Word: chicago
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...agencies like the Office of Thrift Supervision allowed banks to make loans without adequate capital. But the FDIC has the final say on when and how to close a bank, and some believe it has been waiting too long to act, adding to the cost of failures. Regulators labeled Chicago-based Corus Bank critically undercapitalized in March, but it took the FDIC until mid-September to shut it down--a closure that could cost the FDIC $1.7 billion...
...dead end. "The problems of the macroeconomy are just so hard and the degree of complexity so immense that it's almost hopeless to think that we would have really good models of those systems," he says, chatting at his house a few blocks from the University of Chicago, where he teaches. (A video of the interview is at time.com/levitt.) Aside from the complexity, there's a crucial data limitation. "We have one macroeconomy," Levitt explains. "We get to watch the world unfold once." That means we have no way of knowing for sure whether the bank bailouts...
Levitt describes his favored subject matter as "questions that are too embarrassing and degrading for other economists to find interesting." The pioneer at using economic methods to explore subjects not normally seen as economic was Levitt's Chicago mentor, Gary Becker, who won a Nobel in 1992 for his work on marriage, crime and other topics. A few years ago, another economist applauded this work as "economic imperialism" because it invaded realms dominated by sociologists and political scientists...
Paras D. Bhayani ’09, a Teach for America corps member in Chicago, was managing editor of The Harvard Crimson in 2008. He previously covered both the Cambridge Public Schools and the 2007 city council and school committee elections...
...fall into the seventh circle of ignominy - perhaps you heard he was impeached as Illinois governor and faces federal corruption charges after allegedly auctioning off Barack Obama's empty U.S. Senate seat - Blagojevich is passing a crystalline afternoon pressing the flesh at a café near his home on Chicago's northwest side, eager to dispel the notion that he's a pariah. In part because Blagojevich is a very good politician, the reception is warmer than you might expect. He embraces an elderly supporter, quizzes a high school track team about its choice of running shoes (these days...