Word: retirees
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That is by no means the most devastating loss stemming from a biotech failure in the '90s. Centocor Inc. fell from $60 to $5; Xoma Corp., from $32 to $1; Synergen Inc., from $73 to $4--all because of hyped septic-shock drugs that didn't work. Inject those babies...
For a high-tech executive with a Ph.D. in physics, Brian Kushner had an unlikely inspiration. If used cars helped push America into the automotive age, perhaps used PCs could do the same for the information era. The result: Recompute, Kushner's year-old used-computer store, which just went...
The advice here, however, is to stick with The Friends of Freeland (Knopf; 508 pages; $26), an amiable and decidedly quirky novel. Its narrator, Eggert Oddason, is chief speechwriter and grand vizier to Freeland's President, a gifted though alcoholic giant named Hannibal Hannibalsson. After 20 years of ever decreasing...
There are good reasons to believe, however, that harsh assumptions about Americans' compassion and prudence are not justified today--if they ever were. One of the most encouraging messages from the November election is that even as voters demand an end to welfare dependency, they want a stronger social safety...
...would be depleted. Thanks to men like Kerrey and investment banker Pete Peterson, president of the Concord Coalition, more and more Americans understand that the Social Security "trust fund" is a myth. Every week's collection of Social Security payroll taxes first goes to pay benefits to today's retirees; then the surplus (currently about $565 billion) is immediately used to finance other federal spending. What goes into the "trust funds" is government ious that can be repaid only through some painful combination of spending cuts, tax hikes or further borrowing...