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...Britain's growth will continue into its 59th quarter and then into its 60th and 61st quarter and beyond ... Inflation has fallen from 3% to 2.8%, and will fall further this year to 2% ... Looking ahead to 2008 and 2009, inflation will also be on target. And we will never return to the old boom and bust." Thus Gordon Brown, as Britain's Chancellor of the Exchequer, in his Budget statement only last year. No Chancellor since the war has quite so disastrously misread the economic situation, or so fundamentally misunderstood the inescapable nature of market economies - namely, that...
...calendar turns to October, many begin looking ahead to Halloween and the promise of endless treats. But, for Harvard men’s water polo, revenge against the Brown Bears might be even sweeter.The Crimson (2-4) returns to action tonight against the Bears at 7 p.m. in Blodgett Pool after spending the past week recovering from a difficult sweep in the ECAC Championships. Brown (5-5) was among the teams to hand Harvard a tournament loss, but the 14-6 defeat served as tremendous motivation for the young Crimson squad.“We still have a bitter taste...
...last week with a bunch of very good questions about the bailout bill. I hadn't quite finished answering them when it was voted down in the House Monday. But since some version of the plan is likely to be resurrected later this week, I figured I should go ahead and finish...
Japan's Nikkei and Hong Kong's Hang Seng indexes fell by 5% or more in overnight trading before ending Tuesday down 4.1% and .85 respectively; exchanges in London, Paris and Frankfurt all opened slumping before winding up 1.7%, .4%, and 2% ahead. Compare that with Monday's 7% drop the Dow Jones and 9.1% slide on the Nasdaq...
Fixing this crisis will involve compromises no one likes and discipline everyone needs. That's a pretty good template for the challenges ahead, like energy independence and entitlement reform. As a Senator, McCain has a long record of taking hard positions and ignoring party orthodoxy in the hunt for common ground. Obama, meanwhile, has claimed that he can expand the concept of citizenship to include more than casting a ballot every so often. But neither one dug in this time to explain why this bailout was necessary and why people needed to swallow hard and accept it, most notably when...