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...Perhaps companies lay off mostly unproductive workers. When they're eventually rehired elsewhere for less money, maybe it's because they were overpaid before? That is unlikely. At least from a statistical point of view, we made sure as much as possible that we didn't compare apples and oranges. We studied large layoffs, where workers who did not lose their jobs because of some fault of their own, and then we compared them to workers who had similar earnings trajectories and similar industry and age profiles...
...Retooling is not impossible. Germany's Volkswagen is converting part of a car-engine plant to produce "green" electrical generators. And if you buy into the great Asian growth story, then there is a chance that spending by wealthier consumers in countries like China and India can offset at least some of the decreased demand in the West. HSBC economist Frederic Neumann said in a September report that some Asian manufacturers have gained back the power to raise prices, implying that the impact of excess capacity in the region might not be as severe as some fear. "What...
...bank policy, he raised his concerns internally; after being rebuffed and later finding himself in a dispute over a bonus payment, he decided to expose the wrongdoing. After talking with the IRS, Justice and the Securities and Exchange Commission and appearing before the Senate - and being told on at least one occasion by DOJ officials that they were not looking to prosecute him - Birkenfeld was arrested in June 2008 as he returned from Switzerland, where he had been living for the past 13 years, to his native Boston for a high school reunion...
...recently as 1980, just 9% of U.S. kids under 18 were Hispanic, compared with 22% today. Only about a tenth of that population are first-generation Latin Americans - meaning they were born outside the U.S. More than half (52%) are second generation - born in the U.S. to at least one foreign-born parent; and 37% were born in America to American-born parents. By 2025, the study estimates that close to 30% of all American kids will have some Latino ancestry. (See pictures of Supreme Court Justice Sonia Sotomayor...
...Burying Ground has been used as a graveyard in Cambridge since at least 1635, just four years after the city’s founding, and one year before the founding of Harvard College. Revolutionary War veterans are buried there, including two black soldiers, as well as the early presidents of the College. These early presidents include Harvard’s first president Henry Dunster, as well as Charles Chauncy, Benjamin Wadsworth, class of 1690, Edward Holyoke, class of 1705, Joseph Willard, class of 1765, and Samuel Webber, class of 1784, according to Samuel A. Eliot?...