Word: debt
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Americans relied less on borrowed money in April than they did in March-a sign that the pullback on debt-fueled spending continued into the spring. New data from the Federal Reserve shows that outstanding consumer credit which includes credit cards, auto loans and tuition financing, but not mortgages, fell by $15.7 billion to $2.52 trillion, an annualized drop of 7.4%. That marks the second-largest dollar drop on record, following March's $16.6 billion decline...
...nation already deeply in debt afford health-care reform too? This question has not gotten nearly the amount of discussion that the public option has, but it's likely to be far more difficult to resolve. That's because under the budget rules, any plan that Congress passes will have to pay for itself within 11 years without adding to the deficit. Passing muster with government bean counters is not the same thing as writing sound health-care policy. While many health-care-reform moves promise big savings in the future for the larger economy, they will require huge...
...student of history, I also know civilization's debt to Islam. It was Islam - at places like Al-Azhar University - that carried the light of learning through so many centuries, paving the way for Europe's Renaissance and Enlightenment. It was innovation in Muslim communities that developed the order of algebra; our magnetic compass and tools of navigation; our mastery of pens and printing; our understanding of how disease spreads and how it can be healed. Islamic culture has given us majestic arches and soaring spires; timeless poetry and cherished music; elegant calligraphy and places of peaceful contemplation. And throughout...
...troubled budget] without having a plan for raising the funds—credible, realistic plans for building—was a mistake in my view.” Others defend the former President’s plans, arguing that the University’s heavily debt-financed and accelerated Allston expansion was essential for Harvard’s continued scientific competitiveness, and that the planning was not unusually or excessively risky. Rather, they say, a confluence of unfortunate events decimated University budgets and forced Faust’s hand.“It would have been so imprudent and financially...
...welcomed Geithner warmly in his public remarks; the chill in China's rhetoric of just a couple of months ago is now gone, as is any notion that Beijing will stop buying huge amounts of Treasury debt anytime soon. In fact, in March, China's direct holdings of U.S. Treasury securities alone (excluding so-called agency debt issued by Fannie Mae and Freddie Mac) rose $23.7 billion, to reach a new record of $768 billion, according to preliminary U.S. data, making China far and away America's biggest creditor...