A private-equity executive I talked to said that he sensed the jig was up when his cleaning woman-“from Nicaragua or El Salvador or wherever the fuck she’s from”-took out a subprime loan to buy a house in Virginia. Some will tell a maid tale, the latter-day equivalent of the stock tip from the shoeshine boy (which, according to lore, persuaded Bernard Baruch and Joseph Kennedy to pull out of the market before the 1929 crash). A pulse of common sense suggests, This can’t last. vestibule: a two-hundred-dollar dinner, a traffic jam in bathroom fixtures, fees on top of fees on top of fees. In the early days, intimations of economic imbalance could come to you in a fancy restaurant, or a Home Depot, or an A.T.M. As a broker said to me, “If it’s the end of the world, you only get to bet on it once.”įor many, the awakening came while they were driving through some over-built exurb in Florida or California, or watching a commercial for a subprime lender (“Mortgage consultants are standing by!”), or studying a graph depicting the ratio of total debt to the gross domestic product. It concluded that the world needed a “do-over.” “Can I have a do-over, please?” the cynic wrote. One day in March, as the Dow fell to its lowest level in a dozen years, he e-mailed me an investment letter, in which a hedge-fund manager surveyed the world’s insolvent banks and unstable sovereigns and anticipated a possible collapse of the global financial and monetary systems-the end of fiat currencies and the beginning of Lord knows what. The markets turned, and the hedge fund went under. He bought a house and went to work for a hedge fund-the latecomer playing catch-up, eager for a piece. Meanwhile, life and the general mood conspired to compound his long position. He foresaw a grisly end to the credit boom, if not a collapse in the markets for stocks, real estate, art, mediocrity, and foolishness, and yet, like most people, he lacked the conviction and, perhaps, the macroeconomic purview to translate his misgivings into financial gain. I met a Wall Street cynic who had grumbled for years about the overextended consumer, the negative savings rate, and a profligate government that some day would be unable to make good on its promises. Most of the mechanisms in place for the implementation of pessimism are known only to members of the guild. The sad fact is that betting against the global financial system requires more than pluck you need to be a participant. The majority didn’t expect it to be so bad, and wouldn’t have been able to profit from or guard against it anyway. Maybe it came too late or went unheeded, so that now it nettles. Maybe it helped a guy make money, or at least lose less. Send us feedback about these examples.Most people by now may recall a moment of clarity, an inkling of doom. These examples are programmatically compiled from various online sources to illustrate current usage of the word 'dramatic.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Paul Gattis | al, 24 June 2023 See More William Earl, Variety, 24 June 2023 On the first anniversary of the Supreme Court’s decision that led to dramatic restrictions on abortions, Alabama Republicans marked the occasion with celebration and promises to strengthen those restrictions. WSJ, 26 June 2023 In lieu of stage pyrotechnics, the crowd was always most vocal in the moments when Vengeance and Gates went back-to-back and ripped guitar harmonies, with Gates taking the solo home with plenty of dramatic tapping and technique. Kory Grow, Rolling Stone, 28 June 2023 Shoigu’s future has been the subject of intense speculation since Wagner Group chief Yevgeny Prigozhin demanded his dismissal when launching the dramatic but short-lived mutiny. Ishaan Tharoor, Washington Post, 28 June 2023 As he’s delved deeper personally, his music has become more dramatic and exciting, placing him at the vanguard of pop’s next great wave. president in countries as diverse as Germany, Brazil and India. Phillip MacIak, The New Republic, 30 June 2023 According to Pew’s data, Trump’s four years in office marked a dramatic drop in trust in American leadership on the world stage, with surveys showing record low levels of confidence in the U.S. Bryce Jones, Better Homes & Gardens, 30 June 2023 There’s lots of fun dramatic material to be mined in the social networks that surround schools and campuses, but the actual work of learning is rarely deemed interesting enough to spend too much time on. Christian Holub, EW.com, 30 June 2023 To get the look in your home, one of the most dramatic and obvious options for weaving bows into any space is via wallpaper (another big trend this year, as shown by a Chasing Paper collection, pictured above) or artwork. Recent Examples on the Web But for this one, Baby Billy was unencumbered by that kind of dramatic storyline.
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