Word: feds
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...much of the Federal Reserve Beige Book can be, there's something calming about its comprehensiveness, a sense of solidarity in misery. Oil extraction is poor in Texas, restaurants in San Francisco are doing badly, and the peanut industry - let's not talk about the peanut industry. The Fed predicts things are going to get worse over the next year. Flip through this report, despair, then go watch a Pixar flick...
...Fed's Bleak December Report...
...rise. Panagiotis Spiliopoulos, head of investment banking research at Switzerland's Vontobel bank, estimates that $15-20 billion in domestic funds were moved from UBS to smaller banks in recent months. In normal times, one bank expert says, withdrawals would be next to nothing. "We are fed up because UBS has betrayed all the values that make us uniquely Swiss: fiscal responsibility, stability and international credibility," says Samuel Bretholz, a Geneva sociology student who is writing a thesis about the banks' impact on society. "No wonder our perception of ourselves as decent people has taken a beating...
...windfall when oil was $140 per bbl., at today's price of $40, profitability will be a challenge. Nor is oil always the blessing that it appears; in nations from Nigeria to Saudi Arabia, its promise of easy money has crowded out other sectors of the economy, and fed corruption, too. But Lula, who keeps a jar of oil from the recent find by his desk, along with others filled with exotic beans and plants developed for biofuels, sees the oil as another resource to help end poverty. "God," the President crowed after the discovery, "is Brazilian...
...stern defender of the right, he backed Joe McCarthy's search for imaginary Communists and, a month before his death, was ripping at House Speaker Nancy Pelosi. But sometimes he just got fed up with policies he'd supported; Harvey famously reversed himself on Vietnam, telling Richard Nixon, "Mr. President, I love you, but you're wrong...