Word: downturn
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Anger over the financial crisis got perhaps its most prominent outlet yet as a federally appointed panel grilled top bankers about their firms' roles in the economic downturn. On Jan. 13, the panel questioned the chiefs of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America. The 10-member bipartisan Financial Crisis Inquiry Commission, created by Congress last year, is tasked with reporting on issues ranging from mortgage fraud to regulatory lapses by Dec. 15. Some analysts say the hearings are an important step toward reform; others call them a distraction, saying the causes of the crisis are clear...
...growth - a rate only slightly behind China's - that lifted millions out of poverty. Economic liberalization, however, has not been accompanied by similar political freedoms. While Vietnam continued to grow and its citizens prospered, there was little groundswell of support for multiparty democracy. But the recent economic downturn, coupled with several high-profile corruption scandals where officials have been caught with their hands in the till, has hurt the Communist Party's image and threatens to undermine its rule...
...Chinese economy expanded 8.7% last year, the National Bureau of Statistics announced on Thursday, an impressive figure that will offer some relief to Beijing policymakers who declared that maintaining stable growth was critical to ensuring social stability in the face of the global economic downturn. Thanks to expansive stimulus spending and a flood of cheap credit, the Chinese government was able to ensure growth, giving it clout at home and abroad as other major world economies still grapple with slow recoveries. "Those measures quickly produced results and stopped the remarkable decline in our economic growth, and China thus became...
...importance of stability in the sector, as it bears upon consumption and employment," Jing Ulrich, managing director of China equities for JPMorgan, wrote in a research note. It's a tricky balancing act. But it's a task the other countries still struggling to emerge from the global downturn would envy...
...that while commercial real estate lenders certainly got sloppy during the boom, they didn't go utterly crazy the way their residential peers did. Commercial lenders still demanded down payments and evidence of income. They didn't factor in a 40% decline in prices or the worst economic downturn in 70 years. The housing bust preceded and precipitated the recession. The commercial bust is an aftereffect. (See 25 people to blame for the financial crisis...