Word: goodness
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Over the past decade, though, reality took a detour from Philippon's theory. Corporate America's need for outside financing fell, but the financial sector refused to shrink; it pumped out ever riskier products until the system nearly collapsed. Why the refusal? Maybe the pay was too good. Philippon and the University of Virginia's Ariell Reshef have found that, starting in the mid-1980s, financial-sector paychecks began to outstrip those for jobs in other sectors demanding similar skills and education levels. Since the late 1990s, Philippon and Reshef estimate, 30% to 50% of financial-sector pay has amounted...
...suspect that Barack Obama works at projecting that aura of postpartisan open-mindedness because he understands its political value. There's the chance his opponents will have a good idea; there's the certainty that independent voters will give him points for listening. And there's the need for inoculation against the charge that he is all sizzle, no steak, a need he admitted when he mocked himself at last year's Al Smith dinner. "If I had to name my greatest strength, I guess it would be my humility," he said. "Greatest weakness, it's possible that...
With Goldman Sachs employees on track for their best bonus year ever, the investment bank's executives have been making the case that their bounty is good for all of us. "We contribute to growth," CEO Lloyd Blankfein said at a breakfast put on by FORTUNE. "Once the economy starts to turn, we get very involved." In a discussion about morality and markets at St. Paul's Cathedral in London, Goldman Sachs International vice chairman Brian Griffiths, a former adviser to Margaret Thatcher, described giant paychecks for bankers as an economic necessity. "We have to tolerate the inequality...
...1960s were by most measures the best decade ever for growth and widening prosperity in the U.S.; the past decade has been a bust. Yet the financial sector was relatively tiny in the 1960s and huge in the 2000s. Could this mean that good times for finance are bad for the rest of us? Philippon says it isn't that simple. The 1990s, for example, were good for both Wall Street and Main Street. His theory, which fits the historical evidence well, is that the financial sector's share of the economy should increase when there are fast-growing companies...
...Obama Administration argues that Russia and the U.S. have a common interest in stopping Tehran from building the Bomb. This is true, but only up to a point. Russia has a history of good relations with Iran. It has substantial trade interests there and appreciates Tehran's lack of support for radical Islamists in the North Caucasus. Moscow also fears that a pro-Western Iran would exclude Russian arms, technology and energy firms...