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...World of Debt The U.S. Treasury Secretary reminds us that we're in a recession where debt as a share of the economy has risen to extraordinarily high levels [June 29]. Timothy Geithner says: Remember, this is a crisis born in part of the fact that households around the world took on too much debt. Wrong. Households in the U.S. took on too much debt, and the banks just encouraged them. We've got to face the music, but should not forget who provided the tune. Heinz Lichius, LAGESBÜTTEL, GERMANY
...result of the sparring, the value of the minimum wage in real dollar terms has risen and fallen on political tides, peaking in 1968 when an hour's pay bought nearly 5 gal. (19 L) of gas. By 2006, it paid for less than 2 gal. (8 L); meanwhile, some states raised their own standards (Washington mandates $8.55 an hour). Thirty-one states will have to increase their minimum wages as a result of the July 24 increase, while 19 states and Washington, D.C. already had a minimum wage of $7.25 or higher...
...days since the bank boasted of its profits, the company's stock has fallen nearly 10%, to a recent $2.80. Shares of rivals Goldman Sachs and JPMorgan - both of which also produced profits in second quarter - have risen in the same time. (See 10 things to buy during the recession...
...Former U.S. Federal Reserve Chairman Alan Greenspan argued that bubbles could only be recognized in hindsight. But investors - who have been well schooled in the dangers of bubbles over the past decade - are increasingly wary that prices have risen too far, and that the slightest bit of negative economic news could knock markets for a loop. These fears are compounded by the possibility that Asia's central bankers will begin taking steps to shut off the money spigots and bring the party to an end. On July 29, rumors that Beijing was on the verge of tightening credit sent Shanghai...
Asthma is one of the most common ailments of young childhood - rates among children under age 5 have risen 160% from 1980 to 1994 in the U.S. But while the list of triggers that set off bouts of wheezing and shortness of breath (allergies, pollution or strenuous exercise, for example) are well known, it's still not clear exactly how the various factors that cause asthma - including genes, environment and exposure to pollution - contribute to children's chances of developing the disease...