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...Looking long-term, places like New York and Massachusetts could have some pressure, even though they are relatively highly rated and have passed budgets for this year," says John Miller, chief investment officer of Nuveen Asset Management, which runs, among other things, municipal-bond funds. "Those are areas where obligations are probably growing faster than their revenues." That spend-now-pay-later attitude eventually catches up with a state. Ask California. (Read "Can the U.S. Afford to Let California Fail...
Wood, Lee and Perunovic conclude that unfavorable thoughts about ourselves intrude very easily, especially among those of us with low self-esteem - so easily and so persistently that even when a positive alternative is presented, it just underlines how awful we believe...
Notably, other survey data included in the paper suggest the percentage of intentional defaults may be much lower than 26%. The researchers also asked if respondents themselves would welsh on their mortgages if they were $50,000 underwater. Among the people for whom $50,000 represented less than 10% of their home's value, none would walk away. However, once $50,000 represented between 10% and 20% of the house's value, 5% said they would walk away, and when the shortfall reached 50% of home's value, a full 17% said they would. (See "Renting a Modernist House...
...that possibility that's causing anxiety among oil analysts who believe that the quickest asymmetrical means for Iran to react to a military threat would be to disrupt oil delivery. At least 20% of the world's entire oil supply passes through the narrow Strait of Hormuz that runs between Iran and the United Arab Emirates and Oman. Qatar, Kuwait and the U.A.E. ship all their oil through the waterway, while Saudi Arabia - the world's biggest producer - exports half its oil through the strait, the remainder going overland through a pipeline. Since the strait's narrowest point is just...
...largest concern among stem-cell experts involved the status of the few dozen stem-cell lines that had qualified for federal funding, even under Bush's more restrictive policy. Stem-cell lines derived from those embryos are currently seeding many different studies, but because the embryos were not donated under the same stringent informed-consent procedures that will be required starting Tuesday, it's possible they may no longer be eligible for federal financing...