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...worry the rest of us. The propensity for people to buy things that they don't have the money for is one reason the Fed is expected to raise interest rates this week. The only question is, How high? That's one the market struggled with as the Dow Jones sagged...
...quarter of a percentage point--25 basis points in the Street's calibration (1 percentage point equals 100 basis points)--and they fear more increases are on the horizon. Money flows out of stocks when rates rise or seem likely to, and did it ever last week. The Dow Jones industrial average dropped 513 points, to 10,738.87, its lowest level since Nov. 11. The tech-driven NASDAQ shed...
...more than $250 million, including options--nailing in one year roughly twice what Luce was worth when he died in 1967. In Levin's mind, it is simply a case of high risk, high reward. And though Time Warner shares have had a bumpy ride, they've outgained the Dow--412% to 236%--since Levin took over...
This is mitigated, however, by the fact that GE--again, a partner of Microsoft in MSNBC--is also a partner, with Disney and Hearst (which, along with Dow Jones, owns SmartMoney magazine; more on that later), in A&E, the Arts & Entertainment cable channel, which is showing a made-for-TV movie starring Jeff Daniels as George Washington, which I haven't seen but which is hard not to hold against these companies anyway. What's worse, GE has direct links, via co-ownership of CNBC, the financial-news cable channel, with Dow Jones, which publishes the Wall Street Journal...
...need to spell out the implications of that for you, do I? Well, perhaps I do. Look: this very article you are reading is in a magazine published by a company that owns a cable channel that competes with another cable channel that is half owned by a company (Dow Jones) that also half owns a magazine (SmartMoney) that competes with another magazine (MONEY) owned by the company that publishes this magazine, and half owned by a company (GE) that also half owns a cable channel (MSNBC) that is half owned by the employer of the author of this article...