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...approach work became a model for how work should be conducted. Wall Street shapes not just the stock market but also the very nature of employment and what kinds of workers are valued. These firms sit at the nexus - they are the financial advisers and sources of expertise to major U.S. corporations and institutional investors - and from this highly empowered middle-man role, what they say has a lot of influence. The model that came to be dominant in the 1980s was one of constant change. The idea is that there's a lot of dead wood out there...
...think things have changed in the recent collapse? I think it remains to be seen, but I don't think the culture of Wall Street has substantially shifted. Even in the midst of this major global financial crisis, Wall Street has still continued to resist change. And I'd argue part of the reason they've been able to, even though investment banking as we knew it no longer exists, is that their ethos still does. Their daily cultural practices still do. Just look at how fiercely investment banks have resisted changing their bonus structure. But I think...
...biggest question will be what to do about schools. Because the virus has struck the young at such unusually high levels - some 60% of the world's confirmed cases have occurred in people age 18 or younger - schools have become a major locus of infection. Outbreaks incubate among children in schools, then spread to the community when those kids go home. A study in the journal Lancet found that closing schools as a preventive measure in the early stages of a pandemic could sharply cut the number of cases initially, which would reduce the later surges of infections that...
Despite a last-minute blitz by supporters of the F-22 fighter to keep building more of the $350 million planes, the Senate voted 58 to 40 on Tuesday to halt its production. The action, backed by a veto threat from President Obama, is a major victory for Defense Secretary Robert Gates' effort to retool the Pentagon for the kind of wars now being fought in Afghanistan and Iraq. Obama praised Gates for his "outspoken leadership" in slaying the F-22 in the face of strong resistance from its backers. "At a time when we're fighting two wars...
...That left F-22 backers having to exaggerate threats: Army Major General Raymond Rees, adjutant general of the Oregon National Guard, told the Air Force Association, an independent group, that the F-22 is needed because only it can shoot down enemy cruise missiles fired at U.S. cities. "The more research we have done," he told the pro-Air Force outfit, "the more convinced we are that it is absolutely imperative...