Word: meanly
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...which they had no equity? That wasn't in our computer model. It's not our fault"). Then there's the right way, which involves asking the questions that really matter: How did we get here? How do we get out of it? And what does all this mean for the average joe? So take a deep breath and bear with us as we try to explain how financial madness overtook not only Wall Street but also Main Street. And why, in the end, almost all of us, collectively, are going to pay for the consequences...
...housing hiccup wouldn't be a big deal - what's a few hundred billion in crummy mortgage loans compared with a $13 trillion U.S. economy or a $54 trillion world economy? - failed to grasp that possibility. It turned out that Wall Street's greed - and by Wall Street, we mean the world of money and investments, not a geographic area in downtown Manhattan - was supplemented by ignorance. Folks in the world of finance created, bought, sold and traded securities that were too complex for them to fully understand. (Try analyzing a CDO-squared sometime. Good luck...
...says it might also be about the state of financial markets. Mergers and buyouts, he notes, often come in waves. "The first merger tells the market something, and then other companies, to be competitive, try to make a move," he says. First Lehman, then Merrill, then ... But does this mean the stand-alone investment bank is no longer viable? "In the short term, it doesn't seem like it is," Martos-Vila says. "But when confidence is restored in the market and they move to another type of risk, who knows...
...overwhelmed with patients," says Nahlen, who used to do monitoring work for WHO. The data, if it's properly recorded, then goes up to the officials, who may also be overwhelmed. Those records then get passed along to WHO. "It's sometimes hard to know what these numbers actually mean," he says...
...HIGHLIGHT REEL: • A meeting soon after Cheney is inaugurated, between himself and former vice president Dan Quayle. "'Dick, you know you're going to be doing a lot of this international traveling, you're going to be doing all this political fundraising.' Quayle repeated. "I mean, this is what Vice Presidents do. We've all done...