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There's a yawning gap, though, between the recessions of the 1970s and 1980s - when gross domestic product fell 2% to 3% and the unemployment rate rose 4 percentage points - and the conditions of the early 1930s. During the Great Depression, the economy shrank more than 26% over four years. The unemployment rate rose from about 2% to 25%. There are a lot of good reasons - the activism of the Federal Reserve, payments from Social Security and unemployment insurance that act as economic stabilizers, and the incoming Administration's plans for big-time fiscal stimulus - to think that...
Another, less hopeful possibility that gets discussed a lot is the decade-plus malaise Japan fell into in the 1990s after financial and real estate bubbles collapsed there. Then there's the less well known but more encouraging Scandinavian experience of the early 1990s. Sweden in particular is now held up as the model for how to restructure a busted financial system. How did that work out for the Swedish economy? It shrank for three years running, from 1991 through 1993 - ending up 4% smaller before it began growing again...
University administrators are scrambling to deal with a precipitous decline in Harvard’s endowment, which fell 22 percent—or roughly $8 billion—in the four months ending...
...Americans began to worry that Congress would never get anything done. And then, about two weeks before the Global Carbon Report was released, the bottom fell out of the economy...
...Working and living here made sense economically, and it gave us a better education and more stability that I would have had in Palestine," says Hasan Newash, a Jerusalem native who arrived in Michigan for college in 1960, fell into a summer engineering internship at Chrysler, and never left. Newash still bridles at the problems of Arab assimilation in America. "We're labeled terrorists." But, he says, the car companies were very fair, even encouraging, to new immigrants. In fact, some employers went as far as to protect them. "When the FBI was rooting out Palestinian 'activists' during the Nixon...