Word: resulted
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...households, debt rose from about 50% of GDP in 1980 to a peak of 100% in 2006. In other words, households now owe as much as the entire U.S. economy can produce in a year. Much of the increase in debt was used to invest in real estate. The result was a bubble; at its peak, average U.S. house prices were rising at 20% a year. Then - as bubbles always do - it burst. The S&P Case-Shiller index of house prices in 20 cities has been falling since February 2007. And the decline is accelerating. In June prices were...
...that hasn't broken the vicious circle, and interbank lending remains gummed up. "It's like pushing on a string," says Maughan. He points out that banks are hoarding the money they can borrow overnight from central banks rather than using it to lend to others; as a result, "You're not really achieving anything...
...working closely with Fed Chairman Ben Bernanke to craft a systemic response to what has turned into a systemic crisis. In the 27-nation European Union, by comparison, there is no single bank regulator and no mechanisms by which to craft a comprehensive solution that crosses national borders. The result is what Daniel Gros of the Centre for European Policy Studies calls the "balkanization" of European banking, with national authorities struggling on their own - or, at best, with one or two neighbors, as in the case of Fortis - to put together piecemeal local solutions. Gros and many others want...
...high-flying lawyer to become Singapore's most tenacious government critic and, in 1981, the first opposition leader elected to Parliament. The bewhiskered Jeyaretnam served in Parliament from 1981 to '86 and from 1997 to 2001. A fierce advocate for Singapore's disadvantaged, he faced sporadic bankruptcy as a result of defamation suits filed by several Singaporean politicians. Earlier this year, in a return to politics, he helped found the Reform Party and planned to run in the 2011 elections...
...others have made the case that whatever the result, Palin has succeeded in calling the do-nothing bluff of the Big Three and, even if the outcome is uncertain, finally moved them into action. Her campaign defends her tactics. "Ultimately, the energy companies will push for the best deal they can get, and Governor Palin has pushed just as hard to make sure that deal is in the best interests of Alaskans," says McCain-Palin spokesman Taylor Griffin. Irwin is confident that the strategy will pay off. "There will be a gas line," he says. "Once the producers get over...