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...This article contains a complex diagram. Please see hardcopy or pdf.] 30.9% Percentage of all departures that were delayed or canceled at major U.S. airports in June The situation in various U.S. cities...
...city for a major calamity. But did he do all that he could? Much has been made of the fact that Giuliani's state-of-the-art emergency command center was rendered useless on the day of the attacks. The $13 million center was in the World Trade Center complex, on the 23rd floor of Building 7, which collapsed that day. When I asked Giuliani three years after 9/11 if it had been a mistake to place the command center in a known terrorist target, he said no. "You had to put it somewhere," he said. And he noted that...
...need to monitor coral so closely? Coral reefs constitute a complex and vast global ecosystem, home to millions of species of plants and fish that people depend on for food and tourist revenue; in some areas, healthy reefs help protect the shore from potentially destructive waves. But arguments about the preservation of biodiversity make eyes glaze over, so Hodgson, who's trying to get coral on the World Conservation Union's red and endangered species lists, likes to point out that several anticancer drugs are derived from reef species. "Maybe one day a coral will save your life," Hodgson tells...
...debt obligation, or CDO. The recipe: buy home loans, blend them, then slice up the result into different securities (reflecting different levels of risk) to sell to investors. Many such securities carry AAA or "investment grade" ratings despite subprime mortgages being in the mix. From there, things get really complex--CDOs created from other CDOs, synthetic CDOs crafted from credit-default swaps, none of which had experienced a down market. "The problem is that CDOs were untested. There was not much history to suggest CDOs would behave the same way as AAA corporate bonds," says Richard Bookstaber, a hedge-fund...
...secondary market right now. "One of the most interesting things is, we don't know who's going to suffer," says Karl Case, a housing economist at Wellesley College. "Obviously, the people who get foreclosed against suffer. That goes without saying. But who bears the losses ultimately is really complex." We can start with the stock markets around the world, which have surrendered $3 trillion in value over the past month, thanks in large part to the mortgage monster beginning to come undone...