizing with all those commemorative issues and Inaugural Ball broadcasts). You have a lot of unknowables: then, about the capabilities of al-Qaeda, now, about how you can stimulate your way out of recession...
...everyone is applauding the return of cheap oil. Oil-producing nations that raked in billions over the past few years now face a reckoning. Governments that didn't set aside any of their windfall, or shortsightedly budgeted on sky-high prices - and more than a few fall into both categories - are grappling with tumbling revenues. The reality of lower oil prices for countries such as Iran, Nigeria, Russia and Venezuela in 2009 is likely to include political unrest, massive cuts in public spending, and rocketing inflation and unemployment. "The brutality and speed of the price decline is a huge shock...
...gave Brazil’s sovereign debt “investment grade” status. But this was a small reward given the shift the country has experienced since 1994. Brazilian government bonds remain too cheap (currently paying over 500 basis points above the 10-Year Treasury). Charging a sky-high political premium to a country that has had a fiscal revolution, and where Daniel Dantas can be arrested through due process of law, seems to be rather exaggerated. The bonds’ inadequate BBB-rating—barely above speculative status — contributes to this mispricing...
...size but lacked every one of the stabilizing pillars that had been erected beneath it after the Great Depression: deposit insurance, access to a lender of last resort, a system for orderly failure, and reasonable constraints on risk and leverage. With near bottomless funds from money-market investments and sky-high leveraging limits, the shadow system financed the bubble that is now bursting. (See "Four Steps to Ending the Foreclosure Crisis...