Word: dollarization
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Dates: during 2000-2009
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...appropriately dubbed "Pension Palpitations" report details, the S&P 500's pensions are now collectively underfunded by at least $115 billion. The problem stretches far beyond the finance sector. Five of the companies with the highest dollar amount of pension underfunding, according to the report, are Raytheon (underfunded by $1.6 billion), Johnson & Johnson ($1.5 billion), ExxonMobil ($1.4 billion), Macy's ($980 million) and Alcoa ($950 billion). "This is affecting the broad swath of companies that make up the fabric of what we call the 'real economy,'" says Mark T. Williams, a risk-management expert and finance professor at the Boston...
...Clint Eastwood’s latest film “Changeling,” Christine Collins (Angelina Jolie) tells her son, “Never start a fight, but always finish it.” Though it’s no “Million Dollar Baby,” “Changeling” stays true to this charge, fighting to tell a story of justice and loss till the very end of an emotionally turbulent 140 minutes. Jolie’s impassioned performance at times veers into the melodramatic, but it’s the lifeblood...
...Julia C. “JC” Guest adopted an eco-friendly design style, as she searched for “vintage” clothes at the Garment District’s Dollar-A-Pound pile. With Al Gore ’69 as her fashion inspiration, Guest decided to forego her muse’s stark suits and focus on his environmentally friendly message. Guest created a shockingly complex dress for a rock-bottom price of $5.40. Several distinct patterns merged in this layered-tank dress, which Guest finished with buttons down the back—a detail...
...practical one. As Frank Rich ’71 said in The New York Times, “Bashing the NEA, like boosting school prayer, is a high-profile, low-cost way for the Gingrich G.O.P. to distract the faithful while avoiding the hard choices about cutting multibillion-dollar entitlements that might really downsize the budget.” The NEA got cut off at the knees because it was easier—and much more popular—for House Speaker Newt Gingrich to blame Robert Mapplethorpe for our problems than actually to solve them...
...Meanwhile, an appreciating currency?the yen hit a 13-year high against the dollar on Oct. 24?is hurting Japan?s exporters. This week, Honda cut its annual revenue forecast for the 2009 fiscal year to $5.2 billion, a 19% decline compared with FY2008 results. Sony announced that its profit dropped 72% in the first half of the year. Help may be on the way. But Aso must convince a divided Japanese parliament to pass his stimulus package amid growing skepticism that it will be too little, too late...