Word: bernard
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...brink of a disaster to rival that of the S&L crisis (and subsequent government bailout) of the late 1980s. "The Fed did an internal investigation to see how much exposure the banks had to hedge funds and other high-risk investments," says TIME senior economics reporter Bernard Baumohl. "The cut was a clear signal that conditions are more severe than most of us realize...
...bailout meant suspending their quest to slash federal farm subsidies. "Republicans would have been hard-pressed to cut back on government spending to farmers in a year when the agricultural community has been badly hit by the Asian crisis and falling commodity prices," says TIME's senior business reporter Bernard Baumohl. The bad news, however, is that with U.S. agriculture heavily reliant on exports, the situation down on the farm is likely to get worse...
...Still, the Mark McGwire of Series movies is John Sayles' story of the Chicago Black Sox, "Eight Men Out" (1988). The tale of how eight Chicago White Sox players threw the 1919 World Series has everything -- high rollers, legendary ballplayers and a fall from grace that gave Bernard Malamud the inspiration for "The Natural." It's a homer, Simpson...
...matter how bad earnings are this quarter, if the Japanese are successful this week it could touch off a nice rally," says TIME business reporter Bernard Baumohl. Earnings reports, by definition, are the past. But the $517 billion recapitalization of the Japanese banks, giving them the cash to start lending again to their Asian neighbors -- that's about the rosiest future economists will allow themselves to imagine right...
...Thankfully, elections are just around the corner. TIME business reporter Bernard Baumohl says that fear of a voter backlash -- always politics' most potent motivator -- may end up pushing Republicans into a compromise passage. "There has to be a point when Congress realizes that unless this money is released to the IMF, the world recession is going to engulf the U.S.," he says. "And that would leave the Republicans as the ones who allowed it to happen...