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George W. Bush is less popular than poison ivy; the economy is in worse shape than Homer Simpson; if the Republican Party were a bank, it would need a bailout. But none of that can explain why Democrat Travis Childers won a startling special election to represent Mississippi's First Congressional District in May or why he's expected to keep his seat in November...
When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of them did what any number of their colleagues around town have been doing for years: they threw a party. On the equity-trading floor, the internal p.a. system known as the "hoot" blared out the R.E.M. song "It's the End of the World As We Know It." And then...
...world is in the grips of a perilous market crunch, the boom is over, and tough times loom. The U.K.'s FTSE-100 stock index has nose-dived and is down about 35% in the past year. Two famous British banks have already imploded--Northern Rock and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, on Oct. 8 the British government announced an emergency $88 billion recapitalization package that includes partially nationalizing three other banks: Royal Bank of Scotland, HBOS and Lloyds TSB. The City has been through enough slumps to know what...
...been downhill ever since. First came the run on Northern Rock, the stricken bank that the government ended up nationalizing, whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms"--wealthy foreigners who move to Britain and are taxed on their U.K. income only. Following last month's rescues of HBOS and Bradford & Bingley, the big question is, What sort of new regulatory measures will be put in place as a result of the current market meltdown...
...then there are the couples who are contemplating divorce because of the strain the poor economy is putting on their poor marriage but think it's because of something else. John Coates, a Deutsche Bank trader turned Cambridge University researcher, measured the naturally occurring steroids in 17 British male traders over time and found high levels of testosterone during bull markets and of cortisol during volatility. Cortisol helps the body deal with threatening situations. But prolonged exposure to it, as during a lengthy downturn, makes people irrationally fearful, so when confronted with neutral situations--say, that their spouse would like...