Word: badness
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...market continues to stage an improbable rally which should have been affected by concerns about the spread of the Swine flu virus and the fact that several large American banks may need tremendous infusions of capital. GDP numbers issued by the government were also shockingly bad. The economy contracted 6.1% in the first quarter which was more than any of the estimates of sane analysts. This GDP drop followed a drop of 6.3% in the last quarter of 2008. Experts tried to calm the masses by saying that some of the fall-off was due to a dip in inventories...
Another popular argument against bondholders is that they made bad investment choices, so their steep losses are well deserved. But union leaders in Detroit negotiated the richest benefits packages of any industry - GM's health-care outlays grew so big that one Wall Street analyst dubbed the company "an HMO on wheels" - and that played some role in the declining competitiveness of GM and Chrysler. Don't the autoworkers and their union leaders bear some responsibility for that...
Malpractice From where we sit (and doctors think they're the ones who are in the best position to know what malpractice means and when it happens), there is little or no correlation between doing bad stuff and getting sued. We also observe that none of the countries whose medical systems are held up to us as better than ours has any malpractice system at all. And the cost of defensive medicine is enormous - much higher than published estimates...
...time when credit in China is rapidly expanding -loans in the first quarter totaled $670 billion, almost equaling total lending for all of 2008- the risk of bad loans is increasing. With small and medium-sized private firms collapsing with disturbing frequency, SOEs offer Chinese banks a margin of safety: an implicit guarantee that the government will ultimately make good on their loans. This is making it harder for China's banks to adopt modern risk-management practices and diversify their traditional customer base, which is largely SOEs. "It's difficult to go on a massive spending binge...
That would be bad news for Mexico, and bad news for the U.S. The PRI came to power in 1929 by reestablishing order after the bloody chaos of the Mexican Revolution. It set up an elective dictatorship, one of the world's most corrupt, infamous for ballot-box fraud and notorious for blaming all its epic failings on Washington. The party was also as soulless as its massive, East German-style headquarters in Mexico City. It stood for little more than the cynical acquisition of power and its spoils - the manifestation of Octavio Paz's premise that Mexico...