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...Unless this plan pushes the clearing price for bonds up to $0.95, then I don't think the banks can participate," says Tyler Durden, a former Wall Street trader who now writes the popular finance blog ZeroHedge.com. "If the price is significantly less than that, banks are going to need more cash from the government or some other solution like nationalization to be able to survive...
CNBC's reaction is colored by its stressed-out day trader's focus on the short term. When ordinary people think about the economy, they think about jobs, college, retirement. Sure, the stock market affects them in the long run - but so do job security and the threat of getting wiped out by health-care bills. When CNBC considers the economy, it means Wall Street's numbers that day, that hour, that minute. CNBC may pay lip service to the long term, but it has the time horizon of a fruit...
Originally, Fahmy had no plans to go into fashion. The daughter of a cotton trader, she became an illustrator for Egyptian government publications after graduating from art school. At a book fair in Cairo in 1969, she came across a volume on medieval European jewelry. The book sparked a painful memory of Fahmy's widowed mother, who once had to sell her wedding jewelry to make ends meet. That memory prompted Fahmy to turn her skills to jewelry, and she set out to learn the trade from a craftsman in a cramped and dirty workshop of the Cairo souk. Macdonald...
...overwhelmed Pershan surveyed Hillel’s bustling dining hall. Additional tables and chairs were hastily arranged to accommodate the unexpected turnout as the room quickly filled with students donning name tags, introducing themselves, and munching on Trader Joe’s treats...
...worth 40% less than what was paid for them, or 60¢ for every dollar invested. But given how many of Jupiter's bonds have gone bad, you could just as easily guess that it is worth 41¢ on the dollar. And that might be generous. A top bond trader who looked at Jupiter for TIME said that on the basis of where loan defaults are headed and the loans Jupiter holds, even the best part of the bond could be worth as little as 5¢. A near total loss...