Word: rapid
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...Frank Nothaft, chief economist at Freddie Mac. But, says Zurich Scudder's Allyn, the cash outs "are a little like eating your seed corn. It's not a long-term solution." Moreover, the refi boom is over, and many homeowners have larger mortgages and can no longer count on rapid appreciation to build equity. "I'm scratching my head over how we can accelerate much from here," says Allyn. Consumers are as tapped out as they've ever been, devoting on average 14% of personal income to debt service, including mortgage and consumer debt...
DIED. HUGH GLOSTER, 90, longtime president of Morehouse College who oversaw the historically black school's rapid expansion in the key post-civil rights era; in Decatur, Ga. In his 19-year tenure, enrollment and faculty doubled...
...Sharon's political decline has been mirrored by Arafat's revival. Three months of confinement by Israeli tanks worked wonders for his domestic political standing, and Washington's urgent need to stem the raging violence has required a rapid rehabilitation of Arafat in U.S. thinking. Arafat had long urged Washington to send back Zinni and resume its mediating role, but now the Marine general may not have enough to offer. Arafat is looking for activation of the Tenet and Mitchell cease-fire plans, with the bonus of U.S. observers being deployed to monitor both sides' compliance...
...This pessimism may be too murky. Japan changes more by revolution than evolution. The Meiji Restoration of 1868 catapulted Japan into the industrial age in the blink of a historian's eye, as did the post-war economic "miracle"?a word employed by Western commentators who failed to see rapid growth coming. It may be that the demographic and financial meltdowns Japan faces will trigger another volcanic transition, and soon. It may be that this change will promote meritocracy, protect the environment, modernize the economy, strangle the Yakuza, muzzle corruption and, crucially for my family's future, usher...
When she became secretary-general of Amnesty International last August, says Irene Khan, international human-rights groups like the million-strong, 40-year-old organization she had been tapped to head were in danger of becoming complacent. "Sept. 11 and everything that happened after, all the antiterrorist legislation, the rapid rolling back of civil liberties in so many countries," put a swift stop to that, says Khan...