Word: nationalizes
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...Agriculture and Construction: Blame Mother Nature, not the economy, for delayed harvests in the Richmond, Chicago and Minneapolis Districts, all of which experienced unusually wet weather. Corn farmers in the Midwest are still feeling the aftershock of a Nov. 1 bankruptcy in South Dakota (one of the nation's largest ethanol producrs). A global drop in cotton demand hurt the region's cotton farmers, who saw both a decline in prices and one of the smallest harvests in 25 years. Homebuilders in the Sixth District, which includes Alabama, Florida and Georgia, noted historically high inventory numbers, despite Florida's modest...
...What the CEOs of the Big Three have discovered is a nation suffering Detroit fatigue. Americans may not know squat about collateralized debt obligations, but as a nation we have been defined by car worship. We are angry at our car gods - who for too many years made too many clunkers - because we have owned the Dodge Aries K cars, Mercury Montereys and Chevy Chev-ettes they produced. So the citizens and the pols are irked to have to throw these companies a lifeline, even though they probably should do it for the good of the economy...
...which oversees the common currency in the 15-nation Euro zone, slashed its main lending rate three quarters of a percentage point to 2.5%, following two half percentage point cuts in October. Since credit markets are all but locked up in the wake of the collapse of Lehman Brothers in September, the ECB has ratcheted down its main lending rate by a total of 1.75 percentage points. (Read " Will Europe's Bank Bailout Plan Really Work...
...bloodstained aftermath of the horror in Mumbai, India picks itself up, counting the cost in lives lost, in property destroyed and, most of all, in the scarred psyche of a ravaged nation. But there are other consequences, yet to be measured, that the world will soon be coming to terms with - ones whose impact could extend well beyond India's borders, with implications for the peace and security of the region and the world...
...newly elected civilian government in Islamabad, led by President Asif Ali Zardari, had shown every sign of wanting to move away from this narrative of hatred and hostility. But Pakistan is a deeply divided nation. As the Kabul bombing showed, the disconnect between the statements of the government and the actions of the ISI suggested that the government was too weak to control its own security apparatus. In India, the state has an army; in Pakistan, the army has a state. An attempt this summer to place the ISI under the Interior Ministry had to be rescinded when the army...