Word: stanley
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...good news is that in the U.S. now, as Richard Berner, chief U.S. economist for Morgan Stanley, writes, "The ultimate bastion of defense against deflation is a Fed committed to avoid it at all costs." And that's what we have. Study of the Japanese experience became something of a cottage industry for Fed researchers over the past eight years, and the Fed has responded accordingly: lending directly to banks, backstopping the commercial-paper market (which companies use to raise short-term money), trying to bring yields on both long- and short-term maturities down. Further, Fed chairman Ben Bernanke...
...firms like Citigroup and UBS about what lines of business to pursue will be made with more of an eye to how much risk comes along with the profit. Merrill Lynch's running into the arms of Bank of America and its steady-Eddie deposit base, and Morgan Stanley's and Goldman Sachs' opting to become bank holding companies can be read as early evidence of the move toward that balance...
...past six weeks the amount of cash banks are holding has more than doubled to just over a half a trillion dollars, which is nearly a record. Bank lending is up, but Yardeni says that much of the measured increase comes from financial firms like Goldman Sachs and Morgan Stanley being recategorized as banks. "Banks are piling up liquid assets much faster than they are making loans," says Yardeni. "And that's not a good thing...
...Madelyn Lee Payne was born into a strict Methodist family in Peru, Kans., in 1922. She fell in love with Stanley Dunham, a furniture salesman, and, against her parents' wishes, married him in 1940. When he enlisted in the Army during World War II, she got a job on a Wichita assembly line making Boeing B-29s. Their daughter was born in 1942, and because Stanley had wanted a boy, they named the girl Stanley Ann. Over the next two decades, Dunham moved at least five times - always in pursuit of her husband's next adventure as a salesman...
What a difference a few days make. Since an article in TIME one month ago lauded Charlotte's seemingly Teflon economy, a gas shortage closed stations and panicked consumers, and Wachovia went from a possible buyer of Morgan Stanley to being acquired itself by San Francisco-based Wells Fargo. The rush to build new homes has created a housing glut, and several of the construction cranes that had come to symbolize the city's growth now hover over stalled projects...