Word: crunch
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...When, late last month, Harvard’s admissions office pulled the plug on undergraduate transfer admissions for the next two years, it extinguished the possibility of future fresh faces for current sophomores and juniors. Tragic, perhaps, but apparently necessary, thanks to a campus-wide housing crunch. The overstuffed entering classes of recent years created a bubble that was sure to burst, and burst it did; thousands of would-be transfers’ dreams of ivy-encrusted greatness have been dashed...
...awakening from these Beijing dreams was as rude as it gets. As of April 15, the Shanghai Composite Index has slumped 46% from its Oct. 16 peak. The global credit crunch, the staggering U.S. economy, and China's efforts to tame inflation and cool unsustainably fast economic growth teamed up to quash investor enthusiasm for China stocks, Olympics or no Olympics. But might there still be a lingering chance that the Games will give China's economy a shot of adrenaline and lift stocks later this year? Many investors have heard of the "January effect." Is there an "Olympics effect...
...lawmakers disagree on how to aid businesses and homeowners affected by the housing crunch. The three sides...
That hasn't deterred Brown from pressing on. The impact of the global credit crunch has sharpened his thinking on multilateralism. Brown believes there are four issues in the world today that can only be addressed collectively, cooperatively and through international institutions. "We have global financial flows, but we do not have any form of early-warning system for the world economy," he says. "We have environmental catastrophe, but we have no capacity to plan, finance and act globally. We have failed states and terrorism but we've got no organizational ability to deal with reconstruction, stability, peacekeeping and humanitarian...
...these students, Harvard’s decision may be only a minor setback, but for others in less stable situations, like Max’s, the decision is potentially life altering. We don’t pretend to tell Harvard whom it can and cannot admit; ultimately, the housing crunch meant that some hard decisions would have to be made. Nonetheless, the current applicant pool deserves more than just a reimbursement. The damage has been done, but Harvard still needs to disclose some more compelling reasons for putting an end to transfer applications...