Word: cutting
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Looking ahead, the situation isn't likely to right itself anytime soon. Many economists expect the Federal Reserve Board to again cut the target federal funds rate in mid-December in an effort to juice the economy by encouraging spending over savings. But that would probably also push down even further the rate at which banks can lend. "It would mean banks make a little less money across the board," says Bank of Alameda's Andrews. Not exactly a nice holiday gift...
...contracts the union signed and ratified with GM, Ford Motor Co. and Chrysler last year, over significant internal opposition, also represent a 5% cut in real wages because money from the automatic cost-of-living escalator that has been a feature of UAW contracts for more than half a century was diverted to cover health-care expenses, says Amy Bronson, who recently retired from Chrysler LLC and is now working on a Ph.D. at Wayne State University in Detroit. Union members also paid more for health care and gave ground on work rules, which critics claim drive up operating costs...
Harvard Medical School officials said Friday that they have asked all of the school’s departments to plan to cut 10 percent of their academic and administrative budgets for the next 18 months in response to financial pressures resulting from a deteriorating fiscal picture for the University...
...Though the 10 percent budget cut is the rate requested for every academic and administrative department, Ennis anticipated instances in which some departments will not be able to “responsibly reduce spending” by the targeted amount for reasons of “academic priority or other critical issues like risk-compliance management...
...Morawski said. “From day one, the emotions were just running high...They were just going out there without any set limits.”Records continued to fall on Saturday, highlighted by Pickard’s 400-yard individual medley swim. The sophomore cut 11 seconds off of her morning preliminary time to win the B final in 4:14.06. The time was nearly five seconds faster than the previous record. Mills notched her second record by taking first in the C final of the 100-yard butterfly, finishing in 55.04.“It was absolutely...