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Before the market opened - a day before the one-year anniversary of its record high - Sal Buccellato, a currency trader with Gallant FX, warned that not everyone was going to enjoy the end-of-the-year holidays, but he was more optimistic over the long term. Buccelato - who said he made money during the bloodletting - saw a silver lining even for those who lose their jobs. "They'll take a nine-month vacation and the government will pay for that, too" - referring to severance packages, unemployment benefits, unused time-off and other subsidies that would come their way. Greg Barton...
...holding dud paper has gummed up credit markets, with banks refusing to lend to one another for fear that the borrowers may default or may have themselves lent to other banks that could default. That in turn is causing solvency problems for some financial institutions that rely on short-term borrowing to fund their operations...
...Beyond the immediate economic impact, there are already signs that this meltdown will have longer-term repercussions. One is that policymakers everywhere will have to go back to the drawing board to figure out a more effective system of financial-crisis management. "Governments are making the same mistake over and over again. They're trying to deal with the crisis on a piecemeal basis," says Dennis J. Snower, president of Germany's Kiel Institute for the World Economy. He advocates a far more ambitious solution, including the creation of a new international agency that can act as a lender...
...long-term goal is to harness the real power of Boston that no place in the world can compete with,” Ingber said. “The ability to interact with faculty across Harvard, its hospitals and its neighboring universities, the big pharmaceutical companies and biotech start-ups, the IT companies—Boston...
...underway. Economists are warning that the Continent is facing its biggest crisis since the Depression - when Europeans also first mistakenly thought the problem would remain confined to the U.S. One leading German politician, Interior Minister Wolfgang Schauble, even raised the specter of the kind of longer term economic dislocation that led to the rise of Adolf Hitler. "Four months ago," says economist Schmidt, "I might have said that it may not get worse. But we have not seen anything like this before. I cannot say that we have reached the bottom. I am afraid that may not be the case...