Word: feds
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...fed bellied up to the bar last week and ordered a double. Greenspan & Co.'s decision to drop short-term interest rates by half a percentage point surprised Wall Street--which had expected a quarter-point cut--and brought rates to their lowest level in 41 years. That might help spur the economy by making it cheaper for businesses to borrow, but there's a downside. With inflation running at 1.8%, your bank savings or money-market fund yielding barely 1% is becoming a money loser. If you want safety with reasonable income, you'll have to get more creative...
...Fortunately for savers, the situation is unlikely to get much worse, as the Fed has signaled that it is done dropping rates for now. For borrowers, things won't get much better for the same reason--there will be no Christmas rate...
...surprisingly, policy planners have a spotty track record when it comes to matching supply with demand. In the 1990s, strict government controls fed a speculative price bubble that made Hong Kong one of the world's most expensive real estate markets. When the bubble burst in 1997 during Asia's financial crisis, a deflationary spiral ensued, knocking prices down by some 60% and destroying much of the wealth of property owners and commercial developers...
...Tuesday Oct. 22, Francis performed at the House of Blues in Harvard Square. The hall was packed with young college students, excited and anticipating Francis. Francis fed off their enthusiasm, encouraging singing, dancing and taking their requests for “Go Ridin’,” which he lengthened with two choruses sung by the audience. Maintaining the momentum, Francis reworked his songs from relaxing ballads to outrageous musical improvisations...
...error occurred while processing this directive]DIED. STEPHEN AMBROSE, 66, best-selling American historian whose books fed a popular appetite for stories of Allied valor in World War II; in Bay St. Louis, Mississippi. The former University of Wisconsin football star made his name in the academic world with multi-volume biographies of Dwight Eisenhower and Richard Nixon before crashing the bestseller charts in 1992 with Band of Brothers, the first in a string of hugely successful patriotic histories. Ambrose, whose reputation was tarnished earlier this year by the discovery of plagiarized passages in several of his books, also served...