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...like luxury goods expected to be unscathed. The collapse of major banks and Wall Street firms means thousands of wealthy consumers are faced with vanishing annual bonuses at best and job losses at worst. "Even in a down economy like last year, the luxury market tended to be recession-proof," says Krugman of the NRF. "But Wall Street workers were hit the hardest, and they make up the core customers of the luxury market, especially in New York City...

Author: /time Magazine | Title: Looking Ahead to a Blue Christmas | 10/7/2008 | See Source »

...Legislation that will allow the Treasury to use $700 billion to help institutions in distress is also potent proof of the crisis’ gravity. Betting on the decline of selected financial firms’ stocks, known in finance as “short-selling,” is now banned in the United States and Britain. According to South China Morning Post, Chinese banks were recently told to suspend lending to U.S. financial institutions. The weak dollar caused import prices to surge by 20 percent from last year, which should have helped local enterprises; it has provided an advantage...

Author: By Jan Zilinsky | Title: Lessons from the Financial Crisis | 10/7/2008 | See Source »

...statements are enlarged, diagrammed, and deconstructed would do the academy proud. Barack Obama’s reference in front of an Iowa crowd last year to the rising price of arugula (as opposed, one imagines, to iceberg lettuce or a nice thick T-bone) was touted by many as proof of his elitist disconnect from middle America. The official comment that John McCain was “aware of the Internet” was neatly transfigured into an image of the Republican as an old fogey hunt-and-pecking at his dusty Underwood...

Author: By Jessica A. Sequeira | Title: In a Nutshell | 10/6/2008 | See Source »

...feel extraordinarily good about where we are," he said over and over, in different iterations, as Giuliani's languid campaign performance turned off voters in state after state. DuHaime called certain New England states "momentum-proof," while saying he felt "very good" about other states, like Florida, that Giuliani would eventually lose. At some point, reporters covering the race could no longer handle it all with a straight face...

Author: /time Magazine | Title: Can McCain Map Out a Comeback Strategy? | 10/6/2008 | See Source »

Roche, however, retains one key advantage: it has already seen its own line of attack succeed. The proof? Roche's first targeted breast-cancer drug, Herceptin. Developed by Genentech, Herceptin was marketed specifically to destroy cancers containing the her-2/neu protein, which doctors can detect using a 21-gene screen diagnostic. Herceptin has helped thousands of women combat breast cancer. But there's no doubt it has also helped Roche's bottom line: at $40,000 a year per patient, Herceptin grew globally in sales nearly 25%, to $4.1 billion, last year. "You need self-confidence to take risks...

Author: /time Magazine | Title: Roche's Rush | 10/2/2008 | See Source »

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