The 1893 King's Handbook of New York City described the market area as "a scene of wonderful animation and interest, crowded by myriads of purchasers, amid the flaring of oil torches, the shouts of the vendors, the strange commingled smells of the fruits and meats and countless other oddities".
Mr. Cosby's humor is an institution for all America, but this wasn't a casino or a general-interest crowd; it was jazz-oriented Manhattanites.
The weight of this debt will eventually push up interest rates, crowd out private investment and sap economic growth.
Borrowing costs above 6 percent are considered dangerously high, and at 7 percent are considered unsustainable over the longer term, as interest payments crowd out other spending.
The Congressional Budget Office (CBO) is in between (see chart 2).Debts of that magnitude elevate interest rates, crowd out private investment and damp growth.
Every so often, in the interest of crowd control, Ngomnalta would rise from his desk, stomp around, and wave his arms.
But as the economy recovers and demand for private borrowing increases, then huge public deficits on top of that will push up interest rates, crowd out private investment and smother the recovery.
In countries (for example, Sweden) where recourse loans allow seizure of household income to enforce payment of mortgage obligations, private consumption may plummet as debt payments (and eventually rising interest rates) crowd out discretionary spending.
The fear is that this might lead to higher inflation, and that the government's demand for funds will push up interest rates, crowd out private investment, weaken the financial system and leave the economy vulnerable if hit by a big macroeconomic shock.For the time being, however, there is little sign of an imminent crisis.
When the number of people who can perform a task is limited by geography, skill requirements or interest, a crowd platform must create liquidity, typically by changing the incentives.
The project was rooted in Mr. Pugh's interest in crowd-sourcing, a term for divvying up tasks by way of the Web.
