Word: traded
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...Chang's and the Cheesecake Factory, for example, saw their third-quarter 2008 profits fall 43% and 36%, respectively. Bennigan's went bankrupt, Ruby Tuesday will shutter 40 locations by the end of February, and more than a dozen regional chains have filed for bankruptcy. "Any time people can trade down, they're doing that," says Britt Beemer, chairman of America's Research Group, which studies consumer behavior. "If you can't afford to eat at Chili's, you'll snap up McDonald's." (Third-quarter sales for Chili's dropped 3%.) (See pictures of the recession...
...Defense of George W. Bush Michael Kinsley's essay on Bush's failures fails to take into account legitimate concerns over growing terrorism before the Bush Administration [Jan. 12]. He dismisses the 1993 World Trade Center attack and the 2000 U.S.S. Cole bombing - which killed 17 U.S. sailors - to create the image of a fear-mongering President. Kinsley scolds Bush for not keeping his promises, but Kinsley must realize that these circumstances call for extreme measures. Raza Syed Hoda, ITHACA...
...While the parades go by, many economists believe that the global economy could fall into an unprecedented financial catastrophe. It cannot be called a depression because the events of the 1930s cannot be repeated. Government institutions and the fabric of world trade have changed too much. So has the composition of the population. Very few people now live on farms and have the opportunity to be self sufficient...
...Except for China and India, every major national economy in the world now readily admits that it is in the midst of GDP contraction. The resulting slowdown in global trade will certainly affect China seriously, as well, and sooner than most analysts think. A deep recession in China may be only a quarter away...
...meets Merkel this week for talks, is eager to test his new power by forcing Merkel to revise her €50 billion economic stimulus package to include deeper income tax cuts and fewer cash incentives to consumers, such as the €2,500 handout designed to persuade Germans to trade in their old cars for new models. Whether or not Westerwelle prevails, the shifting balance of power will have an impact in Germany and beyond its borders...