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Federal Reserve Chairman Ben Bernanke told Congress on Tuesday morning that the economy is likely to pull out of the recession and start growing later this year. This in itself isn't news - Bernanke has been saying the same thing for months. What's news is that people are starting to believe...
...while," said Bernanke in his testimony to the Joint Economic Committee on Tuesday. That means unemployment will keep rising even after the economy has stopped shrinking. And if unemployment keeps rising, consumer spending won't rebound strongly, bank-loan losses will keep rising and a recessionary relapse isn't out of the question. The next monthly employment report, due Friday, is expected to show continued heavy job losses. So no signs of a reprieve from that quarter...
...routes to nine cities in Europe and North America. And Visit Britain, the official U.K. tourism body, is running a $2.6 million ad campaign urging foreigners to "see more of Britain for less;" in December, the sterling fell to a record-low against the euro. "The pound isn't going to be this weak forever," says spokeswoman Hayley Senior. "It's about taking control of the moment and trying to get as many people in as possible...
Boosting tourism, however, isn't merely about attracting foreign visitors: governments are also courting their own citizens. In China, local authorities have distributed domestic-travel coupons nationwide. In Wuhan, a city along the Yangtze River in central China, $146,000 worth of coupons were snatched up within 10 minutes at a promotional event, and the city has pledged more vouchers totalling $73 million. In Britain, it's estimated that 5 million more citizens will choose a "staycation" in the British Isles this year, rather than venturing to the pricey eurozone...
...Pakistan, but the more enduring feeling was disillusionment with the city's own inadequate response. Mihir Joshi, 28, is a DJ and musician in south Mumbai who says he has become politically active for the first time in his life because of "26/11." What still troubles him isn't the motivation of the terrorists. Instead, he wonders, "How could this happen? What is our system doing? How the hell did it take four days for this to be resolved?" he says. "That is what is appalling. How can we get someone in power that can make something happen...