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Nobody in Chinese officialdom gets angry at Long anymore. The artistic director and chief conductor of the China Philharmonic Orchestra, Long spent this October the way he's spent all his recent Octobers, dashing from concert hall to concert hall around Beijing, joining the capacity crowds jamming into decidedly Chinese venues to hear some decidedly un-Chinese music: Puccini in the Forbidden City; Dido & Aeneas at the Beijing Concert Hall; Handl's Messiah at the Wang Fu Jing Church; Wagner's Tannhäuser at the downtown Poly Theater. People who order their tickets in advance get in; the rest...
...dreaded d word: deflation. "Sure, we're very cognizant of it," one source familiar with Fed's thinking on the matter told TIME this week. "We don't think we're there yet, but we're very aware of the possibility." So is Wall Street. At Merrill Lynch, chief investment strategist Richard Bernstein issued a report within hours of Barack Obama's election, listing three developments for investors to monitor closely: fiscal stimulus, taxes and deflation. (See pictures of TIME's Wall Street covers...
...good news is that in the U.S. now, as Richard Berner, chief U.S. economist for Morgan Stanley, writes, "The ultimate bastion of defense against deflation is a Fed committed to avoid it at all costs." And that's what we have. Study of the Japanese experience became something of a cottage industry for Fed researchers over the past eight years, and the Fed has responded accordingly: lending directly to banks, backstopping the commercial-paper market (which companies use to raise short-term money), trying to bring yields on both long- and short-term maturities down. Further, Fed chairman Ben Bernanke...
...Washington bureau chief David Bohrman admits the "hologram" didn't have a great deal of journalistic importance other than that it allowed Blitzer to talk to Yellin without the commotion and noise of the 240,000-strong crowd gathered in Grant Park in Chicago. "I'm not sure the point was terribly deep," he says. "But I do think that if you look 20 years into the future, television will do something like this routinely...
...trust him or her. This likability and perceived trustworthiness continue to grow over time. Across the board, Obama's ratings have steadily increased with key groups that had been cool toward him before. Likewise, regarding key questions - like, Whom do you trust to improve the economy, be Commander in Chief, handle taxes or handle the housing crisis? - Obama leads McCain in recent polls. Obama endures. He grows on you. He has time on his side. In future elections, politicians will have to factor in the Obama effect. Lynn Capehart, Los Angeles...