Word: backlashers
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Until recently, few pros would even debate the value of moderate exposure to foreign markets. But a backlash has surfaced. Merrill Lynch, for example, now advises clients that foreign holdings should make up only about 5% of their stock portfolios. More important, the firm contends, is diversification by industry. That has long been a prudent part of portfolio management. But now some say it's the only part you need. If you are in the big global industries--technology, media, consumer cyclicals, health care, energy--you have all the diversification you need, even if all the companies are based...
...Jiang may hold most of the cards right now, but that doesn't mean he'll play them well. He may be scoring points domestically, but prolonging the crisis could provoke a backlash in Washington, tilting the balance in the U.S. capital more decisively, and finally, in favor of the anti-China hawks - an eventuality that might see stepped-up aid to Taiwan, an inclination to thwart China's diplomatic efforts and the creation of a more hostile climate that would increase the likelihood that Beijing's own power struggles will be resolved in favor of the hard-liners...
...even with this kind of ammunition, adds Gritta, the unions, many of which are demanding large pay and benefit packages, shouldn't assume they're immune from public ire. "The unions know they've got the management in a very tough place. But the unions could risk a certain backlash from the public - if they start staging strikes, the public could say, 'Hey, these unions are keeping us from our vacations.'" If all else fails, fed-up airline customers should hope for an election-year meltdown on the tarmac: Even the most incensed public interest group would pale, of course...
That conflicted reaction, even to an admittedly extreme case, is one glimmer of what legal experts describe as a looming backlash against the tough-on-juvenile-crime bills that politicians scrambled to enact over the past 10 to 15 years. "More states are looking at the impact of what they did," says Shay Bilchik, executive director of the Child Welfare League of America. "They're hearing from their judges, prosecutors and child advocates that we're giving up on way too many kids...
...1970s, when the inevitable backlash began, two arguments emerged. The one that drew more media attention charged that the test was inherently biased against blacks and Latinos, who to this day score worse on average than whites. The other was that SAT scores measure only the ability to take the SAT--a skill that, depending on your ability to pay, you could pick up in a coaching class (a growth industry that in 1999 alone raked in $400 million). Aside from that class inequality, the test's failure to measure anything meaningful also meant that kids were spending...