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...spending binge of the past couple of decades is over. The household debt-to-income percentage more than doubled, from 65% in 1982 to 135% in 2007. That turned out to be way too much for us to handle, and now the leveraging process has gone into reverse. The latest household debt-load reading from the Federal Reserve is 128%, and while nobody knows exactly where the percentage will end up, a lot lower seems like a safe prediction. Which means that for years to come, American households will be spending less than they take...
Whenever Sergio Marchionne talks about his latest calling--fixing auto companies written off as basket cases--he doesn't sound anything like most auto types. For a start, he's a lawyer and an accountant rather than a car engineer, and instead of getting bogged down in long discussions about the merits of one particular type of engine or gearbox, he likes to talk about Apple...
...latest example of government forces tightening their control over and heightening their rhetoric against opposition supporters of the defeated presidential candidate Mir-Hossein Mousavi. Demonstrations and rallies have ground to a halt as the heavy presence of police, Revolutionary Guards officers and plainclothes intelligence and paramilitary volunteer members in the streets have made it impossible for protesters to congregate. (See TIME's photos: "Behind the Scenes with Mousavi...
...specifically to the point in a woman's life when she either makes decisions about how well those two qualities can exist together or has them made for her. If there is an art-house programmer out there who's looking for a double feature, book Woody Allen's latest - Whatever Works, in which Larry David hooks up with a 19-year-old girl - right before Chéri and leave the theater open afterward for a debate on men, women and aging. Sparks should...
North Korea is great at scaring its neighbors. The isolated dictatorship carries a real nuclear threat, and tested its latest device this May in an underground bunker. Tensions in East Asia heightened this week after Pyongyang threatened "a fire shower of nuclear retaliation" if the U.S. or its allies in the region attempted any provocative action when trying to curb North Korea's missile program. Even those with historically warmer ties to the pariah state, such as Russia and China, have bristled at Pyongyang's latest moves. Still, North Korea may not be without friends...