Word: debt
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...reasons are well known. Debt-fueled and gluttonous, bankers around the world took wild risks that their bosses and regulators failed to stop. Throw in Bernard Madoff's massive fraud, and trust right now is as scarce as good credit. According to the Chicago Booth/Kellogg School Financial Trust Index, a new quarterly measure of Americans' confidence in financial institutions, faith in banks - on a scale of 1 to 5, where 1 denotes no trust and 5 complete confidence - fell from 2.95 to 2.8 in the first quarter of this year; trust in bankers slipped from 2.6 to 2.5. Things...
...from a year ago and already the rough equal of total refund payments of $261 billion in 2008. More people than ever are using their refund to pay basic bills, according to an AP poll. For example, 31% said they were using their refund to pay credit card debt - up from 17% a year ago. The percentage using their refund to pay utility bills and rent or their mortgage has roughly doubled too. A slightly greater number say they will splurge on a new car (5%) or vacation (11%). (See 10 smart ways to use your tax refund...
...uplift would be a seductive proposition at any time. As markets tumble and great institutions falter, the idea that the future can be predicted - and potentially improved by that foresight - seems irresistible. The British Astrological and Psychic Society reports demand for readings rising faster than the country's national debt. Practitioners also note a surge in first-time clients, many of them men. Ashby says her clientele used to be 80% female; "now it's about 60/40...
...stock market had absolutely no reaction to the Chrysler news. Shares in GM actually rose on the announcement by the President. It may be that Wall St. believes that GM's creditors will give in, now that they have watched the Administration steam-roll the Chrysler debt holders. That is not likely. If the bankruptcy court gives Chrysler creditors even a brief hearing, GM's creditors will see it as a sign that it is worth holding out for a better deal which may only require them to send attorneys to the federal bankruptcy court in New York City...
...changing,” Campbell said. Campbell, who grew up in England, attended Corpus Christi College at Oxford for his undergraduate years and Yale for his Ph.D. From 1984 to 1994 he taught at Princeton, before coming to Harvard. Campbell also serves on Harvard’s Debt-Asset Management Committee and is a partner at the hedge-fund Arrowstreet Capital, L.P. Professor N. Gregory Mankiw, who was on the hiring committee that chose Campbell in the early 1990s, announced Campbell’s appointment on his blog. “I have long thought that my biggest contribution...