Word: turnings
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...short, Asia's growth model resembles a vast Ponzi scheme, one that is precariously perched on the expectation that Americans will continue buying more and bigger TVs, computers and cars forever - which in turn allows Asia to forever goose its growth by adding industrial capacity to feed the West...
...look at Jupiter shows how hard that can be. Jupiter owns 223 other mortgage bonds. One of those bonds is Mantoloking, which in turn owns 126 other bonds. Not done yet. Mantoloking's mortgage bonds own hundreds of other mortgage bonds. Those mortgage bonds are then all made up of thousands of actual loans, some of which may be current, while others may have expired. Go figure...
...enough to make low-income shelter a national priority again in the long run? To critics, the Florida legislature's decision reflects not just fiscal necessity but a cultural bias against affordable housing that has grown since the Reagan era and got outright absurd in recent years. At the turn of the century, Florida was averaging about 10,000 new affordable-housing units per year; today it's about half that. Some Florida towns have even enacted minimum square-footage requirements for single-family homes and have all but zoned out affordable rental units. Last year a Miami developer...
...Only the Pentagon could turn a $60 million helicopter - the European-made EH-101 - into a $480 million whirlybird. The Pentagon's Defense Science Board, in a report released earlier this month, didn't mince words in assigning blame for the fiasco. "The schedule was acknowledged at the start to be high-risk and very aggressive," it said, "driven by post-9/11 global war on terror urgency." The costs started climbing as the White House informed the Pentagon and its contractors of its wish list of encrypted video, telephone and electronic capabilities that it wanted aboard the new birds...
...said the recently passed stimulus bill contained no earmarks, some erupted in bouts of derisive laughter. When Obama warned of those who make the "same old claims" that rolling back tax breaks for the wealthy is a "massive tax increase on the American people," one Congressman shouted out of turn, "You're right!" A large group of Republicans broke into disruptive cheering when Obama vowed to not pass on to the nation's children a "debt they cannot...