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...were due for a stock-market smackdown. For 14 months debt markets have been stressed - and practically catatonic since mid-September. "Maybe it's a surprise, with 20/20 hindsight, that stocks held up as well as they did for as long as they did," says Bob Doll, chief investment officer for equities at BlackRock. "At the end of the day, lower-quality credit and stocks do have some things in common." The fear that has made investors shy away from all but the safest of debt finally moved on to the next logical step: fear of stocks, which inherently...
...returning your rental car, Hertz has a new policy just for you: The company will refill the tank at the local per-gallon rate and just add a charge of $6.99. If you have a Hertz Business Account, rentals of compact and full-size four-doors as well as mid-size and sporty two-doors earn an extra day free, now through December...
Ahtisaari, a former primary-school teacher, joined the Finnish Foreign Ministry as a diplomat in the mid-'60s. His first peace mediation job was as U.N. envoy to Namibia, where guerrillas were fighting the apartheid government of South Africa. He spent 20 years abroad as a diplomat for Finland and the U.N. before contesting and winning the presidential election in 1994, serving one term before returning to mediation work full time...
...right to idolize Flaubert—his eye for detail and his polished technique exemplify Wood’s aesthetic ideal of literary realism, and he offers an ideal model for writers aiming at Wood-worthy work. But surely someone equally exemplary has set pen to paper since the mid-nineteenth century.If you’ve ever read a book and enjoyed it, most of what Wood writes will echo with familiarity. The “truth,” the “lifeness” that he seeks to explain, is a driving force not only for writers...
...even if the credit markets do return to some semblance of normalcy, there is still the larger issue: for states and cities, as with the rest of America, the credit crisis has tumbled into the real economy. Before the long-simmering credit crunch kicked into high gear in mid-September, municipalities were already facing strong headwinds. In a survey of 319 city finance officers conducted from April to June, the National League of Cities found that 64% of respondents said their cities were less able to meet fiscal needs than in 2007. Cities get 28% of their funding from property...