Word: reaction
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Among those who are still employed, reaction to deferments and fellowship options largely has been harsh. Many associates privately complain about how law firms have betrayed trust by promising jobs they may not be in a position to deliver. On public (but anonymous) websites like Abovethelaw.com, most critics have expressed outrage at what they perceive to be a breach of contract. Still, Sandra Sperino, an assistant professor of law for the Beasley School of Law at Temple University in Philadelphia, notes that because most states provide at-will employment, firms can change the terms of a job offer...
When treasury secretary Tim Geithner rolled out his long-awaited plan for buying up toxic mortgage loans and securities on March 23, reaction was split. Financial markets cheered, with the Dow Jones industrial average rocketing 497 points, or 6.8%, on the day. The chattering classes mostly grumbled, with Princeton economist and New York Times columnist Paul Krugman gloomily leading the way: "It fills me with a sense of despair," he wrote of the plan before it was released but after many details had leaked...
Gelb, who believes the proper reaction to an Iranian bomb is containment and deterrence, not force, may be reacting to past American arrogance with undue humility. "If you try for the perfect solution, you're asking for failure," he says. We have to tolerate a world that isn't quite as we'd want it to be. It will be interesting to see if Barack Obama, who has pretty much gotten his way at every turn, will be able to handle that...
...nurse our nation's biggest banks and financial markets back to health? It's not clear. The plan leaves out tens of billions of dollars in bonds that were never AAA-rated and were hard to sell even in good times. The plan triggered a strongly positive stock-market reaction on Monday, when the Dow Jones industrials soared nearly 500 points. On Tuesday the market slipped 1.5%, as doubts about a speedy bank recovery began to take shape...
Geithner left his whipping boy costume in the closet when he presented the specifics of his plan to get the private sector to participate in buying toxic assets. The financial world was focused on the reaction to his speech and, before he had even given it, the markets began a furious rally. Once he stepped away from the microphones, the buying of equities accelerated. (See pictures of the Top 10 scared traders...