| Scots do not want to end the Union, merely modify it
IT'S time. Time for a change. Time to move on. This is the last column from this writer which will appear in this position in this paper. A new and extremely challenging role on the business desk awaits.Sadly, it means no time for the glorious self-indulgence of expressing a weekly opinion on the affairs of the nation.The world of politics is a continuously fascinating one. There is always something new. Political parties take power and always, in the end, lose it. Politicians' fortunes ebb and flow. Plots and conspiracies abound. Policies evolve and change.Over time, the decisions made by our elected representatives really do "make a difference", a phrase politicians use frequently, to the lives of the poor, long-suffering voters whose interests they are supposed to represent. Politics matters.And having spent many years at both Westminster and Holyrood as a reporter – and worked, albeit for only a year, on the "dark side" as a special adviser to former First Minister Henry McLeish – politics had become like a drug.
Time: 07:42 NYT
37 against the dollar, as Moody's announces the downgrade of Japan's credit rating to Aa3 from Aa2. This comes as no surprise given that Moody's decision is preceded by downgrades last week from both Fitch and S&P. Yen falls to a fresh 4-month low of 124.94 against the dollar after Japanese Construction Company Aoki Corp. files for protection from creditors, marking the 13th bankruptcy in this year and raising fears more insolvency will follow.
32. 12/07
USD/JPY jumps by 1 1/3rd yen breaching over the 125 level for the first time since August 1 after Japan's Q3 GDP falls 0.5% from the previous quarter's -2.9%, sending the nation into its second official recession in three years. The yen was also hurt by Finance Minister Shiokawa's remark that the BoJ could purchase foreign bonds as part of its monetary policy tools.
Multinationals Drive Rebound on IBM`s Strength
The Nasdaq Composite Index was up 38.36 points, or 1.57 percent, at 2,478.30. The rebound came after the S&P 500 posted its fourth-worst start of the year in the history of the benchmark index. At the end of last week, charts showed stocks at their most "oversold" levels since 2005. Adding to the upbeat tone, Credit Suisse raised U.S. equities to "overweight" for the first time this decade, saying the United States has historically outperformed when leading economic indicators fall "because the speed of macro and corporate policy response is best there." IBM's shares rose 5.4 percent to $102.93 and made up about 40 percent of the Dow's advance. Other blue-chip tech stocks also gained, including microchip maker Intel Corp, up 5 percent at $23.08 and computer and printer maker Hewlett-Packard, up 2.5 percent at $46.13.
Who backs whom?
Local Democrats are divided among the three remaining candidates for their party. Take the Rowden household. Jay Rowden is the chairman of the local party. His wife, Diane, is a county commissioner. He supports John Edwards. "I like his stand as far as corporate influence in this country," he said. "I see that as the root of a lot of our evils going on politically." She supports Hillary Clinton. "She's proven herself in New York," she said. "Words are easy to come by, but proven action is what we need." So what's it like at the dinner table each night? Obviously, "we're kind of split," Jay Rowden said. "We just accept it and move on. We don't talk about it a lot, which is usually the best way to deal with it." It's not that Trinque or other local elected officials try to remain neutral.
What’s $34 Billion on Wall Street?
UNDER the stewardship of Dow Kim and Thomas G. Maheras, Merrill Lynch and Citigroup built positions in subprime-related securities that led to $34 billion in write-downs last year. The debacle cost chief executives their jobs and brought two of the world's premier financial institutions to their knees. .
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