Word: arene
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This is what you call a bad-debt problem. The U.S. banking system had a couple of big bad-debt problems in the 1980s (remember S&Ls? Latin-American debt?) and slowly, grindingly, expensively worked its way through them. But now most mortgages aren't sitting on the books of the lenders who made them. Instead they've been chopped up and combined into securities--with values contrived by complex mathematical models--and sold to banks, pension funds and other investors around the world. This securitization was supposed to spread risks more widely and more efficiently...
...instead. Rapid growth in Asia, the Middle East and Eastern Europe, particularly Russia, is taking up the slack in the U.S. and Western Europe, where sales are softer. "An explosion in the client base" of high-net-worth individuals is generating sales, says Vincenzo Cannatelli, Ferretti's CEO. These aren't people who flinch at high fuel costs. "Many of our customers are making money from the price of oil," Cannatelli says, chuckling...
...fairness, though, another reason RedState's directors got tired of the Paulistas was that so many of them seemed - what's the polite word? - nuts. Paul's supporters aren't all black-helicopter paranoiacs, but the black-helicopter paranoiacs sure do support Ron Paul. The controversy over a few racist articles in his old newsletters was probably overblown; there's no evidence that Paul himself was ever a racist. But he is an extremist - partly in the Barry Goldwater extremism-in-defense-of-liberty-is-no-vice sense of the word, but also in the wacky let's-relitigate...
...Iraqis who have fled the country I don't believe there is a serious humanitarian aid effort in neighboring countries. Yes, there have been announcements about programs, but there aren't any concrete programs to deal with these problems. Neighboring countries are recipients of Iraqi refugees. Most of the burden should lie on the Iraqi government on what to do. We do not feel it is a priority for them to solve these problems. Inside Iraq, we have around 2 million scattered all over the country after 2006 February. This is a problem and I don't believe...
Many Bolivians say they don't care. "My grandfather and my grandmother sold coca and I've been doing it for 48 years," says Josefina Rojas, another La Paz coca seller. "We aren't going to let them take coca away from us no matter what." Such is the latest Andean conundrum. One that might be harder to solve than a potential...