Word: tailspinning
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...Millions of foreclosures have sent America’s economy into a tailspin,” Donovan said at the speech. “The nature of this crisis has revealed the need for a new direction...
...just one factory or one industry. If that factory or industry is wiped out by the global economic downturn - as Pikalyovo's was when the price of cement dropped and Deripaska's company Basic Element put half its workforce on forced leave - the whole town is sent into a tailspin. (See pictures of the global financial crisis...
While it struggled to pull the economy out of its tailspin, the White House and Congress paid fitful attention to culture, not all of it welcome. During the debate in February over the federal stimulus package, the Senate passed a version of the bill that explicitly barred money from theaters, museums and other arts groups. Though that provision was removed in the final version, it impressed on the arts community that it had to remind leaders that "real people" work in their sector of the economy, which provides 5.7 million jobs and nearly $30 billion in tax revenue...
...Three years ago, books like One Party Country and Building Red America were heralding Rove's plan to create a permanent Republican majority. President Barack Obama is popular today, but Democrats in general are not, and they will all face a backlash if they can't reverse this economic tailspin now that they own all the Washington machinery. Tom Cole, a longtime Republican operative turned Oklahoma Congressman, recalls that shortly before the Reagan Revolution, the GOP was in such dire straits, it ran ads declaring that Republicans are people too. "We've lost our way, but we'll find...
...Geithner faces in his plans to rebuild the financial sector. At the height of the crisis over the winter, there were neither buyers nor sellers for the toxic assets. Saddled with the assets on their balance sheets, the banks sharply curtailed lending, threatening to throw the economy into a tailspin. The Bush and Obama Administrations poured money into the banks to allow them to restart some lending, but the toxic assets remained on the banks' books. (See five lessons from the AIG-bonus blowup...