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...economy. A gradual global slowdown would also give the Fed far more room to maneuver without the threat of stoking inflation. But there are downsides too: the U.S. would see high energy prices as Asia's demand for oil kept soaring, a continued dollar slump as low interest rates made it less attractive to hold dollar-denominated securities, and the threat of rising inflation as a weak dollar made imports more expensive. And a global recession (generally defined as growth of less than 2.5%; since the Depression, global growth hasn't actually gone backward) would be just plain bad news...
...asked to eliminate. Putin was weaned by the KGB, and I anticipate the worst from him. His very expression is off-putting. I'm 80 years old, not a profane person and quite benign in my declining years. But when I opened the magazine and saw that low-angle shot of Putin, I impulsively shouted a curse, like an uncouth youth. Andrew Halmay, TORONTO
...Last year some of the country's most influential corporations - including GE, DuPont and the power company NRG - formed the U.S. Climate Action Partnership to lobby Washington for a carbon cap-and-trade system. "This has to be a top domestic issue," says NRG CEO David Crane. "We have low-carbon solutions, but they need to have a little bit of government support...
...Maybe. But John McCain has been in presidential politics long enough to know that there is always the McCain exception to every rule. After he decisively beat former Massachusetts governor Mitt Romney in neighboring New Hampshire, McCain's low-budget campaign expected a windfall of fresh donations to help propel it forward. But the haul was disappointing; donors still weren't ready to buy in to a candidate they view as too much of a risk. The towering obstacle between McCain and victory is not so much his rivals for the nomination but the suspicion long held by many Republicans...
...Barroso said the cost is low compared to the high price of inaction. "The longer we delay, the higher the costs of adaptation and mitigation," he said, adding that the overall price tag of the plan, at around 0.5% of E.U. gross domestic product, represented value for money over the long term. "This amounts to about three euros a week for everyone. A real commitment, but not a bad deal...