Word: greates
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...displayed a component of his character: It was the first time we had seen his "back-alley" side, as a fighter. And that's a quality he's called on repeatedly in the past year. After that loss, Federer got off the canvas. He pushed Nadal again in a great Australian Open final this year. He won the French Open. And while [last year's] Wimbledon final may prove to be the high point of the rivalry with Nadal, the rivalry didn't die that day. Even at this year's Wimbledon [at which Nadal isn't playing because...
Does this sound familiar? The financial history of the past decade is replete with echoes of Fisher's colossal 1929 miscalculation. A brilliant Fed chairman was credited with banishing panics and ushering in what economists called the Great Moderation. An explosion of financial innovation was deemed to have provided investors, corporations and banks with new ways of managing risk. Prices of stocks, houses and other assets rose to levels that were high by historical standards--but who was to say the market was wrong in fixing those high values...
...important insights. He proposed in 1911 that the government issue inflation-linked bonds; in 1997, the Treasury Department finally got around to doing so. If anybody in power in Washington had been willing to follow his advice in 1930 or '31 (which essentially amounted to "Print more money"), the Great Depression might not have been so great. For the past two years, the Federal Reserve has been working right out of the Fisher playbook, and while the results haven't been perfect, they've been a lot better than those of the early 1930s. The economics that Fisher espoused--reborn...
...strands of statistics and pro-market ideology came together in the mid-1960s. It was the great MIT economist Paul Samuelson who made the case mathematically that a rational market would be a random one. But Samuelson didn't share Friedman's political views, and he never claimed that actual markets met this ideal. It was at Chicago that a group of students and young faculty members influenced by Friedman's ideas began to make the case that the U.S. stock market, at least, was what they called "efficient...
...What exactly that means is up for debate. Thirty years into China's great opening, Beijing has backed away from the nation's bedrooms. Privately, people enjoy relative sexual freedom - subject, for the most part, to limits set by parents, not the Communist Party. But public crackdowns on pornography and sex-related events are common, as this month's anti-porn Internet-censorship measures have proven, and they are notoriously hard to predict. At mainland China's first gay-pride festival in Shanghai last week, officials shut down two film screenings and a performance of The Laramie Project, an American...