Word: summers
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...parachutes offered to the top executives, it wasn't a bailout. But it did take a $30 billion loan from the Fed to seal the deal. This was a truly extraordinary use of the central bank's powers and an indication that the subprime-mortgage crisis that erupted last summer has evolved into something bigger and more ominous--possibly the greatest challenge to the American way of financial capitalism since the Depression...
...speculative bubble in housing reached its peak in the summer of 2006. As of last December, house prices were down 10.2% from that peak, according to the S&P/Case-Shiller National Home Price Index, and are still falling. Defaults are way up, and with the collateral behind even formerly sound home loans losing value by the day, defaults will surely keep rising...
Several big hedge funds had already been driven out of business by such lender squeezes, starting last summer with two mortgage funds run by Bear Stearns. But Bear itself still turned a small profit in 2007. As late as the first week of March this year, there was no reason to think it was in imminent danger. Then rumors began flying that it was. Lenders refused to lend, clients refused to trade, and suddenly Bear was out of money. It was a bank run, more or less. And the scary thing was that there is no entirely satisfactory explanation...
Before the orbiter attempts that maneuver, it will execute two flybys of the moon Titan, whose opaque orange atmosphere has been increasingly pierced by the spacecraft's radar. And this summer Cassini will make an unusually high orbit above Saturn's massive B ring, promising unique images of the ring, spread like an immense halo around the planet. The ship will also have the rare opportunity to observe the sun cross the plane of the ring from south to north, literally shedding light on the B ring's complex particle structure. "We want to know what a particle would look...
...develop new ways to build tougher, swifter swimmers. He has not stopped since. Today Kiss is head of the Hungarian national swimming team, and he is turning his country from a fringe player in competitive swimming into a global force, one that's won aquatic medals at every Summer Olympics since 1988. In the process, Kiss is establishing himself as perhaps the most imaginative coach in the history of the sport...