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...Osama bin Laden, the high price of America's new war is already starting to add up. Last week was the worst since the Great Depression for the Dow Jones industrial average, which lost almost 1,400 points, or 14%, in five frantic trading days, erasing nearly $1.4 trillion in investor wealth--at least 10 times the property damage caused by the terror attacks against the World Trade Center and the Pentagon. The nation's airlines announced that they are sending more than 80,000 workers to join the growing ranks of the pink-slipped, now up to 1.2 million...
...Bush has figured out that smart Presidents shed tears, he is still learning that his options are limited. Bush's "plan" to jump-start the economy is the same plan he's had since the campaign. Its featured item--a $1.35 trillion, 10-year tax cut--has been enacted into law. Most of those $300 and $600 rebate checks have been sent out. Now Bush must hope that taxpayers use that money to spark a rebound or that the Fed's rate cuts ignite a rally on Wall Street. The other elements of Bush's proposed cure--freer trade...
Koizumi's program is revolutionary. It amounts to a systematic unraveling of Japan's political and financial institutions. To help ease the burden of the government's debt, estimated to be as high as $5.5 trillion by some economists, he has proposed cutting the budget 10% and shifting spending from public-works projects to education, job training and environmental cleanup. Koizumi has set a three-year target for settling the balance sheets of Japan's heavily indebted banks. He has appointed a free-wheeling Cabinet that is younger, more female and includes more outsiders than any seen before. Most stunning...
...Capital Management, based in Pittsburgh, Pa. "The weak dollar discourages foreigners from investing in our markets. And that could have a catastrophic effect." Foreigners hold about 12% of the U.S. stock market, 23% of corporate bonds, and 44% of the Treasury market. That's more than $7.3 trillion of U.S. assets, equal to 73% of America's gross domestic product, according to researchers at Bridgewater Associates, a global asset management firm based in Westport, Conn...
...former British Prime Minister, whom he escorted around the Diet when she visited Japan back in the 1980s. Her mantras are his: privatize, cut government spending and stop mollycoddling loser companies. It's the opposite of his predecessors' prescription for Japan's woes. They spent more than $1 trillion over the past decade trying to rev up the moribund economy; Koizumi has promised to end this profligate spending, starting with a 10% cut in next year's budget, and to shift funding from old-style, pork-barrel projects?building unnecessary roads, bridges, airports?to things like education, job training, information...