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Nobody knows the vicissitudes of technology better than Lucent, which had to negotiate a $6.5 billion loan package last month to avoid a cash crunch. Lucent was first a beneficiary and then a victim of the race to wire the U.S. with the speed-of-light data pipes known as broadband. And now it has company in its misery, as broadband carnage has spread from phone companies like AT&T and WorldCom to fiber makers like Corning to optical-systems builders like Nortel Networks to components makers like JDS Uniphase and networking companies like Cisco Systems...
Then there's the worst-case scenario. Biggs expects real estate values to drop and banks to eat loan losses. The U.S., he says, has a 1-in-4 chance of lapsing into a deflation-ravaged economy similar to Tokyo's, though in his view it would last only two or three years--not a decade as in Japan...
GIVE THEM CREDIT Starting this week, consumers will have Internet access to their credit scores. That's your three-digit loan-risk index, once seen only by lenders. Equifax, the largest U.S. credit reporter, and Fair, Isaac, which devises scoring, will offer for $12.95 a credit report, the same credit score lenders use and explanations of how it works. Rivals Trans Union and Experian are developing scores for consumers as well. Consumer advocates still hope Congress will make credit-score disclosure mandatory...
...then there was hope, in the form of more kabuki: the lame-duck Mori urging his ministers to tackle the banking system's $600 billion bad-loan problem, and finance minister Kiichi Miyazawa promising fiscal guarantees for a bailout scheme that many wonder whether the government can afford. But the task forces are meeting and ministers are huddling, and in Japan, that constitutes dramatic action. In the financial markets there was hope that Mori's puppetmasters in the beleaguered Liberal Democratic Party might just be moved to vigor in the cause of self-preservation...
...course, just as the Dostoyevsky would gain something from such a dislocation, so too do the photographs. There are 11 photographs, all from the last four years--nine that are 120 centimeters square and two that are slightly smaller. The nine square photographs are on loan from the Sonnabend Gallery, in New York, with which Hofer has had a long association. The two smaller squares, both photographs taken within the Bibliotheque Nationale de France, are courtesy of the Rena Bransten Gallery, in San Francisco. The photographs exhibited are selections from three different series that Hoferhas done, one of libraries...