Similarly, in Galveston, Texas, where local government workers in three counties opted for a personal savings and investment alternative to Social Security in 1981 as well, the annual rate of return fell by about half at the lowest point of the financial crisis.
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We are not at that point, but the history of this crisis is the speed at which the unimaginable comes to be accepted.
If the moral of this story is that media commentary is like navigating in fog, the crisis of journalism is, at this point, sufficiently real to be seen as part of a wider conceptual crisis brought about by new-media technology: a crisis that is located, primarily, in the cognitive effects of acceleration and its cultural backwash.
This means it finishes the quarter 10% higher than its level at the beginning of the year and more than double its low point during the financial crisis.
Investment-grade bonds at one point during the day were suffering a deeper selloff than at the worst of the Lehman Brothers crisis, according to Tim Backshall, chief strategist at Credit Derivatives Research.
Italy is the third-largest economy in the EU. Italian and Spanish bond yields are starting to creep higher again, which is an early clue that the EU debt crisis could be back on the front burner of the market place at some point in the not too distant future.
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"This is the type of crisis that humanitarian agencies at some point cannot handle, " Filippo Grandi told the New York Times on Thursday.
At some point, the accumulation of non-payable debt could lead to a banking crisis, or even economic collapse.
Earlier, the hospitals' crisis was described as being at "melting point" following the cancellation of all non-emergency surgery at Craigavon Area Hospital due to record bed shortages.
But at some point there needs to be a bit of perspective about the relative costs and benefits of different crisis approaches.
Not present at any point was the contrary view, available from many of those knowledgeable on the issue, that any crisis is still decades in the future and could be fended off with far less sweeping adjustments.
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