Word: armageddon
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Dates: during 2000-2009
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There's nothing like financial Armageddon for reviving the work of an old economist. Amid the recessionary doom and gloom, the world has channeled Adam Smith, dusted off John Maynard Keynes and revisited Eugene Fama. In recent days, it's been James Tobin's turn. Close to four decades since the Yale economist proposed a levy on foreign-exchange transactions - or a "Tobin tax," as the suggestion became known - the idea is enjoying a new lease of life. At a meeting of G-20 finance ministers last weekend, British Prime Minister Gordon Brown suggested the group of leading countries consider...
...Whenever we have a problem, everyone makes a big drama - 'Oh, my God, it's the end. California is over,'" Governor Arnold Schwarzenegger told me. "It's all bogus." Schwarzenegger likes spin and drama too - he's issued warnings about a "financial Armageddon" - and he literally blew smoke in my eyes while we spoke. But his belief in the anything-is-possible dream of California is more than spin; he is, after all, its ultimate embodiment. (See how marijuana is taxed in California...
...saved by reforming health-care-delivery systems, as Obama and both houses of Congress have proposed. All they knew was that such reforms, which aim to restructure payment systems, decrease costs and increase the quality of care, are the only promising path forward to save the country from fiscal Armageddon. "You have never done it before, so how are you going to quantify it?" says Peter Orszag, a health-care wonk who runs the Office of Management and Budget. "The irony is that things that are more challenging to quantify precisely may well turn out to be much more important...
...virus. Dr. Karen Remley, health commissioner for Virginia, has noticed that most people seem to fall into one of two categories when it comes to H1N1. "There's a group of people who think it's all gone and over," she says. "There's a group who say, 'Armageddon is going to happen!' The trick is getting people to the middle." Research into human decision-making has shown that if people feel as though they can influence their destiny, they tend to make smarter choices. But if authorities warn them not to panic (as President Obama has done), people...
...early minutes of New Years Day, at the turn of the millennium, while most New Yorkers were partying or panicking about Y2K and its accompanying Armageddon, 150 coked-out people in orange jumpsuits came tumbling out of a Manhattan warehouse, breathing fresh air for the first time in months. These individuals were living their last hours under 24-hour surveillance in an underground bunker—complete with shooting range, communal showers, and bedroom cubicles. Behind this “social experiment”—entitled “Quiet: We Live in Public?...