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...British economists and the results of the American poll are both right. Fast action was as critical to saving the economy as the nature of the action. Patience will be necessary because the downturn is almost certainly going to be remarkably long and hard...
...Here we are, almost 80 years later, and possibly about to make the same mistake. Although there have been no headline-grabbing Smoot acts to call the world's attention to the threat, there is mounting evidence that, once again, government and business leaders are inching toward the type of beggar-thy-neighbor policies of the Great Depression. "Particularly, I am concerned about the rising dangers of protectionism," World Bank president Robert Zoellick recently said in Singapore. "This financial and economic and unemployment problem is serious enough," he later added. "If we start to trigger a round of protectionism...
...That's partly because, as Brown himself pointed out, "almost every country in the world followed" where he led in the fall, introducing their own variants on the recapitalization scheme. But it's also because Britain is no longer in the vanguard in dealing with the crisis. Germany's recently unveiled stimulus package came later but is bigger than its British equivalent. The world is understandably much more interested in what President-elect Barack Obama's Administration will do than in what is being done in Britain today. (See pictures of the financial crisis in London...
That leaves the U.S. market to make up the difference, and with Obama's election, many renewable energy advocates were confident the country was about to make a solar leap. But the credit market's deep freeze has hit new solar projects just as it has almost every other facet of the economy - the only difference is that many solar manufacturers don't have the cash reserves to ride out a long downturn. That could leave the U.S. shorthanded on solar at the very time when it's finally gotten serious about renewables. "This is still a capital intensive business...
...Tucked almost invisibly into an office building at Metro Center, TOSCA is Washington's leading mecca of great Italian cuisine. One of the many lures of this quiet, well-regarded eatery - which has catered to everyone from Dick Cheney to Hillary Clinton - is its lovely bar. There, amid the politicos and lobbyists who fill the place each evening, you'll find Jay the barkeep who will make you a margarita so smooth and sublime that while you may forget where you are, you will never forget what you are drinking. And if you aren't ready for something that strong...