Word: letting
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...Read a TIME story on why the government won't let AIG fail...
There's an uproar about whether the government should let AIG fail, a debate re-energized by the latest revelation of bonus payments going to AIG's executives. In fact, there's a good case to be made that AIG should fail, and it has nothing to do with bonuses...
...Let's take a moment to review how AIG made money and why it's now losing so much. Most of AIG's losses have been attributed to its failing positions in credit-default swaps (CDSs). Essentially, AIG is swapping cash flows with other institutions: those banks pay AIG a small sum on a regular basis, and then under certain conditions - like mass foreclosure or corporations' defaulting on their loans - AIG pays out a large sum. In other words, AIG sold insurance; its problem is that it is paying out too much...
...protection against disease progression. "It's the first time that anybody's really looked at what the antibody response is," says senior investigator Michel Nussenzweig, head of the Rockefeller University's Laboratory of Molecular Immunology. "If we know what can work in nature, then the next step would be, Let's see if we can reproduce it." (See the most common hospital mishaps...
Lowell also enforces interhouse dining restrictions, and during opera season won't let anyone who is not a Lowellian eat there, which sucks. (As an aside: we at FlyBy think interhouse dining rules are the best real-life example of what Mankiw taught you in Ec 10 about the evils of trade restrictions. So far Lowell, Adams, Kirkland, Winthrop, Leverett, Eliot and Quincy have rules keeping people out. If you somehow manage to have friends in the 11/12 of Harvard that doesn't live in your house, you're screwed when 6 p.m. rolls around. Who gains from this insanity...