Word: seemed
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...there a credit crunch? Was there ever? Those questions may seem absurd. Throughout the autumn, the interest rate banks charge each other broke one record after another as trust between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
Drops in wealth do seem to reduce happiness, but even that is short-lived. The American Enterprise Institute's Arthur Brooks, who wrote Gross National Happiness, says our moods tend to adjust to new economic realities quickly. "We do find in poor economic times, you get dips in happiness, but they don't last long," says Brooks. "Money may buy happiness, but not very much...
...downsides to Blair's appointment are that there's little chance he'll lead the much-needed charge to streamline the intelligence community. As the former commander of the Pacific Fleet, Blair had a vast and sprawling staff that makes the bloated intelligence community seem downright efficient...
Scowcroft is that, but he's not actually "advising" Obama. The President-elect has only spoken to him twice, briefly, in the last year and not on substance. Obama's other attempts at outreach, though apparently sincere, seem equally symbolic, at least for now. Obama has had short conversations with Reagan's Secretary of State George Shultz and former deputy Secretary of State Richard Armitage, and both men describe their conversations positively. But an Obama transition aide, when pressed about these contacts, admits that it is "not fair to put them in the category of advisers." Rick Warren and Obama...
...Year's in New York. The recently opened Stay Hotel in New York's Times Square area is offering two special packages - the prices may seem a bit steep, but they include lots of goodies (plus, the hotel has feather beds!). The "Stay Til Next Year" package comes with a personal shopper - complete with a $250 gift card to H&M, $100 gift card to Sephora and a consultation with a make-up artist - two tickets to the New Year's Eve party at the hotel's restaurant, Aspen, champagne and a special dessert in-room, plus room service breakfast...