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When the global financial storm began to gather a year ago, China appeared to be a nation that was well supplied with raincoats. The economy was growing at double-digit rates, Chinese banks had little overseas exposure to the credit crisis, and the country's $1.9 trillion in hard-currency reserves stood as a vast emergency fund that could be drawn upon in the event of trouble. Just two months ago, while giant Wall Street and European banks were crumbling, China was relishing its role as host of the Olympic Games as the world paid tribute to its years...
...Budget Office's baseline deficit forecast for 2008 was $407 billion. Now, with the Treasury's massive intervention in support of banks and financial markets ($700 billion at a minimum) and with a second economic-stimulus package a political certainty, the government deficit could soar next year to $1 trillion...
...Shoe Pavilion, Goody's and Sharper Image and in the possibility of poor holiday sales. The overleveraged consumer is the biggest economic problem the country faces, because debt has been the rocket fuel that has propelled growth for most of the past decade. Two-thirds of the $14 trillion U.S. economy is driven by consumer spending, and the relentless shopper has also been critical to the growth in once booming exports led by economies like China...
...American consumers had become more addicted to debt than Wall Street was. Total household debt at the end of last year was $13.8 trillion, up 20% since 2005. At the same time, the household savings rate ticked down close to zero; the rocket's engine was running on empty...
...eventual goal, said Oliveira, is for the technology to be fully integrated into lending organizations, helping to unlock a trillion-dollar small-enterprise economy hidden in the developing world. CORRECTION