Word: excessions
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...anything be done to halt such excess? Keynes proposed taxing financial transactions to discourage speculation, an idea that remains popular in antiglobalization circles but has never gained traction with U.S. lawmakers. Shleifer favors protecting consumers from some financial-market excesses--via mortgage lending regulations, for example--but is dubious of attempts to rein in markets themselves. Bogle has argued that professional investment managers wouldn't run off the rails so often if they were forced--by custom and by law--to place more emphasis on moral and fiduciary duty. The unavoidable reality, though, is that the pros simply...
...bariatric surgery - last-resort weight-loss operations such as gastric bypass and stomach stapling - as an essential treatment for obesity or as a failure of the fat person's will, the fact is, it works. Studies have shown that after surgery, patients often lose 50% or more of their excess weight - and keep it off - and symptoms of obesity-related conditions like diabetes, high blood pressure, high cholesterol and sleep apnea are improved or eliminated altogether. Now, two new studies in the New England Journal of Medicine (NEJM) show another long-term benefit: a lower risk of death...
...biggest threat, though, is a crash in the property or stock market. When U.S. property and media tycoon Sam Zell visited India in April, he told local real estate executives that they were "on the brink of excess" and that the boom could end in a bust. Real estate stocks plunged as much as 50% in a general market sell-off last spring, while property prices have fallen 20% or so in some areas in the past six months. Both the government and the Reserve Bank of India are trying to cool the real estate sector without crashing...
...Chinese officials hope he's right, because the country's policy options are limited. A rate hike would likely only increase the flow of speculative "hot money" into the country from abroad, says Jing Ulrich, chairman of China equities at JP Morgan. And excess liquidity (read: too much money chasing too few goods) is at least partly to blame for China's rising-prices problem. Although some say the July spike was due to short-term food shortages, the increases "are a lot less temporary than some people think," argues Michael Pettis, a professor of finance at Peking University. "China...
...these developments are representative of a credit cycle in which leverage has been ratcheted up to perilous excess. The dénouement of a credit cycle need not end disastrously for investors or the global economy. Even today, we can still point to various economic positives - buoyant global growth, low inflation and enormous investment flows from Asia and the Middle East. But comfort from these forces may be short-lived if credit problems worsen and housing prices keep falling...