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...have been perfect for an FBI fingerprint lab. Completed in 1969 in the design idiom called Brutalism, it ran more than half the length of a city block with hardly a grace note or welcoming gesture. To make matters worse, a heavy pedestrian bridge that connected it to the main Lincoln Center campus, across 65th Street, cast a broad swath of that street into permanent shadow...
...result, it's unlikely that any of the $1 trillion Obama wants for his "bad bank" will be turned into credit that helps revive business and consumer spending. The main reason is that the North-American economy might be stuck in a classic liquidity trap, first witnessed during the Dirty Thirties when banks began hoarding newly created liquidity as insurance against a further downturn. "The fact is that since the failure of Lehman Brothers every bank in the world has been concerned with beefing up capital to survive the next few years," says Lawrence Booth, a finance specialist...
...main part of the plan calls for spending up to $75 billion of Treasury's TARP funds to restructure the loans of homeowners who are behind on their mortgages or at immediate risk of falling behind. Since foreclosure is such an expensive process, most lenders are already modifying some loans voluntarily. But mortgage rewrites haven't necessarily been lowering borrowers' monthly payments by much, if at all - and people whose loans are held by investors have often been left out in the cold...
...What Would Lincoln Do?": Lincoln dedicated his life to the pursuit of economic freedom for all [Feb. 16]. But lost in the debate on the current stimulus plan is any mention of personal responsibility. That lack of responsibility on Main Street, Wall Street and Capitol Hill is what got us into this mess to begin with. Sure, we all have the right to rise, but we have forgotten that with rights come responsibilities. Jason Peirce, CALABASAS, CALIF...
...debt. "It just doesn't work," says Harsha da Silva, an economist and consultant to the Asian Development Bank. A victory would reduce that spending but might also bring down with it a rural economy propped up by soldiers' salaries and pensions. In many villages, the army is the main employer, and without it, families will begin to feel the full effect of the global recession in the garment, tourism and tea industries--the three pillars of Sri Lanka's economy. The government's only response so far has been to tighten import controls and promote local agriculture...