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...chalk it up to a "hangover" from the Roaring Nineties (when Someone Else was in charge). According to a Bush adviser, the President is focused on the big picture and is "relatively uninterested in the daily economic ups and downs." Would that include the 390-point implosion in the Dow last Friday, which sent stocks hurtling through post-9/11 lows to levels not seen since...
...that "some bad apples" are being purged from executive suites and that new laws will deter such behavior in the future. Shortly after the President uttered his hangover line in a speech to business executives in Birmingham, Ala., the market regurgitated more than 400 points before recovering--briefly. The Dow lost 7.6% of its value last week. The broader market, as measured by the S&P 500, is now down 45% from the high it set in March 2000. Some companies' earnings were down last week, but more were up, including DaimlerChrysler's and Microsoft...
...anyone from those Midland days is to blame Wall Street. Bush remains distrustful and not a little dismissive of the investment bankers who swooped into Texas with saddlebags full of cash when oil prices gushed but galloped out of town when prices sank. Back in April, when the Dow hovered around 10,000, a White House economic adviser told the President at a social gathering that "there's no reason this market shouldn't be around 7500." According to an eyewitness, Bush made a face, turned and walked away, as if the subject bored or annoyed him. Last week Bush...
...Summers has yet to clearly say what definitions and regulations he’s talking about, or how the Silicon Valley model applies to the vastly different world of life sciences. But as the public’s confidence in corporations continues to fall with the Dow, the dream of Biotech Valley, Boston seems more and more like a project Harvard should leave...
...grinning from magazine covers and defended the billions they made on the grounds that they were making us all rich in the process. You did not actually need to get richer to feel richer; even other people's paper profits had a magical effect: Times are good; the Dow is up; let's go to the Sizzler instead of McDonald's, the Seychelles instead of Sarasota. Cabbies turned day traders got crushed when the NASDAQ tanked, but careful investors who did their homework were the luckiest generation ever. Pay $9.95 a trade, buy and hold, and retire...