Word: wave
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...pretty clear why China is hitting the skids. The country's economic transformation over the past 25 years has led a great wave of globalization during which the mainland's once small and isolated economy became much bigger and deeply integrated into global commerce - making it more exposed to the business cycles of its big trading partners like the U.S. "The huge elephant in the China shop is the slowing global economy," says Merrill Lynch Asia economist T.J. Bond, who cites an obvious reason: China's manufacturing sector, which accounts for 43% of China's GDP, depends heavily upon sales...
...seeing companies across a wide variety of sectors that are struggling," says Sam Rovit, who heads up Bain Corporate Renewal, the optimistically named restructuring division of Bain & Company. If the credit squeeze doesn't loosen up quickly, he expects a "tidal wave of bankruptcies among large companies...
...will all these layoffs in the financial sector engender a wave of clinical depression? Morgan says it's too soon to tell: it depends on how long people remain unemployed. A full-blown recession lasting three or four years or longer would be cause for concern. Morgan cites increased rates of depression and suicide in British cities that relied on steel and coal manufacturing in the mid-1980s, when factories started shutting down permanently. And the suddenness of the current crash doesn't make things easier. Former Lehman Brothers employees, he says, "have some emotional catching up to do," because...
...When the actual joblessness arrives, there's a period of euphoria - especially for people with compensation packages. "It's in that euphoric time that [people] ought to be doing the most work to get a job, [though] some just enjoy the euphoria," says Morgan. Finally, there's a second wave of depression that is deeper than the first: the financial reality and the challenge of finding new employment set in. "Some people just never break out" of this final phase, Morgan says. But for many, the depression reaches a plateau in a matter of months and they are able...
After acclaimed South Korean cellist Bong-Ihn Koh ’08 finished performing Isang Yun’s cello concerto in Pyongyang, North Korea, on Friday night, a crowd of 30 girls surrounded his bus—but all they could do was wave good...