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...fear and capitulation. It's hard to know the precise point of the extreme, but today there are many things that tell me that fear is way over the top, not the least of which is the level of cash holdings by private households and businesses as a percent of GDP - it's at a post-World War II high. There's so much sideline buying power - dry powder - and everywhere you look and it shows up in the Fed's statements. Part of this is because the Fed is dumping so much in [to the economy] and part because...
You’d have to be living under a rock these days not to notice the grim state of the American economy. The financial crisis of last October has spiraled into a cataclysmic near-total collapse, with official unemployment figures spiking at 7.6 percent this month. President Obama has already made plans to resuscitate the economy through a massive stimulus package while somehow reducing the largest peacetime budget deficit in American history...
...course, things could be worse—Latvia’s economy is projected to shrink by as much as 12 percent over the next fiscal year. But, more importantly for us undergraduates, the financial crisis has the potential to force Harvard students into reconsidering their postgraduate plans. For the Class of 2009, it may already be too late. For those of us who still have a little time left at the College, however, it is high time to reconsider the trade-school mentality that has characterized our campus in recent decades...
...Harvard was a long way from the egalitarian admissions policies that created its now diverse student-body, and the University only had housing for 27 percent of its undergraduates...
...Speaking to Interior Department employees after his investigation uncovered impropriety at the Minerals Management Department: "I want to make sure they understand that I believe in the integrity of 99.9 percent of the 70-odd thousand people who work in this department. There have been a few bad apples. My frustration is the way the department has dealt with those few." (Federal Times...