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...byzantine computer algorithms that pick out minute pricing discrepancies and take advantage of them. The profits on these transactions may be small, but funds multiply them many times over by leveraging their investors' capital. This strategy can go awry - as it did spectacularly in 1998 when Long Term Capital Management, a giant U.S. fund whose founders included two Nobel laureates, lost $4.6 billion after Russia defaulted on its government bonds. Long Term Capital Management was heavily leveraged. It had equity equaling only 3% of its assets. That's the equivalent of a $3.3 million home-equity loan...
Reaping What We Sow Re "Life Without Credit" [Nov. 3], Bill Powell is spot on in identifying what this financial mess is all about: too much debt. But it is distressing that the only proposed solutions involve rewarding more debt. Let's, at least for the short term, raise taxes on well-off corporations and wealthy individuals, stop senseless wars financed by debt and eliminate the income-tax deductions for home-mortgage interest. Plus, don't artificially lower interest rates - this punishes those who saved sensibly. And we must all prioritize our spending wisely. I'd rather have fewer mortgage...
Though much of Makeba's influence resulted from her political involvement and her topical lyrics, she shied away from the term political singer. Makeba said in an interview, "I was singing about my life, and in South Africa we always sang about what was happening to us--especially the things that hurt...
...author Heston Blumenthal, whose Fat Duck restaurant in Bray, England, got three stars from Michelin, "we still have lots of little bits and techniques people can pull out and use at home," like poaching potatoes before frying for crisper chips. Blumenthal, by the way, is not fond of the term molecular gastronomy, which he thinks sounds élitist. "Everything in cooking is chemical," he says. "Water is a chemical. Salt is a chemical...
...also TV Music, a page that, like the art pages, solicit amateur work as well as work by art star photographer Ryan McGinely and up-and-comer Aurel Schmidt. Most of the work received ends up on one TV subdivision or another. This strange approach is why some have termed the site an “editorial project†or “community publication.†It is clear that tinyvices represents a mentality that is finding traction (or at least popularity) in the art world—one typified by a complete absence of stuffiness...