Word: schwartzes
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Last year, when finance professor Robert Schwartz decided to put together a conference on volatility in the markets, nobody knew just how timely it would be. In the past few weeks, triple-digit swings in the Dow Industrials have become a matter of course, as seasick investors watch stocks bound up and down, pounded by the day's news, and often, it seems, for no discernable reason at all. In the first few minutes of trading on Friday, stock indexes dropped 5% as the double whammy of deleveraging and a worldwide economic slowdown continued to buffet company shares...
...time. Nearly 495 students filled the Brattle Theatre long before 7:45 p.m., the recommended arrival time for “Nick and Norah’s Infinite Playlist.”, leaving only the front row empty. The thunderous applause came even before the movie began as Ben Schwartz ’10, vice chair of the College Events Board, introduced the film, which tells the story of two high school seniors looking for love amidst the jaded chaos of the city, finally finding it through shared music tastes. The boisterous audience was incredibly involved throughout the course...
...underlying cause of the Great Depression - as Milton Friedman and Anna Jacobson Schwartz argued in their seminal book A Monetary History of the United States: 1867-1960, published in 1963 - was not the stock-market crash but a "great contraction" of credit due to an epidemic of bank failures...
...Friedman and Schwartz saw it, the Fed could have mitigated the crisis by cutting rates, making loans and buying bonds (so-called open-market operations). Instead, it made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...
...demand for drone drivers is so great, Schwartz noted, that even retired officers may be recalled to fill the ranks. Some also argue that the Air Force ought to end the practice of regarding only officers, retired or otherwise, as eligible to operate drones. They point out that enlisted Army personnel fly that service's unmanned aircraft, and that enlisted airmen are known to spend a lot of time playing video games - a key skill in this line of work. "It does not take a commissioned officer with a university and leadership background, and years of training flying fighters...