Word: yen
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Before it brought him back to Cambridge, his yen for great food would follow him as he tried engineering and aviation...
...home early. The stock markets were reeling again Friday, still weak-kneed from what TIME senior economics reporter Bernard Baumohl calls "a one-two punch and an uppercut." A skyrocketing trade deficit (proving that consumers are still spending way too much) and a sliding dollar (against not only the yen but also the euro) have both rekindled fears that the Fed will hike rates at its board meeting October 5. The uppercut? Microsoft prez Steve Ballmer?s must-have-had-a-few-too-many comments to a roomful of tech reporters about how tech stocks - even his - are way overvalued...
...chart, the U.S. stock market hasn?t really done much since April," says Baumohl. "Investors here are looking at the beginnings of a recovery in Asia and Japan, and suddenly they feel very overweighted in dollar assets." That means dollars and U.S. equities are getting dumped for yen and Japanese ones. If it keeps up, the Dow could easily dip below that vaunted 10,000 sometime this fall, but Baumohl doesn?t see the end of the U.S.? recent golden age. "I still don?t think the Fed is going to raise rates," he says, "and the economy is still...
...strip-malled world void of rituals like walking to a store or enjoying an attractive building. "We want our four children to grow up in a community, not at a highway exit," says Amanda, 33, a nurse. Michael, 34, director of a charter school in Durham, N.C., says their yen to escape grew urgent this year as alienated kids shot up suburban schools in Colorado and Georgia...
Last year, when I made my first online purchase, the UPS yen resurfaced. By then the Internet had emerged as a retailing force. I even recommend buying shares of FDX Corp., parent of delivery company Federal Express, as an indirect play on the growth of online shopping. I still believe FedEx is a great stock. But it was the UPS man who had delivered my package. If only...