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...really big, bold change envisioned in the Obama plan is the creation of a Consumer Financial Protection Agency that would take over the drafting and enforcement of consumer financial rules from the banking regulators. This is a move proposed two years ago by Harvard Law School professor Elizabeth Warren, who is now chairman of the panel overseeing the Treasury Department's bank bailout. "It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house," Warren wrote in the journal Democracy in 2007. "But it is possible to refinance...
What concerts stand out as being particularly memorable? Oh, there are any number. My memory bank is full. Certainly, the first time I heard the Shostakovich violin concerto with [Russian violinist] David Oistrakh at its premiere in 1956 at Carnegie Hall. It was an amazing sound. A high point for me was doing the Freedom Concert in East Berlin, when we did Beethoven's Ninth Symphony on Christmas morning in 1989. The wall was coming down, and Leonard Bernstein changed the German text in the Ode to Joy from "joy" to "freedom." It was a very moving experience. You heard...
...Ironically, that dire forecast is wrapped in an improving forecast for nationwide home prices. Back in March, Deutsche Bank analysts had expected national home prices to decline 16.5%; now they foresee just a 14% decline. That mildly upbeat news does not hold true for the New York City area, however, which is expected to see a 40.6% drop. While that is also a slight improvement from the March forecast, it is dire nonetheless. (See photos of the global financial crisis...
...arrive at their forecasts, the Deutsche Bank analysts, led by Karen Weaver, assessed several leading variables, with affordability being a key driver. The pronounced decline in home prices across the nation, coupled with a downward drift in interest rates, has greatly improved nationwide affordability, the report noted. Indeed, in some famously overpriced regions that have since corrected, such as Los Angeles and the Riverside-San Bernardino areas of California, affordability is as good now as it has been in decades. That's a big reason that many California areas may see prices fall only an additional 10% or so, despite...
...governments in Tel Aviv and Washington dial up the heat. In his election campaign, the Iranian President trumpeted his ability to make Iran a leading global power, and he urged those assembled in Yekaterinburg to pursue more coordinated action and policy, like the formation of a joint regional bank in Eurasia. "Taking collective decisions on politics, economics and culture," Ahmadinejad opined, "will facilitate stabilization of the situation in all the countries." (See what Ahmadinejad's win means for other world leaders...