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The Concise Encyclopedia of the Great Recession 2007
2012 2nd Edition Jerry M. Rosenberg Digital Instant
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Author(s): Jerry M. Rosenberg
ISBN(s): 9780810883413, 0810883414
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Year: 2012
Language: english
 THE CONCISE
ENCYCLOPEDIA OF
THE GREAT RECESSION
2007–2012
Revised and Expanded Edition

Jerry M. Rosenberg

The Scarecrow Press, Inc.

Lanham • Toronto • Plymouth, UK
2012

12_126_Rosenberg.indb i 6/28/12 12:43 PM

 Published by Scarecrow Press, Inc.
A wholly owned subsidiary of The Rowman & Littlefield Publishing Group, Inc.
4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706
www.rowman.com

10 Thornbury Road, Plymouth PL6 7PP, United Kingdom

Copyright © 2012 by Jerry M. Rosenberg

All rights reserved. No part of this book may be reproduced in any form or by any
electronic or mechanical means, including information storage and retrieval systems,
without written permission from the publisher, except by a reviewer who may quote
passages in a review.

British Library Cataloguing in Publication Information Available

Library of Congress Cataloging-in-Publication Data

Rosenberg, Jerry Martin.

The concise encyclopedia of the great recession 2007–2012 / Jerry M. Rosenberg. —
Rev. and expanded ed., 2nd ed.
p. cm.
Includes index.
ISBN 978-0-8108-8340-6 (cloth : alk. paper) — ISBN 978-0-8108-8341-3 (ebook)
1. Financial crises—United States—History—21st century—Dictionaries. 2.
Recessions—United States—History—21st century—Dictionaries. 3. Financial
institutions—United States—History—21st century—Dictionaries. I. Title.
HB3743.R67 2012
330.9’051103—dc23
2012008495
™ The paper used in this publication meets the minimum requirements of
American National Standard for Information Sciences—Permanence of Paper
for Printed Library Materials, ANSI/NISO Z39.48-1992.

Printed in the United States of America

12_126_Rosenberg.indb ii 6/28/12 12:43 PM

 For Ellen

Celebrating fifty-one years of love and adventure.

She is my primary motivation. As a lifelong partner,
Ellen keeps me spirited and vibrant.

12_126_Rosenberg.indb iii 6/28/12 12:43 PM

 “Listen less to those whose judgments brought us this crisis. Listen less to
those who told us all they were the masters of noble financial innovation
and sophisticated risk management. Listen less to those who complain
about the burdens of living with smarter regulation or who oppose having
to pay a few for the costs of this or future crisis. . . . Risk will build up
again . . . and future governments will have to act again to socialize private
losses in the interest of preventing catastrophic damage.”
—Timothy Geithner, U.S. Treasury Secretary

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 CONTENTS

Preface to the Revised and Expanded Edition vii

Acknowledgments xiii
Note to Readers xv
Encyclopedia 1
Index 651
About the Author 691

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12_126_Rosenberg.indb vi 6/28/12 12:43 PM
 PREFACE TO THE REVISED
AND EXPANDED EDITION

The most telling of statistics appeared in mid-September 2011 when the U.S.
Census Bureau reported that the number of citizens living in poverty swelled
by 2.6 million between 2009 and 2010 to 46.2 million. That is a shocking 15.1
percent of the population, the highest since 1993. Continuing the disturbing
numbers, in 2010 income of the typical household dropped 2.3 percent to
$49,445, its third consecutive annual fall. Median household income declined
to its lowest level since 1996, $3,800 a year less than its peak in 1999. By
2012, for the first time people had a lower income than thirteen years before.
For minorities, the poverty data was bleaker: 26.6 percent of Hispanic
households and 27.4 percent of black households lived below the poverty line
in 2010, compared with 13 percent for white households. Nearly a third of
families with a single mother were below the poverty line, while 22 percent
of children subsisted in poverty. Twenty-two percent of Americans were now
poor, about the same share as a half-century ago. Per projections based on
the current rate, the recession would have added almost 10 million people to
ranks of the poor by the middle of the decade. Also, the number of uninsured
people rose by nearly 1 million to 49.9 million.
Where do we turn; where to shift our attitudes, ideologies, and treasury?
Assuredly, matters may be worse over the coming months as 2012 unfolds,
but as a nation we have already created a wasteland where a huge number
of citizens, both very young and old, face a decaying future of opportunity.
The government, private sector, and public must aspire to generosity and
reinvent the greatness that made the United States a beacon of possibility.
Failure to respond to the fallout from the Great Recession may remain our
legacy. Failure to generate both jobs and heighten aspirations may doom the
American dream to a lost generation. We owe everything to our future; there
is no recourse, but to advance or submit.
***
It seemed to be a calm and typical summer. In mid-2008, the American
economy was in a strong position as its gross domestic product grew by an
annualized 3.3 percent, in part reflecting a strong trade performance. U.S.
wealth had reached $14 trillion annually. Despite rising unemployment, soar-

vii

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 viii • PREFACE TO THE REVISED AND EXPANDED EDITION

ing fuel prices, and constricting credit, consumer spending managed to grow
at a 1.7 percent annual rate. President George W. Bush introduced a fiscal
stimulus package that included $110 billion in tax rebates, of which $92 bil-
lion had been disbursed by early July. Then, the second half of the year began
to look weaker. Real consumer spending tumbled at a 0.4 percent monthly
rate. Thus began what today is referred to as the Great Recession.
By the end of 2008, the S&P 500 had declined 38 percent, jobs lost came
to 1.9 million, and the U.S. government owned stock in 206 banks. The $700
billion bank bailout plan—the Troubled Asset Relief Program (TARP)—was
passed by Congress on October 3, 2008, yet failed to fulfill the needs of the
nation. And 2009 looked worse. Moving quickly, once he was inaugurated in
January, President Barack Obama succeeded in getting a complex, expensive,
and lengthy economic stimulus package passed by Congress in February, fol-
lowed by the new Treasury secretary’s plans for ways to effectively use the
unspent $350 billion of TARP funds. The next day, the Dow Jones Industrial
Average plummeted nearly 5 percent in response to what was considered to
be the administration’s lack of clarity; specifics were missing.
As the rescue tab rose, taxpayers were not being “adequately informed or
protected.” These gambles are the reason the government should have at-
tached more strings to its help, including a say in how the money was used.
To finance the bailouts, the U.S. Treasury was borrowing money and the
Federal Reserve Bank was printing it. That bodes ill for a heavily indebted
nation, presaging higher interest rates and higher prices—perhaps sharply
higher. By mid-February 2009, the president had signed into law the Ameri-
can Recovery and Reinvestment Act, followed by a housing plan to help
nearly 10 million homeowners avoid foreclosure, with promises of more
funds to come as needed.
Comparisons were inevitable with the collapse after 1929. In the year
following the economic peak in 2008, industrial production declined by as
much as it did in the first year of the Great Depression. Equity prices and
worldwide trade collapsed even more. Although global industrial output fell
by 13 percent forging a major recession, it dropped by nearly 40 percent in
the 1930s. In Europe and the United States unemployment had been stuck at
one point at roughly 10 percent, while the Great Depression estimates were
over 25 percent.
By summer 2009, there were more than five unemployed American work-
ers for every job opening. The ranks of the poor continued to swell, welfare
rolls were rising, and those under thirty years of age had sustained nearly
half the job losses since November 2007. A month before the meltdown
began there were about 7 million Americans counted as unemployed; today
there are about 15 million. By the end of the year, there were six times as

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 PREFACE TO THE REVISED AND EXPANDED EDITION • ix

many Americans seeking work as there were job openings, and the average
duration of unemployment—the time the average job-seeker spends looking
for work—was more than six months, the highest level since the 1930s. As
promised by the government, new regulators and complicated federal regu-
lations were appearing, all purporting to stop the leakage and misuse of the
public trust. On Wall Street, 2010 would likely be known as the year of the
regulator, with the most significant overhaul in seventy-five years.
This recession had touched Americans across incomes and races. It had
slashed family earnings, increased poverty, created increased anxieties and
emotional depression, and left more people without health insurance. Median
household income fell 3.6 percent to just over $50,000, the steepest year-
over-year fall in forty years. The poverty rate, at 13.2 percent, was the highest
since 1997. And, about 700,000 more people didn’t have health insurance in
2008 than twelve months prior.
One year following the collapse of Lehman Brothers on September 15,
2008, few of the numerous government proposals to reshape the banking and
financial industries were in place. Today, most of the institutions that received
government funds are doing well. In mid-September 2009, the chairman of
the Federal Reserve declared that it appeared that the recession had come to
an end and that the economy was turning upward, while at the same time,
housing foreclosures and unemployment continued to climb. The jobless rate
then hit 10.2 percent in October, the highest since 1982; more than one out of
every six workers—17.5 percent—were unemployed or underemployed. Of-
ficially, the Great Recession began in December 2007; unofficially, it ended
in the early fall 2009. However, for the 15 million unemployed and for those
experiencing the meltdown, the year 2010 was part of their nightmare.
Further forestalling the recovery was the debt crisis, first in Greece, then
spreading into Italy, Portugal, Spain, and other European Union nations. In
April 2010, an attempt to secure funding from the richer European Union na-
tions may have led to a further deterioration of the euro against the U.S. dollar
and failed to curtail the mismanaged economies of many of the countries on
the continent.
By the mid-term elections of 2010, the last U.S. government labor report
announced that September’s figures were assuredly disappointing to Presi-
dent Obama and his administration. The economy had lost another 95,000
jobs, as a modest gain in private sector jobs was swamped by large losses in
the government sector. Far worse was that most of the net private sector posi-
tions did not appear to be particularly good ones—bars and restaurants added
the most positions of any sector, followed by temporary hiring services. State
and city governments cut jobs, including 58,000 teachers and other education
employees who were not recalled for the 2010 school year.

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 x • PREFACE TO THE REVISED AND EXPANDED EDITION

While corporations held $1.6 trillion in cash, they were not hiring. The
monthly September figures showed an unemployment rate of 9.6 percent, and
without the stimulus plan of 2009 it would have been another 2 percentage
points higher. In addition, 3.5 million citizens had either stopped searching
for work or had not entered the labor force during the meltdown. President
Obama was under great pressure to seek a new, detailed job-creating program.
On December 6, 2010, the president, in his determination to extend unem-
ployment benefits for another thirteen months, retreated from his 2008 cam-
paign promise of not extending the tax cuts of President G. W. Bush for those
couples earning $250,000 or more. He compromised and decided to extend
the tax cuts for another two years, accepting trade-offs from the Republicans.
On December 17 the president signed the new tax cuts regulations.
The Great Recession that began at the end of 2007 has led to the worst
unemployment in nearly thirty years. Nearly 42 percent in November 2010 of
the 14.8 million jobless workers have been sidelined for six months or more.
There is a profound scarcity of jobs. Federal benefits by year’s end 2010
averaged $290 a week, about half of what the typical family spent on basics
and hardly enough to dissuade someone from working. As unemployment has
deepened, benefits have become less generous.
As the lame-duck Congress was to end in December 2010, President
Obama chose to accept the Republicans’ charge of extending the Bush era’s
tax cuts for another two years, receiving in part of this exchange, to fund
extended unemployment benefits for another thirteen months. With a 9.8
percent unemployment rate, many liberal Democrats were outraged with the
administration. Indeed, the sluggish pace of job creation hasn’t been strong
enough to absorb the growth of the labor force.
Following the collapse of the financial system in 2008 the world attempted
to rescue it. Nations went deeply into debt to keep banks afloat and prevent a
major recession. Now, stock markets around the world are at least 75 percent
higher than they were then. Financial stocks have also risen.
On August 4, 2011, the Dow Jones Industrial Average had its worst retreat
in two years, falling 11 percent in two weeks and almost 11 percent since
July 22. Stocks were down 4.6 percent. While the Great Recession I was
primarily caused by a sudden withdrawal of credit from the economy and
formally concluded in 2009 when credit conditions recovered, the double-
dip recession, often referred to as the Great Recession II, began when the
traditional government policies to fight economic weakness were apparently
unavailable. Housing prices had not recovered; millions of people owed more
in mortgage debt than their homes were worth. Low interest rates helped push
up corporate profits, but new hires had not followed. Washington appeared
to be committed to lowering spending. And, to most of the experts’ surprise

12_126_Rosenberg.indb x 6/28/12 12:43 PM

 PREFACE TO THE REVISED AND EXPANDED EDITION • xi

and dismay, the following day Standard & Poor’s pulled the U.S. government
from its list of risk-free borrowers, reducing its rating to AA+ from AAA.
The U.S. Treasury Department would accuse the rating agency of a $2 trillion
calculating error.
On the heels of the “Arab Spring” there were the “Occupy Wall Street”
protesters, who raised the debate on economic inequity and fairness, the one
to ninety-nine ratio. The failure in November 2011 of the U.S. Debt-Reduc-
tion Super Committee to secure ways to cut the $1.2 trillion deficit further
eroded public confidence in the nation’s future. The mid-December European
Union summit meeting to save the euro neither solved the long-term problem
nor restored faith in the ability to create job growth throughout the eurozone.
Fear of the return of autocratic rule in the European Union was spreading.
For many experts, Europe’s depression (not quite equal to that of the Great
Depression) was slowly dragging the United States down.
Most economists forecast a modest 2 percent growth rate in 2012, all being
shaped by four factors:

1. Global weakness, which threatens to undermine U.S. exports and could

snowball if the European crisis deepens or another problem erupts
2. The foreclosure problem, which will keep the housing market flat on
its back
3. A lackluster job market, which means U.S. businesses will keep adding
jobs, but at a rate too slow to put much of a dent in unemployment
4. Government belt tightening, which will keep subtracting from growth

Standard & Poor’s closed out 2011 nearly dead even with the end of 2010,
while the Dow Jones Industrial average gained 5.5 percent for the year. Nev-
ertheless, 2012 will be a year of austerity and continuing sacrifice. As the
new year 2012 dawned with an 8.5 percent unemployment rate, one in three
Americans—100 million people—were either poor or close to it. U.S. Cen-
sus Bureau data indicated that 49.1 million citizens were below the poverty
line—in general, $23,343 for a family of four. “Near poor” included another
51 million with incomes less than 50 percent above the poverty line.
At the end of January 2012 the government released figures to show that
four years after the Great Recession began, real gross domestic product per
person was down $1,112, while 5.8 million fewer Americans were working
than when the recession commenced. Following two years of false starts, the
February 3 report was more optimistic, indicating that the U.S. economy had
added 243,000 jobs. The unemployment rate was down to 8.3 percent, the
fifth consecutive monthly fall. Should the economy add 200,000 or more jobs
each month, the unemployment rate will continue to drop.

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 xii • PREFACE TO THE REVISED AND EXPANDED EDITION

The Great Depression of the 1930s, with about one-third of the workforce
without jobs, was accompanied by two back-to-back recessions; it seems to
be reappearing seventy-five years later. Some will argue that in the 1930s the
focus was on people, family security, and the risks to economic well-being.
At that time the government was “us,” sharing circumstances, frights, and
obligations. For some, by 2012 the focus on “the people” had faded, while
the politicians in Washington had become an alien presence standing between
the population and the realization of individual ambitions.

GOALS

Global understanding is a major part of the new world economic order. This
volume attempts to spell out the activities and events of the past two years
and to be a guide to help navigate the reader through this economic downturn.
With current, accurate, and sufficiently detailed explanations of the economic
seesaw of 2008 into 2012, this book should help readers to better understand
the reasoning, motives, hidden agendas, and power plays of those who are
responsible for this debacle and, most important, what the government has
done to try to overcome it. At the same time, this historical and factual en-
cyclopedia, based on daily reports from the media and from specialists in the
field, will provide readers with the necessary resources for planning future
moves for themselves and their families, friends, and colleagues.
To the user of this volume, it is my hope that this volume will prove to be
a rewarding learning experience. I look forward to receiving your comments
and suggestions that may assist me in the continuous upgrading of this book.

12_126_Rosenberg.indb xii 6/28/12 12:43 PM

 ACKNOWLEDGMENTS

No work of this nature can be the exclusive product of one person’s effort.
Even when written by one individual, such a work requires the tapping of
many sources, which is especially true of this book. By the very nature of
the subjects and fields included, I have had to rely on the able and extensive
efforts of others, especially writers, practitioners, and specialists. I have not
deliberately quoted from any copyrighted source. Any apparent similarity to
existing, unreleased explanations in these cases is purely accidental and the
result of the limitations of language. Various organizations have aided me
directly by providing informative sources. Some government agencies and
nonprofit associations have provided a considerable amount of usable infor-
mation. In addition, being, according to the New York Times, “the leading
business and technical lexicographer in the nation” has allowed me to borrow
entries from my eight business dictionaries.
During the preparation of this new edition, starting with fall 2007 and
covering until early 2012, numerous reliable sources have been tapped. The
Wall Street Journal, the International Herald Tribune, and the New York
Times have been particularly useful tools. To a lesser extent, the Economist,
the Financial Times of London, and the federally funded Financial Crisis In-
quiry Commission Report were also critical resources. In addition, most of the
country introduction write-ups are drawn extensively from recent information
provided by the Organisation for Economic Co-operation and Development
(OECD). I could not have realized my goals without their professional wis-
dom and input.
On a personal level, I thank the many professionals and specialists whom
I used as a sounding board to clarify my ideas and approach; they offered
valuable suggestions and insight and encouraged me to move ahead. A spe-
cial thanks to Gregory Henderson, my former MBA student who is currently
vice president with a major New York City finance company. During the
writing of the first edition of this book, covering 2007 to 2010, he devoted an
enormous amount of hours and talent to reviewing my listings and correcting
errors, thereby validating many of the entries. To my present editor, Bennett
Graff, and publisher, Scarecrow Press, I add my appreciation for their will-
ingness and encouragement to proceed with this second edition.

xiii

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 xiv • ACKNOWLEDGMENTS

Then, there are those who have been closest to me. Nothing has been
more fulfilling than sharing an adult lifetime with my wife, Ellen, who for
more than fifty-one years has contributed immensely to my limited talents by
providing her gifts of charm, responsibility, orientation to family, and intel-
lect, and as a partner sharing adventure. Lauren and Bob, Liz, and Jon are
the next generation, and they appear already in place as contributors to their
communities and chosen areas of work. Of course, four grandchildren—Bess,
Ella, Celia, and Rita—make this all come full circle, with the delights of just
watching and being fascinated by the ever-changing rainbow in their lives.

12_126_Rosenberg.indb xiv 6/28/12 12:43 PM

 NOTE TO READERS

A Concise Encyclopedia of the Great Recession, 2007–2012, has been pre-

pared with the hope that the reader’s understanding of the entries will help
in the sharing of information and ideas. Hopefully, the confusion about the
events that have occurred during this difficult time will be reduced, and this
record will serve as a consistent, accurate, and informative resource. Most
important, it should help people gain clarity about the significant economic
issues of the past several years. Entries can take on different meanings in
different contexts and situations, and a goal of this encyclopedic dictionary
is to be inclusive and to present all the key elements for each entry. I have
organized this work to provide these elements easily and rapidly.

DATES

Some entries provide dates that are essential to understanding the sequence of
events. At the first appearance, a date is given by month, day, and year; the
year may not be repeated when placed alongside different months and days
within the same year. It should be assumed that the year remains constant
until the next year appears. For example, January 8, 2008, is given, followed
by February 5, March 14, and so on, all in 2008. When the next full date is
given, for example, January 12, 2009, that triggers a new year for the subse-
quent months and days. In addition, most entries are clustered in one lengthy
paragraph when they occur in a given year. In addition, nearly all entries
within a specific year are encased in a single paragraph.

ALPHABETIZATION

Entries are presented alphabetically. The listings are alphabetized up to the

first comma and then by words following the comma, thus establishing clus-
ters of related terms. Entries with numerals are listed according to the spelling
of the number.

xv

12_126_Rosenberg.indb xv 6/28/12 12:43 PM

 xvi • NOTE TO READERS

ENTRIES

The current most common entry is usually given as the principal one, with
others cross-referenced to it. Some terms have been included for historical
significance only; some entries are given as background to enhance the user’s
understanding of the recent meltdown events; others are included to assure
the smoothness of transition from the past one hundred years of political and
economic institutions, regulations, and rules.

CROSS-REFERENCES

“See” and “See also” references are suggested to provide the reader with
additional, often related and significant information. Utilizing these listings
will provide a deeper and expanded sense of the entry. The use of “Cf.” sug-
gests entries to be compared with the original one. “Synonymous with” or
“synonym” following a description does not imply that the entry is exactly
equivalent to the principal title under which it appears. Usually, the entry only
approximates the primary sense of the original term.

FEEDBACK

Major entries have been reviewed by bank/finance/legal specialists and

educators. However, I am solely responsible for including the entries and
descriptions. I welcome suggestions and critical comments bringing errors to
my attention at [email protected].

12_126_Rosenberg.indb xvi 6/28/12 12:43 PM

 A

AAA RATING. A credit-rating agency’s rating considered for the best-

quality borrowers, reliable and stable—many of the sovereign governments.
See also STANDARD & POOR’S.
AA+ RATING. A credit-rating agency’s rating considered for quality bor-
rowers with a bit higher risk than AAA. Includes AA+ high quality, with very
low credit risk, but with greater susceptibility to long-term risks.
See also STANDARD & POOR’S.
A RATING. A credit-rating agency’s rating considered for quality borrowers
whose financial stability could be affected by certain economic situations.
See also STANDARD & POOR’s.
ABA. See AMERICAN BANKERS ASSOCIATION.
ABACUS 2007-ACI. See GOLDMAN SACHS.
ABBOTT LABORATORIES. The company reported a 40 percent fall in
third-quarter 2010 earnings, with a near 12 percent increase in revenue. The
company announced in 2011 that it would eliminate 1,900 positions, or 2
percent of its workforce.
In April 2011, Abbott reported a fall in earnings, though with a 17 percent
increase in revenue. Its last quarter profit climbed 12 percent to $1.6 billion.
Net sales rose 4 percent to $10.4 billion.
ABC. The television division of the Walt Disney Company announced on
January 29, 2009, that it would eliminate about 400 jobs from its workforce
of 6,500 to 7,000 because of the weakening economy. First-quarter profit
dropped 46 percent. Ongoing promotion helped increase its hotel occupancy
to 89 percent, up slightly from the previous year in their Florida resort. Its
theme division shed about 1,900 jobs through a combination of layoffs and
buyouts and restructured many of its behind-the-scenes operations. Profit
declined in the second quarter 2009 by 26 percent. Net income fell to $954
million from $1.28 billion the year earlier. Fourth-quarter 2009 profit at Walt
Disney rose 18 percent, with an $895 million profit. ABC profit climbed 26
percent on a 14 percent revenue gain.

12_126_Rosenberg.indb 1 6/28/12 12:43 PM

 2 • ABCP

Disney’s quarterly revenue and profit surged, with net income for its fis-
cal third-quarter ending July 3, 2010, rising 40 percent to $1.3 billion from
the year before, as revenue increased 16 percent to $10 billion. The Disney
Company reported unexpected fourth-quarter 2010 earnings on November
11. For the quarter, Disney reported a profit of $835 million, with net in-
come climbing 20 percent to $3.96 billion. Revenue increased 5 percent to
$38.1 billion.
Management reported net income for the three months ending April 2,
2011, of $942 million, with revenue increasing 5.8 percent to nearly $9.1
billion. Net income for the first three months ending July 2 climbed to $1.5
billion, an increase of 11 percent from the year before. Walt Disney reported
that its profit jumped 30 percent to $1.09 billion, with revenue climbing 11
percent to $3.13 billion in its fourth quarter 2011.
ABCP. See ASSET-BACKED COMMERCIAL PAPER.
ABERCROMBIE & FITCH CO. Reported a 68 percent drop in its fiscal
fourth-quarter earnings of 2008. The firm expected deep losses into 2009.
Abercrombie lowered prices as much as 90 percent over the Christmas 2008
buying season.
After showing a larger-than-expected fiscal first-quarter 2009 loss in May
the firm had a 24 percent decline in revenue for the quarter ending May 2,
while sales at stores open for more than a year fell a sharper 30 percent.
Abercrombie & Fitch posted a quarterly loss of $26.7 million on August 14,
2009. Sales fell 23 percent to $648.5 million; revenue decreased 15 percent
to $765.4 million. Its fiscal fourth-quarter 2009 earnings fell 31 percent. The
company posted a profit of $47.5 million, compared with $68 million the year
before, with revenue falling 4.6 percent to $936 million.
By January 2010, Abercrombie reported the largest sales surprise with
same-store sales up 8 percent. The company decided to close sixty of its
1,098 stores in 2010 and another fifty in 2011, as they reported a 5 percent
increase in quarterly sales. However, they noted that average prices fell 15
percent as other retailers increased their discounts.
By early 2011, Abercrombie & Fitch saw a 15 percent increase in same-
store sales. The retailer’s net rose 95 percent by 2011, as it posted higher in-
ternational sales. The retailer had a fiscal first-quarter profit of $25.1 million,
with total sales of $836.7 million, a rise of 22 percent. For the third quarter
the apparel retailer posted a 1.7 percent climb in profit to $50.9 million. Sales
had surged 21 percent to $1.08 billion.
See also RETAILING.
ABORTION RATE. Following a decade of decline, the U.S. abortion rate
rose 1 percent to 19.6 abortions per 1,000 women of child-bearing age in

12_126_Rosenberg.indb 2 6/28/12 12:43 PM

 ADIDAS • 3

2008. The recession probably played a role, leading some people to consider
the costs of raising a child.
See also BIRTHS.
ABS. See ASSET-BACKED SECURITY.
ABU DHABI. The $10 billion bailout for Dubai from oil-wealthy Abu Dhabi
announced in December 2009 is in reality only half the amount promised. On
January 18, 2010, a 20 percent reduction would occur, for a $20 billion cut.
See also BARCLAYS; DAIMLER; DUBAI; UNITED ARAB EMIRATES.
AB VOLVO. See FORD; GEELY; VOLVO.
ABX.HE. A series of derivatives indices constructed from the prices of
twenty credit default swaps that each reference individual subprime mort-
gage-backed securities.
ACCOR. The global hotel company announced on July 16, 2009, that its
second-quarter sales fell 9 percent.
On August 24, 2011, the company reported a first-half net profit of $59.2
million, with revenue increasing 4.4 percent.
See also MARRIOTT.
ACCOUNTABILITY. The quality or state of being accountable; an obliga-
tion or willingness to accept responsibility or to account for one’s actions.
Becoming more important since the Great Recession took hold.
See also EMERGENCY ECONOMIC STABILIZATION ACT OF
2008; FINANCIAL STABILITY OVERSIGHT BOARD; REGULATION;
TRANSPARENCY; WALL STREET REFORM ACT (2010).
ACCOUNTANTS. Accountants have been accused of failing to protect the
public interest before, during, and following the Great Recession. Questions
remain—why didn’t they know that the major banks were hiding assets off
their balance sheets and stretching regulations, if not outright breaking them?
See also ERNST & YOUNG.
ACCOUNTING RULES. See FINANCIAL CRISIS ADVISORY GROUP.
ACQUISITIONS. See MERGERS AND ACQUISITIONS.
ADB. See ASIAN DEVELOPMENT BANK.
ADIDAS. Reported a 93 percent fall in second-quarter 2009 net profit. Adi-
das’s total quarterly sales fell 2.5 percent.
In April 2011, the German company reported a 25 percent increase in its
first-quarter net profit.
See also RETAILING.

12_126_Rosenberg.indb 3 6/28/12 12:43 PM

Exploring the Variety of Random
Documents with Different Content
 Immunology - Learning Objectives
Second 2022 - Laboratory

Prepared by: Associate Prof. Johnson

Date: August 12, 2025

Quiz 1: Key terms and definitions

Learning Objective 1: Problem-solving strategies and techniques
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 2: Statistical analysis and interpretation
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Practical applications and examples
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 4: Study tips and learning strategies
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 5: Learning outcomes and objectives
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Comparative analysis and synthesis
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 6: Learning outcomes and objectives
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Problem-solving strategies and techniques
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Definition: Fundamental concepts and principles
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 9: Comparative analysis and synthesis
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Module 2: Interdisciplinary approaches
Key Concept: Assessment criteria and rubrics
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 11: Key terms and definitions
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Historical development and evolution
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 13: Current trends and future directions
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Problem-solving strategies and techniques
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Key terms and definitions
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Statistical analysis and interpretation
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 17: Fundamental concepts and principles
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Best practices and recommendations
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 19: Key terms and definitions
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Quiz 3: Assessment criteria and rubrics
Example 20: Fundamental concepts and principles
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Assessment criteria and rubrics
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Current trends and future directions
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Case studies and real-world applications
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Ethical considerations and implications
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Practical applications and examples
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Statistical analysis and interpretation
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 27: Research findings and conclusions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 28: Diagram/Chart/Graph]
Practice Problem 28: Best practices and recommendations
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Ethical considerations and implications
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Conclusion 4: Ethical considerations and implications
Remember: Literature review and discussion
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 31: Diagram/Chart/Graph]
Remember: Historical development and evolution
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Assessment criteria and rubrics
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 33: Diagram/Chart/Graph]
Example 33: Statistical analysis and interpretation
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 34: Problem-solving strategies and techniques
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Historical development and evolution
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 36: Diagram/Chart/Graph]
Remember: Ethical considerations and implications
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 37: Key terms and definitions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Example 38: Statistical analysis and interpretation
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Interdisciplinary approaches
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Appendix 5: Experimental procedures and results
Definition: Statistical analysis and interpretation
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Statistical analysis and interpretation
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Case studies and real-world applications
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 43: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 44: Diagram/Chart/Graph]
Note: Best practices and recommendations
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Experimental procedures and results
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Note: Research findings and conclusions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 47: Comparative analysis and synthesis
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Best practices and recommendations
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 49: Fundamental concepts and principles
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
References 6: Practical applications and examples
Practice Problem 50: Theoretical framework and methodology
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Ethical considerations and implications
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Literature review and discussion
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
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