Word: beachings
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Fred M. Fariss VIRGINIA BEACH...
...1970s. They handed back much of that money to Western banks, which loaned it out to developing countries that couldn't repay it. Then, in the late 1980s and early 1990s, Japanese firms recycled their dollars by investing in trophy U.S. properties, including Rockefeller Center and the Pebble Beach resort. Both those deals ended in bankruptcy for the acquirers...
...that may be starting to change. Long Beach has pioneered the creation of commuter-biking hubs offering valet parking, showers and repair services, and other cities in California and elsewhere in the U.S. are beginning to take note. "The concept is growing fast and helping bike commuting move from an invisible subculture to an organized pursuit that's part of the fabric of everyday urban life," says John Case, a retired real estate financier who brought the Bikestation concept from Europe to Long Beach in 1996. Its popularity prompted public agencies and private groups in San Francisco, Berkeley, Palo Alto...
...biggest, fattest target on which to pin the blame. Meanwhile, China will likely continue recycling its massive foreign reserves, possibly making itself an even bigger target by going on a buying spree similar to Japan's in the late 1980s and early '90s: Japan buys Hollywood! Japan buys Pebble Beach! Japan buys Rockefeller Center! Remember too, Japan was an ally; the idea of a traditionally antagonistic (and, nominally, Communist) nation buying up U.S. assets won't likely sit well with American voters. Already one major acquisition - the attempted 2005 takeover of U.S. energy firm UNOCAL by a Chinese oil company...
...English settlement of America impacted our nation in interesting ways [May 7]. A decade of archaeological exploration confirmed that in June 1607, a settlement was established in "northern Virginia" at what is now Popham Beach in Phippsburg, Maine. This colony lasted just over a year, but the colonists managed to build a 30-ton, 50-ft., shallow-draft vessel they named Virginia, which explored the coast and crossed the Atlantic twice. Four hundred years later, Maine is still recognized as home to the best boat builders in the world. From elegant yachts to Bath Iron Works' naval destroyers, Maine...