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...level of the terror chain, from planners to financiers, from cadre to foot soldier, from ideologist to cheerleader." Such claims have been on the rise since Sept. 11, when 15 of the 19 hijackers were Saudis. Relatives of those killed in the attacks filed suit last week seeking $1 trillion from, among others, three Saudi princes who allegedly gave money to groups supporting the terrorists. But the Pentagon briefer's solution to the Saudi problem was provocative in the extreme: Washington should declare the Saudis the enemy, he said, and threaten to take over the oil wells if the kingdom...
...ratings are of particular interest to a growing class of fund managers, including pioneers Amy Domini of Domini Social Investments and Reto Ringger of Sustainable Asset Management, who limit their investments to companies that meet certain environmental and social criteria. Assets in U.S. socially screened funds surpassed $2 trillion last year, a 36% increase since 1999 and a rate of growth 1.5 times as fast as the average of other professionally managed U.S. funds, according to a Social Investment Forum study...
...Financial Times reported Tuesday that Saudi investors have withdrawn $100 billion or more from the U.S. in recent months. Besides the natural movement of capital in response to market conditions, the report cited the souring of relations since last September's terror attacks on New York and Washington, the trillion-dollar lawsuit by families of 9/11 victims and talk among some conservatives about freezing Saudi assets as reasons for the alleged capital flight. The news triggered a brief dip in the value of the dollar against other currencies before jitters were calmed by subsequent reports questioning the FT's claims...
...company. In the 12 months that ended on June 30, Americans spent $114 billion remodeling their homes, up from $107 billion in the 12 months that ended March 31, Harvard's Joint Center reports. Some of the money came from stocks. But most was borrowed against homeowners' record $6.7 trillion of equity. Home has never been sweeter. "It's good to invest in your house, to fix it up," says Patricia Chavez, 40, who lives with her husband and three children in Moreno Valley, Calif. The Chavezes just borrowed $20,000 against the house, partly to pay off high-interest...
Real estate has been a life preserver for the whole economy. With $8 trillion lost in the stock market in the past few years, steady gains in housing--and easy terms for borrowing against those gains--has kept the economy from falling hard. Typically, housing-related activity accounts for $1.40 of every $10 spent in the U.S. But last year housing accounted for about $2 of every $10 spent and for more than half the nation's GDP growth, says David Lereah, chief economist at the National Association of Realtors...