Word: westernness
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...mention Western Europe - is in the grip of a downward spiral that financial experts call deleveraging. Having accumulated debts beyond what's sustainable, households and financial institutions are being forced to reduce them. The pressure to do so results from a decline in the price of the assets they bought with the money they borrowed. It's a vicious feedback loop. When families and banks tip into bankruptcy, more assets get dumped on the market, driving prices down further and necessitating more deleveraging. This process now has so much momentum that even $700 billion in taxpayers' money may not suffice...
...Indians like the Reges are having similar doubts. Just as credit-happy Americans are being brought low by a housing-market meltdown and slowing economic growth, so too are Indians learning the downside of personal debt. Over the past five years, Indian banks, finance companies and retailers introduced a Western-style banquet of financial products to the country's rising middle class, whose members began tapping credit cards, consumer loans and installment plans to buy automobiles, washing machines, vacations - all those trappings of upward mobility that the few who could afford them once proudly purchased with cash. The country...
...campaign office for Democratic congressional candidate Hank Eng is in Littleton, at the western end of Arapahoe County, which wraps around to the east of Denver before shooting 70 miles (112 km) out toward the prairie. Littleton is the county seat and one of Arapahoe's few remaining affluent suburbs. Eng's campaign operates out of a strip mall that has seen better days, wedged between Pathways Home Care Center and an unadventurous-looking storefront called Adventures in Dance...
...nocturnal aye-aye, for instance, has a long, skeletal middle finger that enables it to retrieve grubs from inside trees; the hook-billed vanga evolved a curved bill for a similar reason, while the horned-leaf chameleon can change color to match the dead leaves on the floor of western Madagascar's dry deciduous forest...
...Brown was by no means alone in his folly. Banks and financial institutions throughout the Western world acted as if the economic cycle was a thing of the past. Instead of understanding that the longer the debt-fueled boom lasted and the greater the debt burden became, the greater would be the carnage when the inevitable day of reckoning arrived, they acted as if the longer the good times lasted the more they could be regarded as a permanent fixture...