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...discussion of the economy and flies to Oregon and California for some follow-up stumping, and the White House's economic team descends on the Sunday morning talk shows. But Senate Majority Leader and acting King of the Democrats Tom Daschle is still peeved about the $1.3 trillion tax cut that walked right over his dead body in the spring and helped bust the budget in the process - and he wasn't going to wait until Monday to start shooting. Friday afternoon, Daschle will hold his own afternoon presser on the economy and why he thinks...
...about the midterm congressional elections that are now a scant 10 months away - and Daschle doesn't lack for ammunition. Congress' first order of business when it returns to work Monday will be to heed Treasury Secretary Paul O'Neill's plea and raise the current $5.95 trillion federal debt ceiling to $6.7 trillion, lest the U.S. government default on its paper, Argentina-style. And Friday morning Bush's own Labor Department gave Daschle a nice hook to work into his speech when it announces the unemployment numbers for December. (Up again, slightly, to 5.8 percent...
Millions of homeowners are doing what Holyfield did, using their home as a bank to bridge tough times. Never before in a recession have so many had so much equity in their homes and the means to get at it. This unprecedented safety net of some $4 trillion to $5 trillion has softened the blow of the recession--which has been highly unusual in many other ways as well...
Spurred by low interest rates and the desire or need to tap their most valuable asset, Americans this year refinanced more than $1.1 trillion of mortgages--roughly a fifth of all mortgage debt. In 65% of cases, homeowners borrowed more than they owed and used the difference to pay down credit-card debt, finance a home improvement or build a cushion for tough times. It's a low-risk way to get cash. "Very rarely have home values declined nationally, though pockets can take a hit," notes Dan Gilbert, ceo of Quickenloans.com...
Compaq, which got in early by assisting the human-genome mapping projects, has the largest market share at 37%. It is working with Celera Genomics and the U.S. government to build a supercomputer that will perform 100 trillion operations a second--enough to read the entire Library of Congress, some 18 million books, 30 times a second. Says Ty Rabe, a director at Compaq's bioinformatics program: "The life-science industry will be as important to the world economy in the next decades as the computer industry is today...