Word: tuesday
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Federal Reserve Chairman Ben Bernanke told Congress on Tuesday morning that the economy is likely to pull out of the recession and start growing later this year. This in itself isn't news - Bernanke has been saying the same thing for months. What's news is that people are starting to believe...
...widespread agreement that the recovery, when it comes, won't be robust. "Even after a recovery gets underway, the rate of growth of real economic activity is likely to remain below its longer-run potential for a while," said Bernanke in his testimony to the Joint Economic Committee on Tuesday. That means unemployment will keep rising even after the economy has stopped shrinking. And if unemployment keeps rising, consumer spending won't rebound strongly, bank-loan losses will keep rising and a recessionary relapse isn't out of the question. The next monthly employment report, due Friday, is expected...
...Then there's all that bad debt. We've now mostly worked through the subprime mortgage mess that started this whole debacle, but lots more losses - from prime mortgages, credit cards, commercial real estate, you name it - are still to come. Morgan Stanley economist Richard Berner estimated on Tuesday that even in the most bullish case, banks and other lenders have only recognized about half the $1.7 trillion in loan losses they're likely to suffer over the course of the downturn. In Berner's "bear" case, losses will top $4 trillion...
...bolts of their beliefs, let alone sneak into a service in a house of worship that we're not thinking of joining. Enter a new website that sets out to explain the differences among religions as well as illuminate the areas of common ground. Patheos.com, which is launching on Tuesday, is a mash-up of path and theos, the Greek word for "god." Its founders, husband and wife Leo and Cathie Brunnick, have created a library of the histories and belief systems of 50 (and counting) of the world's faiths, along with maps of their origins and videos...
...letters and instructions of such calligraphic idiosyncrasy that they are collectively known in the royal household as "black spider memos." Yet despite appearances, the heir to Britain's throne is not insensible to the power of technology. A campaign to save the rain forests launched by the Prince on Tuesday is based on a 90-sec. film that he hopes will go "viral" and relies on state-of-the-art software and Internet strategy honed during Barack Obama's presidential campaign...