Word: augustly
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...first time this has happened, yet Wall Street still isn't getting the message. One August day nine years ago, Russian bonds defaulted. A surprising result of this default was the spectacular failure of Long-Term Capital Management (LTCM), a hedge fund in Greenwich, Conn. Surprising because LTCM had nary a penny in Russian bonds. They nearly took the global financial structure with them...
...Much depends on the next monthly inflation report, which will indicate whether, as Jun Ma, chief economist for greater China at Deutsche Bank in Hong Kong believes, price rises peaked in July and will now recede. Ma notes that certain key produce prices fell by about 1% in early August, and thus the central bank "doesn't need to overreact...
...early August, American Home Mortgage, a mortgage lender with little subprime exposure, declared bankruptcy, stoking speculation that troubles are bound to spread to securities backed by higher-quality mortgages. It didn't help when lenders Countrywide and Washington Mutual subsequently issued dire warnings about losing liquidity because so few people want to buy mortgages on the secondary market right now. "One of the most interesting things is, we don't know who's going to suffer," says Karl Case, a housing economist at Wellesley College. "Obviously, the people who get foreclosed against suffer. That goes without saying. But who bears...
...Popular videos such as the Baby Einstein and Brainy Baby series have attracted millions of parents eager to give their babies an intellectual leg up. But a recent study shows that these products may be doing more harm than good. Experts at the University of Washington reported early in August that for every hour each day that infants watched the kaleidoscope of changing images and music on these DVDs, they understood an average of seven fewer words than babies who did not use such products. "The assumption is that stimulation is good, so more is better," says Dr. Dimitri Christakis...
KARL ROVE, on his decision to step down as President Bush's senior political adviser at the end of August...