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...market mutual funds, the Reserve Primary, announced that it's going to give investors less than 100 cent on each dollar invested because it got stuck with Lehman securities it now considers worthless. If you can't trust your money fund, what can you trust? To use a technical term to describe this turmoil: yechhh...
...paying the price for Wall Street's excesses. Some of the cost is being paid by prudent people, like retirees who have saved all their life. They're now getting ridiculously low rates of 2% or so on their savings because the Federal Reserve has cut short-term rates in an attempt to goose the economy and reassure financial markets. Taxpayers are going to get stuck too. By the estimate of William Poole, former head of the St. Louis Fed, bailing out the creditors of the two big mortgage firms, Fannie Mae and Freddie Mac, could cost taxpayers $300 billion...
...Comptroller of the Currency battled state regulators over who had the right to impose consumer protection rules. And in a struggle that has taken on special resonance this week, Commodity Futures Trading Commission chief Brooksley Born - a Clinton appointee - tried after the collapse of the hedge fund Long-Term Capital Management in 1998 to impose some kind of federal oversight on the over-the-counter derivatives market, and was thwarted by a less-than-holy alliance of anti-regulation types in Congress and colleagues in the Clinton administration who didn't want to see the CFTC get authority over...
...wife, Carla Bruni. Sarkozy's audacious Union for the Mediterranean summit in July 2008 in Paris, and his high visibility in his current six-month stint as President of the European Council, stand in striking contrast to the leaden final years of François Mitterrand's second term, or to the two mandates of Jacques Chirac. From the Caucasus to Damascus, it seems, France is back...
...profiles change from campaign to campaign, but women like Stern and Seidel have been deciding U.S. elections for years. In 1996 they were the "soccer moms" Bill Clinton captured to win re-election. After 9/11, they morphed into the "security moms" who helped give George W. Bush a second term. Four years later, they are a little older, and their anxieties have multiplied. Their numbers are enormous: they typically account for as much as 12% of the electorate. The two campaigns are referring to them as Wal-Mart moms, but a better name might be maxed-out moms...