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...net charge-off rate on credit-card defaults could skyrocket to 10% in 2009 - double the average of 5% over the past 10 years - reaching $18.6 billion in the first quarter and $96 billion by the end of next year, predicts an October report from Innovest Strategic Value Advisors, an investment-research firm. "A 10% [charge-off] rate would be unprecedented," says Laura Nishikawa, an Innovest analyst. (Read "Fannie and Freddie Offer New Plan to Help Homeowners...
...trouble even before the onset of the bear market. Earlier this year, Spectrem Group, a Chicago-based consultancy that tracks the habits of Americans worth between $5 million and $25 million, reported that the wealthy were dropping hedge funds from their portfolios. In 2005, Spectrem said, 38% of high-net-worth individuals invested in the funds; by 2007, the proportion had fallen...
...almost time for dinner in little Italy. A man walks along the street in shorts, dangling a cigarette from one hand, pushing a stroller with the other. Kids mill around a basketball hoop missing its net. Men chat on a porch nearby. Twenty years ago, people from Mabini, a small city in the central Philippines, started to leave for Italy to find better-paying jobs. Today, some 70% of the neighborhood is supported by monthly checks from Rome or Milan. Now, Italian-inspired villas crowd the town's hilly streets. There are flat-screen TVs, luxury cars and pricey Toblerone...
...Crimson this weekend will be special teams. The game against the Lions featured a missed extra point, several mishandled returns, and a snap over the punter’s head, which led to a Columbia touchdown. As if that were not enough, Harvard, last in the league in net punting average, also gave up a 76-yard punt return for a quick six points.Thus this weekend could be a sink-or-swim opportunity for the Crimson’s special teams, as Penn is ranked tops in the Ivies in kick returns and third in punt returns, having scored once...
...recession. The China package was big and bold - and a tacit challenge to the Obama Administration. It represented 18% of the Chinese gross domestic product, the equivalent of a $2.4 trillion program in the U.S. Of course, China has bigger problems to solve than we do. Its social safety net is made of tissue; vast sums will be needed to establish a proper health-care and pension system. But much of the $586 billion will also be spent on investments to jump-start China's next economic expansion - investments in transportation, education, communications and energy. (See TIME's special report...