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...during his second term: persuading the North to stand down its nuclear program in return for an array of economic benefits as well as eventual diplomatic recognition by Washington. For now, that strategy is off. "I'm tired of buying the same horse twice," said Defense Secretary Robert Gates late last month. In its place, if North Korea continues on its current path, say Administration officials, will be an "aggressive, defensive posture" toward the North. With engagement on ice, thanks to Kim Jong Il, the U.S. will try a policy of containment in hopes of preventing further expansion or export...
...your credit-card bills in full each month, you probably didn't take much notice when President Barack Obama signed legislation in late May aimed at keeping banks from doing such things as hiking interest rates with little or no notice and engaging in other consumer-unfriendly practices. But don't assume that just because you rarely carry a balance, you are immune from poor treatment at the hands of credit-card issuers...
Emboldened by this work, economists began to apply their number-crunching skills to the postwar market. Chicago graduate student Harry Markowitz devised a model for picking stocks that was, in Friedman's estimation, "identical" to his artillery-shell-fragmentation trade-off. And in the late 1950s, scholars at Chicago and the Massachusetts Institute of Technology became enamored of the idea that stock-market movements were, like many physical phenomena, random...
...found it wanting. But the strong performance of the U.S. stock market and economy tended to silence doubts about the wisdom of the market both on campus and where it really mattered--in Washington and on Wall Street. Shiller warned repeatedly of irrational exuberance in stocks in the late 1990s and in housing in the early 2000s. He was largely ignored both times--until he turned out to be right. Unwillingness to countenance the possibility that market prices might be wildly wrong defined the behavior of regulators, corporate executives and most Wall Streeters during both the tech-stock and real...
Military camo went mainstream after a hunting enthusiast named Jim Crumley used a Magic Marker to draw vertical tree-trunk lines on a few pairs of tie-dyed coats and pants in the late 1970s. A decade and two mortgages later, his patented "Trebark" design had gone from being featured in a few small ads in Bowhunter magazine to appearing in nearly every major outdoors catalog in the country. When Manuel Noriega, wearing Trebark gear, finally surrended to U.S. troops, Crumley reportedly toyed with the idea of using the Panamanian general in an ad campaign with the slogan "No wonder...