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...spread over Treasury bonds of similar maturity. (That spread has tripled over the past year.) Or consider junk bonds, as measured by Merrill Lynch's High Yield bond index, which yield a jaw-dropping 22%. Of course, junk bonds come from the riskiest borrowers, and a deep recession could drive up the default rate among those companies. But current lofty yields imply investor expectations that one-fifth of these bonds will default, according to Moody's, even though the recent default rate in this sector has been around 3%. Notes Kirk Hartman, chief investment officer for Wells Capital Management...

Author: /time Magazine | Title: Stocks Say Recession, but Bonds Say Depression | 12/11/2008 | See Source »

...Crimson found its rhythm again in freshman Peter Boehm, whose three-pointer brought the game back to one point. It was not enough to grab another lead, though, and Harvard never came back on top. The Crimson’s best chance to come back came on a missed drive to the basket by Boehm, in which a questionable call by the referee led to neither a foul nor a block. Northeastern was allowed an inbounds play and possession that led to victory...

Author: By Paul T. Hedrick, CRIMSON STAFF WRITER | Title: Harvard Falls in Double Overtime | 12/10/2008 | See Source »

...joked that to celebrate the end of racism, he and a group of black friends could slowly drive down the streets of an upscale neighborhood in Boston. The police, he added sarcastically, “will show up and give all the black folks flowers, because that is the America we are living in today...

Author: By Noah S. Rayman, CONTRIBUTING WRITER | Title: Obama Election Transformed Racism? | 12/10/2008 | See Source »

...going to keep this Senate option for me a real possibility, you know, and therefore I can drive a hard bargain. You hear what I'm saying. And if I don't get what I want and I'm not satisfied with it, then I'll just take the Senate seat myself." - On finding someone to fill President-elect Barack Obama's vacant Senate seat, during a taped Nov. 3 conversation with an adviser...

Author: /time Magazine | Title: Rod Blagojevich | 12/10/2008 | See Source »

This is not the first time warlords have had positions of power in Afghanistan. Following the 1989 withdrawal of Soviet troops, rival mujahedin groups that had united to drive the foreigners out turned on each other, further destroying the country in a brutal civil war marked by warlord rule. The government collapsed, and militia commanders were able to seize territory, terrorize the population and, in some cases, even issue currency. The Taliban capitalized on widespread disgust with their savagery, eventually coming to power in 1996. The U.S., unwilling to commit large numbers of ground troops when it went to overthrow...

Author: /time Magazine | Title: Warlords Toughen US Task in Afghanistan | 12/9/2008 | See Source »

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