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There is a limit on how big the government's borrowings can get before they start causing problems. But what's the limit? In the early 1980s, many smart people would have told you that deficits topping 3% of GDP would bring economic pain, as government borrowing crowded out private investment and investors demanded higher interest rates on Treasuries to compensate for our country's shakier finances. But during the Reagan presidency, deficits stayed above 4% of GDP for five straight years - and interest rates fell, and the economy boomed. (Hence Cheney's full statement to O'Neill: "Reagan proved...
...arrives with the blessings of McCartney and Starr, the group's surviving members, and of Yoko Ono and Olivia Harrison; all were on board to expand and exploit a form that didn't exist when the Beatles were shaking up the world. Harrison's son Dhani, 31, helped bring Apple and Harmonix together; Giles Martin, son of Beatles record producer George Martin, devised intros for the songs culled from the band's studio banter. Like the Cirque du Soleil's Las Vegas Beatles show Love, on which both Martins worked, this Rock Band is a grand, meticulous production meant...
...they were to bring back Hollywood Squares, I would love to be considered. First of all, you get to sit down as the host, and at my age, it's nice to sit down...
...thousands of homes and killed two firefighters in the dry heat of late summer. The stillness kept the flames from spreading quickly--a climatologist called it the "Jabba the Hutt fire," big and slow--but left the smoke to choke Los Angeles. By Sept. 2 firefighters had begun to bring the blaze under control, aided by cooler and more humid air, but they know the year is likely to bring plenty more conflagrations...
...have dismissed the possibility of similar deals. Moreover, the longer negotiations drag out between the union and automakers, the greater the danger of bankruptcy becomes. The answer, it seems, is some form of employee buyout. As Bloom himself has said, worker ownership is an ideal way to bring unions and management into a more constructive relationship. “Companies would come and ask unions to modify agreements in one way or another,” Bloom told The American Prospect’s Tim Fernholz. “If the union was strong, it would...