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Financial analysts say those strong feelings are beginning to translate into financial decision making. The number of UBS customers closing their accounts is on the rise. Panagiotis Spiliopoulos, head of investment banking research at Switzerland's Vontobel bank, estimates that $15-20 billion in domestic funds were moved from UBS to smaller banks in recent months. In normal times, one bank expert says, withdrawals would be next to nothing. "We are fed up because UBS has betrayed all the values that make us uniquely Swiss: fiscal responsibility, stability and international credibility," says Samuel Bretholz, a Geneva sociology student...
...whether the current uproar will permanently tarnish the citizens' image of their country or diminish the confidence in the banking sector remains to be seen. "Right now, everybody is upset because UBS messed up," says Georg Lutz, a political scientist at Lausanne's Foundation for Research in Social Sciences. But Lutz points out that the Swiss had rebounded from scandals and corporate downfalls before, such as the controversy in the 1990s surrounding the dormant Holocaust bank accounts, or the collapse, in 2001, of Switzerland's former national airline. "At that time we were upset too, but we got over...
...China Development Research Foundation, a think tank that advises the government, just issued a report calling on Beijing to spend 2.6 trillion renminbi (about $370 billion) on social programs by 2012. Lu Mai, the secretary-general of the foundation, notes that the government has started down this road with a new plan to drastically expand health coverage in rural China, where some 800 million of China's 1.3 billion people live. That's a step forward. But China will need to spend more to expand its safety net, as Lu says, and it needs to hurry. If only it could...
...doctor will tell you the advantages of having lots of patient data on computers: it helps us avoid redundant tests, gather huge amounts of data for research, screen automatically for drug interactions, all with no problems with our famously illegible handwriting. I would be happy if every patient could hand me a digital file of everything about him; it could really save time on first visits. But against our government's push to get all patients' records computerized we must keep in mind there will be a cost to this - far beyond the billions to be spent setting...
...inaugural gathering of President Barack Obama's Middle Class Task Force. The task force will convene monthly in cities across the country to confront the problems faced by average Americans. It's an admirable goal - in light of rising costs, stagnant wages and job cuts, a Pew Research study found that 78% of self-described middle-class Americans have trouble maintaining their current standard of living...