Word: crashes
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Dates: during 2000-2009
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Greenspan navigated the economy through the stock-market crash of 1987, two recessions, a global financial crisis in 1998 and the burst Internet bubble in 2000. Assuming (as most do) that the Senate will confirm him for the most powerful economic post in the world, the era of Bernankenomics will begin Feb. 1, under gathering storm clouds. U.S. deficits are at all-time highs, the housing market may be in a bubble of Greenspan's making, and we have the first real whiffs of inflation in years. How will Bernanke steer the ship? For a clue, here are five ways...
...Africa, the heart of the global health crisis. Phil has edited many stories about diseases in Africa, but he had never been to the continent. In September he flew to Rwanda to spend a few days with his longtime hero, Dr. Paul Farmer. There, he got a crash course in Third World medicine, interviewing beleaguered health officials, visiting families crowded into thatched huts and shadowing Farmer as he treated AIDS, TB and malaria patients with food and life-saving drugs. "This is how medicine is supposed to work," says Elmer-DeWitt. "After three days, I was ready to quit...
This is the year Americans got a real-time crash course in all kinds of relief efforts, what governments can do, what charities can do, what heroes can do when they have the resources they need. In a year when we grieved for the people we could not save, maybe we search harder for those we can. You can't stop an earthquake; but you can stop malaria, say the experts, if you just spend the money to do it. And malaria is like an earthquake that kills more than 80,000 every month...
...wife of Nigerian President Olusegun Obasanjo; after cosmetic surgery at a Spanish clinic; in Marbella. The flamboyant first lady reportedly had an operation to reduce her body fat but died following complications that are now being investigated. Her death occurred just a few hours after a domestic plane crash claimed 117 victims, leading the President to declare a national day of mourning...
...Greenspan, who took over at the Fed just two months before the 1987 stock market crash, will step down on Jan. 31. By then, many believe he'll have finished his nearly two-year campaign of boosting short-term interest rates from the historic lows reached after the Internet bubble burst in 2000. If so, Bernanke would take the helm with the benchmark fed funds rate at about 4.5%, considered neutral in terms of growth, leaving him with plenty of immediate operating room-and just possibly a stock market finally getting some lift...