Word: excess
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...team could not capture the fall ECAC tournament or the Ivy League championship this year. But so what? The Crimson, as deep as the Mariana Trench, earned its highest ranking in four seasons and made its way to the second round of the NCAA tournament even without all the excess jewelry...
Indeed, there will be no shortage of preseason expectations heaped upon next year’s team. But that fact alone won’t frazzle the Crimson, who learned how to avoid the pitfalls of excess hype this year...
...making Japanese exports less of a bargain overseas. That caused the Bank of Japan to go on a dollar-buying binge last week to keep the yen in check. Plus, there's no consumer boom inside Japan to take up slack if the U.S. recovery stalls. Businesses, operating with excess capacity, still aren't investing in new machinery, factories or technology, nor are they hiring. Unemployment remains high, while wages are falling; workers recently pocketed the smallest annual bonuses in a generation...
...loosen its hold on electricity production. Responsibility for matching supply and demand was handed over in 1998 to an Independent System Operator (ISO), which would buy from providers (like Enron, Calpine and Dynegy) and sell to middlemen (companies like Pacific Gas & Electric) as necessary, even paying providers to take excess electricity out of the state at times when supplies were flush. And if the markets got too rough? Never fear; price caps were in place...
...this fertile ground that Death Star, Get Shorty and their kin were planted. These two strategies were particularly devious. In the former, Enron was being paid for taking away excess energy that it never really put in, while in the latter, it was buying and selling commitments it never made. This kind of trade, known as "gaming" the market, is prohibited by the California ISO's regulations, but because there were seven different energy markets the ISO had to keep tabs on and because it is so difficult to pin down whether a company has the energy it says...