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...people dead, more than 20,000 injured and causing economic losses topping $20 billion. Though thousands of tremors rattle Taiwan each year because of its volatile tectonic real estate, no one saw the earthquake coming. What could have been a big but less destructive quake became one of the worst disasters ever to hit the island...
...There's also the matter of the economic downturn. The worst recession since World War II will see Europe's biggest economy contract by 5% in 2009. While Germany's economy grew 0.3% in the second quarter of this year, it will still be a slow climb out of recession. Unemployment is set to rise next year once government subsidized short-term labor contracts are phased out. The budget deficit is expected to pass 6% of GDP in 2010, thanks mostly to a dip in tax revenues. Some economists say the center-right government will be penned in. "There...
...Manila, millions of residents now live in a world of mud. Torrential rain over the weekend triggered the worst flooding the Philippines' capital has seen in over four decades, submerging more than 80% of the city, killing at least 246 people and displacing hundreds of thousands more. By Tuesday, the water had receded in many places, but it left behind ruined homes and swept-away neighborhoods, and according to health officials, it disabled the majority of Manila's medical facilities. Debris, sewage and abandoned vehicles that were tossed around by gushing currents now litter the notoriously polluted capital; aid workers...
Mission accomplished--so far, at least. In the face of a financial shock probably worse than the stock-market crash of 1929, massive government intervention averted a second Great Depression. Yes, we still got the worst economic downturn the U.S. has seen since. But while there are surely lots of potholes and wrong turns ahead, the economy--both in the U.S. and worldwide--appears to be in the early stages of a rebound. We have decisions made by government officials to thank for that...
...game, word of the Lions' win sparked mixed reactions. "Say what?" one woman asked upon hearing the news. Another dinner attendee, retired auto executive Mark Reynolds, compared the Lions to the New York Mets of 1969 - the year the Mets eschewed their status as one of professional baseball's worst-performing teams by winning the World Series. "They had fans wishing, and praying, that this year, finally, they'd win. But of course, until 1969, they never did," Reynolds said yesterday. (Even Reynolds, however, seems to have given up on the Lions, having channeled his sports attention toward the more...