Word: wipeout
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Dates: during 2000-2009
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...been a grueling few weeks for American companies, but particularly so for Harley-Davidson, purveyor of bikes that easily top $30,000. Last month, the company reported that its fourth-quarter global sales fell 13.1%. Last year, its profits sank nearly 30%. And it's been a wipeout for investors: Harley-Davidson's stock price has plunged nearly 70%, to $11.96 a share in mid-February, from $37.34 a share one year ago. Americans haven't lost reverence for Harley-Davidson, but a key problem is that people are simply less willing to spend money on luxury items. Overall motorbike...
Oddly enough, what the surf museum represents - the desire to remain a charming surf town - might be part of what's causing the city's financial wipeout. "In Santa Cruz, we're built out. Our community enjoys the luxury of being a quaint little seaside town," Shoemaker explains, but that means there's "not much opportunity to generate revenue." Tourism is the biggest industry, but that's not paying the bills, she says, especially with sales-tax dollars sliding during the recession. Projects that would have brought in more revenue, such as big-box stores, conference centers and hotels, have...
...years ago, much of Asia suffered an economic wipeout that makes today's crisis seem like a rounding error. In Indonesia, the currency lost over 80% of its value, long-serving dictator Suharto was driven from office and hundreds of ethnic Chinese were killed in a racist pogrom. Prices in Hong Kong slumped through five years of grinding deflation. The city's stock market dropped more than 50% while property prices fell out the window - down a staggering 70%. South Korea and Thailand suffered similar fates, with plunging currencies, collapsing companies and rising unemployment...
...take any big risks, but they didn't have to--and polls uniformly showed that voters thought they were the victors. McCain isn't the only Republican whose election prospects are in peril. With the economy in shreds and wrong-track numbers rising, GOP strategists fear a possible election wipeout. Democrats, with more money and a powerful voter-turnout operation, have begun to drop their poker faces...
...Right before the markets began to unravel last year, Lloyd Blankfein, chief executive of Goldman Sachs, presciently quipped that he hadn't "felt this good since 1998," referring to the Wall Street wipeout precipitated that year by Russia's defaulting on its ruble debt. Blankfein argued that confidence in global markets had built up to a dangerously giddy level and that investors weren't being compensated for assuming outsize risk in securities like esoteric bonds and Chinese stocks. Blankfein was right, of course, but even he wasn't paranoid enough. Though Goldman stands, along with Morgan Stanley...