Word: stockely
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...Geithner's experience does have its downside. The Administration's attempts to shore up confidence in the stock and credit markets have stumbled, and now even previously rock-solid institutions like Citigroup are in deep trouble. And if Geithner locked horns with Sheila Bair from his perch atop the New York Fed, he'll have to work even more closely with her from the Treasury building on the other side of the White House, as the two will be key players in saving any big banks that fail. They will also control the shape of any mortgage bailout for Americans...
...Ritchie, who is currently in London filming his new film Sherlock Holmes, is said to be relieved. According to British tabloid the Daily Mirror, he blurted out, "Thank God," on the set when he learned on Thursday evening that the hearing would take place. The Lock, Stock and Two Smoking Barrels director celebrated quietly with a pint of beer...
...ahead, for the moment at least, of even Nouriel Roubini, the New York University professor known as Dr. Doom - whose current forecast is about -4%. Lots of Wall Street economists less renowned for their gloominess have by now moved past the -3% mark. In fact, one explanation for the stock market's horrible week could be that the realization of just how bad the quarter will be is finally sinking in among investors. (See the Top 10 Dow Jones drops...
...decades, economic statistician Geoffrey H. Moore tried to improve on the poor record of forecasters by identifying financial and economic indicators that had at least some measure of predictive power. The Index of Leading Economic Indicators now compiled by the Conference Board, which includes things like money supply, stock prices, unemployment claims and average weekly hours worked in manufacturing, was his brainchild. Its latest release, which came out on Thursday, showed a decline along the lines of the last recession...
...China after Hong Kong was handed back to Beijing by Great Britain in 1997. Millions of mainland tourists flooded the city and spent their newfound wealth in Hong Kong's famous luxury shops. A rush of Chinese companies looking to tap international capital markets turned to Hong Kong's stock exchange, solidifying the city's status as a world-class financial hub in step with New York and London. (See 10 things to do in Hong Kong...