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...interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our history: the great deleveraging of America. On Wall Street, the largest financial institutions on the planet are reducing their debt and trying to build up capital, which once upon a time was the seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless use of debt that only recently - and after unprecedented government intervention - have they...
...While legal scholarship has become less ideological and more interdisciplinary, making it easier to build consensus among the faculty, Elhauge credits Kagan with breaking the political deadlock in lateral hiring, just as her predecessor, Robert C. Clark, did when it came to the hiring of assistant professors...
...based on the community’s response, and that the support of neighbors can be a crucial factor in a project’s success.REDRAWING THE LINESOver the past few years, Harvard has expanded aggressively into the Agassiz neighborhood, most notably with the construction of the Northwest Science Building and the Law School’s new 250,000-square-foot classroom and student space.Harvard engaged the community as it planned its expansions—something that neighbors say created a precedent for Lesley’s construction plans.“When the small group sat down with...
...more certain policymaker now, if not exactly a wonk in the Clintonian sense. He has a clearer handle on the big picture, on how various policy components fit together, and a strong sense of what his top priority would be. He wants to launch an "Apollo project" to build a new alternative-energy economy. His rationale for doing so includes some hard truths about the current economic mess: "The engine of economic growth for the past 20 years is not going to be there for the next 20. That was consumer spending. Basically, we turbocharged this economy based on cheap...
...sooner so you can save sooner to start your business sooner, because the average plumber starting off sure isn't making $250,000 a year. And the second thing is, plumbers, like everybody else, need customers. And if everybody's broke, you're not going to be able to build your business ... It's a simple principle that we've lost, which is that when everybody's sharing in our prosperity, everybody wins...