Wall Street Awaits 2008 for Jobs Data

As 2007 comes to a close, Wall Street is almost as jittery as it was over the summer, when worries about the housing slump and banks' losing bets on mortgages first came to a head.

Investors know more now about how much exposure financial institutions have to bad loans -- quite a lot -- but they remain uncertain about how the credit crisis of 2007 will hurt the economy in 2008. Market participants will be paying close attention to this week's economic data, particularly the monthly report on employment, seen as the most important factor in preventing housing woes from crippling consumers.

jittery /ˈdʒɪtəri/ (adj) worried and nervous

slump /slʌmp/ (n) a sudden decrease in prices, sales, profits, etc

woe /woʊ/ (n) formal problems that are affecting someone

cripple /ˈkrɪpəl/ To injure

Wall Street Awaits 2008 for Jobs Data AP Monday December 31, 12:10 am ET

The Final Four Days: Candidates Jockeying for Position in Iowa

Presidential hopefuls are putting in their final pushes before the Iowa caucuses, which are four days away. The last-ditch efforts come at a time when the three Democratic frontrunners are at each others' heels.

Polls have Hillary Clinton at 29 percent, while Barack Obama and John Edwards sit at 26 percent and 25 percent, respectively.

"The younger you are the more likely you are to support Obama," said Democratic strategist Robert Shrum. "The older you are the more likely you are to support Hillary Clinton. And of course, John Edwards is sitting there with very solid support in Iowa. ... I think any one of those three could probably win."

For Clinton, the inevitability of her campaign's candidacy has faded and the former first lady realizes she may not come in first in Iowa.

"This is a great contest. We don't have any heir apparent in the Democratic party," Clinton said in an exclusive interview with ABC News' George Stephanopoulos. "I'm out there fighting for every single caucus-goer. I'm out making my case to everybody that I can reach. I think this is what elections are supposed to be about."

Meanwhile, Edwards and Obama find themselves fighting for the same voters. Edwards even has begun to sound more like his opponent.

"My view is: It's the job of the president of the United States to unify and galvanize the American people, not to divide them," he said.

caucus /ˈkɔkəs/ (n) a group of people in a political party meeting together to discuss and decide on political plans.

ditch /dɪtʆ/ (n) a long narrow hole in the ground for water to flow through, usually at the side of a field, road, etc.

heel /hil/ (n) the back part of your foot; the back raised part of a shoe.
on the heels of something = very soon after something
The team's loss came on the heels of another defeat in Hong Kong.

inevitable /ɪˈnɛvəəbəl/ (adj) certain to happen and impossible to avoid; the inevitable something that is certain to happen: inevitability (n) /ɪˌnɛvətəˈbɪləti/

galvanize /ˈgælvəˌnaɪz/ (v) to shock someone so much that s/he realizes s/he needs to do something to solve a problem or improve the situation: • Peter Pan's protests galvanized the nation.

The Final Four Days: Candidates Jockeying for Position in Iowa abc News Dec.30, 2007

Letterman And Writers Strike Deal, Giving CBS The Edge

David Letterman will have some help being funny when his talk show returns to the air next week.

Letterman's production company yesterday became the first to cut a deal with the striking Writers Guild of America, enabling "Late Show With David Letterman" to resume production with their writing staffs.

Letterman's Worldwide Pants, which owns both shows, worked out the agreement just days before late-night talk shows will resume after an eight-week hiatus. The disruption was caused by the writers' strike that has stopped production of dramas, sitcoms and talk shows. Almost all of the talk shows have said they will return Wednesday, but without writers. "The Daily Show" and "The Colbert Report" on Comedy Central will return the following Monday, Jan. 7.

The agreement gives huge leverage to Letterman and CBS, which will now have the only late-night shows with material written by professional writers. That will include topical monologues and other bits, such as Letterman's signature top 10 list. Other talk shows are still scrambling to patch together material without writers. Under union strike rules, the shows' staffs can't write anything that the writers would have written.

Edge: /ɛdʒ/ meeting surface, advantage, brink.

hiatus: /haɪˈeɪtəs/ a pause in an activity.

Sitcom: TV Radio; situation comedy.

leverage: /ˈlɛvərɪdʒ, ˈli-/ influence to make people do what you want.

monologue: /ˈmɑnlˌɔg, -ˌɑg/ a speech in a play, movie, or television show.

bit: /bɪt/ a small amount; a small piece.

scramble: /ˈskræmbəl/ climb up or over something quickly and with difficulty.

patch: /pætʆ/ a small piece of material; a part of an area.

Letterman And Writers Strike Deal, Giving CBS The Edge Washington Post Saturday, December 29, 2007

Words start with "roʊp" (1)

rope /roʊp/ (n): thick string; the things someone needs to know in order to do a job; new sense.
They tied a piece of rope around my body and pulled me up.
I spent the first month learning the ropes.
New employees are assigned a buddy to show them the ropes.
Tim is at the end of his rope; Tim has no more strength or ability to deal with a difficult situation.

rope /roʊp/ (v): tie; persuade; surround.
Harvey roped his dog to a nearby tree.
The climbers were roped together for safety.
Peter and Mary have been roped into going to this fund-raising activity.
Soldiers roped off the area of the robbery.

robe /roʊb/ (n): a long loose piece of clothing.
He found a pajamas and a robe in the basket.
He found a judge's black robe in his trash can.

robot /ˈroʊbɑt, -bʌt/ (n): a machine that can move and do some of the work of a person.
There are industrial robots in Japan.

robust /roʊˈbʌst / (adj): strong and healthy.
Sam is a robust 70-year-old man.
There has been a robust economic growth in the last few years.

rodent /ˈroʊdnt/ (n): a group of small animals with long sharp front teeth, such as rats or rabbits.

rodeo /ˈroʊdiˌoʊ, roʊˈdeɪoʊ/ (n): an activity in which cowboys ride wild horses, and catch cattle with ropes.

roeroe /roʊ/ (n): fish eggs eaten as a food.

rogue /roʊg/(adj): not follow the usual rules or methods and often causes trouble

Japanese woman dies searching for care

The family of an 89-year-old woman called an ambulance after she became ill with vomiting and diarrhea.

The ambulance crew and local fire department contacted 30 hospitals before one finally said it could admit her— about two hours after her family had called for an ambulance.

The woman's heart stopped when she was taken to Osaka Minami Medical Center.

She was resuscitated at the hospital but died next day.

The other hospitals rejected the woman because they were full or their doctors were not immediately available to treat her.

Last year, a pregnant woman in western Japan died after being refused admission by about 20 hospitals that said they were full.

The latest case underscores Japan's health care woes, in part created by a shortage of doctors in the country's rapidly aging society. Critics say long working hours and a government policy change several years ago to keep the number of doctors down are to blame.

resuscitate: revive somebody from unconsciousness or apparent death; revive waning interest in something such as a style or project
woe: unfortuntae happening; grief
woe is me = I am in distress or I feel unhappy.

Japanese woman dies searching for care AP 12-29-2007

Ancient pyramid found in central Mexico City

Archeologists have discovered the ruins of an 800-year-old Aztec pyramid in the heart of the Mexican capital that could show the ancient city is at least a century older than previously thought.

Mexican archeologists found the ruins, which are about 36 feet high, in the central Tlatelolco area, once a major religious and political centre for the Aztec elite.

Since the discovery of another pyramid at the site 15 years ago, historians have thought Tlatelolco was founded by the Aztecs in 1325, the same year as the twin city of Tenochtitlan nearby, the capital of the Aztec empire, which the Spanish razed in 1521 to found Mexico City, conquering the Aztecs.

The Aztecs, a warlike and religious people who built monumental works and are credited with inventing chocolate, ruled an empire stretching from the Gulf of Mexico to the Pacific Ocean and encompassing much of modern-day central Mexico.

ruin: broken remains; complete devastatation
elite: privileged minority; size of printing type
raze: completely destroy place; scrape something
monumental: large; deserving special admiration; old monuments; making carved headstones.

Ancient pyramid found in central Mexico City Reuters Thu Dec 27, 10:40 PM ET

Vikings player cited for pot possession

Minnesota Vikings defensive end Darrion Scott has been cited for misdemeanor marijuana possession.

The officers began following Scott's car after seeing him stop and talk to another man at a public housing complex, where they were staking out suspected drug activity.

Scott left the complex and the officers followed his vehicle. He was pulled over after he allegedly failed to signal while changing lanes.

The officers noticed the odor of marijuana and asked for permission to search Scott's vehicle. A drug dog indicated an illegal substance allegedly was in the vehicle and the officers then searched it. They found a small bowl containing 7.1 grams of marijuana.

Scott was cited and released at the scene.

Scott, a Charleston native, was a standout player at Capital High School. He played in four games this season for the Vikings before going on injured reserve with a foot injury.

misdemeanor /ˌmɪsdɪˈminɚ/ (n) law; a crime that is not very serious

stakeout /ˈsteɪkaʊt/ (n) an activity in which the police watch a place secretly and continuously to catch someone doing something illegal.

allegedly /əˈlɛdʒɪdli/ adverb used when reporting what other people say is true, although it has not been proved.

standout /ˈstændaʊt/ (n) someone who is better at doing something than other people in a group

Vikings player cited for pot possession AP Thu Dec 27, 2:46 AM ET

Words start with "fæ" (1)

fabulous /ˈfæbyələs/adj. very good; large.
You look fabulous! I received a fabulous sum of money.
You have a fabulous face.

fabricate /ˈfæbrəˌkeɪt/ to make up a piece of information to deceive someone.
Tim later admitted that he had fabricated the whole story.

fabric /ˈfæbrɪk/ cloth; the structure and customs of a society.
Discrimination is threating the whole fabric of society.

facet /ˈfæsɪt/ one of several parts of someone's character of a situation.
Example. You've only seen one facet of Tim's personality.

facile /ˈfæsəl/ too simple and showing a lack of careful thought or understanding.
Tim suggested a facile solution.

facsimile /fækˈsɪməli/ a copy of a picture or piece of writing.

fact /fækt/ something that is true.
Tim can't accept the fact that his marriage is over.
The fact remains that some people are still starving in the States.
What are the facts of this case?
There are two interesting facts about this product.
The fact of the matter is, Tim does not have enough money to buy the house.
I know for a fact that Tim cut class yesterday.
It's expensive to fly, as a matter of fact.
Family violence seems to have become a fact of life in some broken families.

faction /ˈfækʆən/ a small group of people within a larger group, who have different ideas.

factor /ˈfæktɚ/ one of several things that influence or cause a situation.
Deciding factors are the most important factors.

factory /ˈfæktəri/ a building where goods are produced in large quantities.

factual /ˈfæktʆuəl/ based on or relating to facts.
The news has many factual errors.

faculty /ˈfækəlti/ all the teachers in a school or college, or a particular department; a natural ability.
Tim wants to make out a will while he still has all his faculties.

fad /fæd/ something that is very popular for a short period of time.

fallacy /ˈfæləsi/ a false idea or belief.
It is a fallacy that money brings happiness.

fallible /ˈfæləbəl/ able to make a mistake.
Tim's trial showed that our justice system is fallible.

family /ˈfæmli, -məli/ a group of people who are related to each other.
Hypertension runs in our family. High blood pressure is common in our family.

famine /ˈfæmɪn/ a situation in which a large number of people have little or no food.

famished /ˈfæmɪʆt/ very hungry.
What's for lunch? I'm famished.

fan /fæn/ (n) someone who likes a particular sport, type of music, etc; a machine cools you by making the air move.
Tim was a big fan of Bee Gees.
Tim fanned his face with a newspaper.
A group of solidiers fan out, they walk forward while spreading over a wide area.

fancy /ˈfænsi/ (adj) expensive and fashionable; (n) a feeling you like sth. or someone; (verb) believe usually wrongly that something is true.
I'd just like plain tennis shoes, nothing fancy.
Tim is taken a fancy to you.
Tim fancies himself a good singer.

Last-Minute Buyers Give Retailers Relief

Just weeks ago, the holiday shopping season seemed headed for disaster. But in the waning hours before Christmas, the nation's retailers got their wish -- a last-minute surge of shopping that helped meet their modest sales goals.

And with post-Christmas shopping to come, some malls and stores were downright optimistic.

While consumers jammed stores at the start of the season in search of discounts and hot items such as Wii game console, a challenging economy prompted them to hold out until the end for bigger discounts.

An extra full weekend before Christmas also caused shoppers to procrastinate. In fact, Christmas Eve is expected to be a bigger shopping day than in past years because many employers gave workers the day off, with the holiday falling on Tuesday.

The spree defied fears that a deepening housing slump, escalating credit crisis and higher gas and food prices would turn shoppers into Grinches -- even in the end. Meanwhile, with the season plagued by a slew of Chinese-made toy recalls that began in the summer, there were concerns that shoppers would boycott those products. That didn't happen either.

Still, financial concerns clearly affected how consumers behaved throughout the season, forcing more to trade down to discounters such as Wal-Mart Stores Inc. That trend hurt midprice apparel department stores such as Macy's Inc. and J.C. Penney Co., which have been aggressive with discounts and other come-ons. Ultra luxury stores are expected to fare well.

Wan = Unnaturally pale; Suggestive or indicative of weariness, illness, or unhappiness.

Downright = Thoroughgoing; unequivocal; Forthright; candid.

Console = (n) A instrument consisting of displays and an input device. (v) Give moral or emotional strength to.

Procrastinate = To put off doing something; To postpone or delay needlessly.

Spree = A carefree, lively outing; a drinking bout; a sudden indulgence in or outburst of an activity.

Defy = To challenge to do something or resist He is

Grinch = a popular cartoon character created by Dr. Seuss. referenced by the media often in instances where a holiday display is ruined by vandals, or holiday burglaries are committed. It also means grouch. Grouches are race of contrary, argumentative, garbage-loving individuals.

Plague = A virulent and highly infectious disease.

Slew = (n) A large amount or number; (v) past tense of slay. Slay = To kill violently.

Last-Minute Buyers Give Retailers Relief AP Monday December 24, 9:36 pm ET

Foreign Buyers Snap Up 2nd Homes in US

Panden Rota, a Nepalese producer of fine rugs, is about to become a Manhattanite, the owner of a sumptuous apartment in the luxurious downtown neighborhood of Battery Park City.

His primary residence will remain Katmandu, but his new home will allow him to spend more time at U.S. showrooms that display his rugs and with a brother and sister in New York. "I looked at many places and I decided that a Manhattan apartment will always hold its value," he said.

Rota is part of a growing wave of foreigners who buy second homes in the U.S. for work and play and as an investment.

Cosmopolitan cities like New York and Miami have long served as second homes for affluent and accomplished foreigners. But the trend is growing. One in five American realtors has sold a home to a foreign investor in the past year, according to the National Association of Realtors.

The events of 2007 have made the U.S. much more affordable for international home buyers. Severe dollar declines against the euro and pound have made U.S. homes much cheaper for Europeans. But even foreign buyers without that sort of currency advantage are benefiting from sharp drops in housing prices at a time when problems in mortgage lending are keeping many Americans out of the market.

Rug = A heavy fabric used to cover a floor.
Sumptuous = Of a size or splendor suggesting great expense

Foreign Buyers Snap Up 2nd Homes in US AP Monday December 24, 1:10 pm ET

Bush, Congress at loggerheads over Pakistan aid: observers

Congress has slapped restrictions on US military aid to Pakistan, creating a rift with the George W. Bush administration on how aggressively to pursue democratic reform there, congressional observers said.

The new restrictions, part of the 1,400-page "omnibus" spending bill approved by Congress this week, put limits on 300 million dollars of US military aid received each year by Pakistan, a key US ally in the "war on terror."

In the past, Pakistan enjoyed free rein to use the funds, but under the catch-all budget bill passed by Congress late Monday, 250 million dollars of those funds now are to be used strictly for counter-terrorism operations.

Lawmakers stipulated that the remaining 50 million dollars are to be withheld until the Bush administration demonstrates that Pakistan is making clear moves toward democracy.

Be at loggerheads (with somebody) = Disagree very strongly with someone
Slap = Hit someone quickly with the flat part of your hand
Rift = A serious disagreement
Omnibus = An anthology of articles on a related subject
Rein = A long narrow band of leather fastened around a horse's head.
Stipulate = Form an agreement

SOURCE Bush, Congress at loggerheads over Pakistan aid: observers AFP Thu Dec 20, 8:54 PM ET

Jet From Supermassive Black Hole Seen Blasting Neighboring Galaxy

A jet of highly charged radiation from a supermassive black hole at the center of a distant galaxy is blasting another galaxy nearby. The extremely intense jet from the larger galaxy can be seen shooting across 20,000 light-years of space and plowing into the outer gas and dust of the smaller one. The smaller galaxy is being transformed by the radiation and the jet is being bent before shooting millions of light-years farther in a new direction. Any planets orbiting the stars of the smaller galaxy would be dramatically affected, and any life forms would likely die as the jet's radiation transformed the planets' atmosphere.

The galaxy Andromeda is the closest to the Milky Way, and the two are gradually coming closer to each other. In time, the two will merge, and the process may cause the dormant central black holes in either the Milky Way or Andromeda to become active and begin sending out similarly powerful jets.

If a jet is to hit Earth, it will destroy the ozone layer and collapse the magnetosphere that blankets the planet and protects it from harmful solar particles. Without the ozone layer and magnetosphere, much of life on Earth would end.

Blast = Destroy by hitting or shooting (v); A very strong gust of wind or air (n); A violent explosion (n); Blast off (phrasal verb) = Take off; Full blast (idiom) = At full speed, volume or capacity.

SOURCE Jet From Supermassive Black Hole Seen Blasting Neighboring Galaxy Washington Post December 18 2007

Timing of pills might matter

When it comes to blood pressure, you want to be a dipper. In healthy people, blood pressure dips at night, by 10 to 20 percent. Scientists don't know why, but suspect the drop gives arteries a little rest.

People with high blood pressure that doesn't dip at night — the non-dippers — fare worse than other hypertension sufferers, developing more serious heart disease. Moreover, heart and kidney disease fuel each other.

Most blood pressure patients need two or three medications. Italian researchers performed an easy test: They told 32 non-dippers with kidney disease to switch one of those drugs from a morning to a bedtime dose. A key sign of kidney function improved significantly. In two months, nearly 90 percent of these high-risk patients had turned into dippers. Their nighttime blood pressure dropped an average of 7 points, without side effects or increase in daytime blood pressure.

Dip = (v) Put something into a liquid and quickly lift it out again.
Dip = (n) A place where the surface of something goes down suddenly, and then goes up again.

Fare = (v) Be successful or unsuccessful in a particular situation.
Fuel = (v) Make a situation worse.

SOURCE Study: Timing of pills might matter AP December 17, 2007

Retailers eager for last-minute shoppers

Following a lukewarm [1] shopping weekend, the nation's stores are now focusing their attention on the final week leading to Christmas, as consumers seem to be postponing more of their buying to the last minute compared to a year ago.

Just as malls and stores ushered the official start of the holiday season with expanded hours and generous discounts, they plan to do the same in the final stretch. Macy's Inc. plans to pull all-nighters at several of its stores, including its Manhattan flagship [2], starting Friday. Toys "R" Us plans to keep its doors open until midnight every day until Dec. 24.

Based on early reports from analysts and malls on Sunday, sales results were generally unimpressive this past weekend, as shoppers were held back by a snow storm that spread a mix of sleet [3], freezing rain and snow from the Great Lakes states to New England. Consumers, fretting [4] about economic worries, were also delaying their shopping even more this year, knowing there's a full weekend before Christmas, when the bargains will be even better.

[1] Lukewarm = Not showing very much interest or excitement.

[2] Flagship = A company's best and most important product, building etc.

[3] Sleet = Freezing rain.

[4] Fret = Worry about small or unimportant things

SOURCE Retailers eager for last-minute shoppers AP Mon Dec 17, 7:42 AM ET

Stocks dip on economic worries

Wall Street extended last week's losses Monday as investors remained skeptical that the Federal Reserve's first credit auction will loosen up a tight market.

The Fed, responding to a flagging [1] economy that some fear is headed for recession, is offering $20 billion in 28-day credit through an auction Monday. The aim of the auction is to encourage commercial banks to borrow from the central bank, and in turn, boost banks' lending to businesses and consumers.

Last week, the Fed disappointed investors when it cut interest rates by only a quarter-point, which was less than some analysts expected. Wall Street is pleased that policy makers say they are continuing to try to lift market confidence, which has dwindled [2] since home foreclosures [3] started soaring, but the market is so far unconvinced [4] that the auction will work.

[1] Flagging = Becoming tired, weak

[2] Dwindled = Gradually became fewer or smaller.

[3] Foreclosure = Taking away someone's property.

[4] Unconvinced = Could not make someone feel certain that something is true.

SOURCE: Stocks dip on economic worries AP December 17 2007

Michigan Hires Rodriguez as Coach

The University of Michigan will introduce Rich Rodriguez as its coach, ending an awkward [1] monthlong search with the hiring of one of college football’s most respected offensive [2] minds.

But the hiring of Rodriguez away from West Virginia will not be cheap. Michigan will pay West Virginia $4 million just to release him from his contract, the largest known buyout to hire a college football coach. Rodriguez is expected to make well over $2 million a season in salary, which would put him among the top dozen of the nation’s highest-paid coaches.

Rodriguez took the job after public rejections by Louisiana State Coach Les Miles and Rutgers Coach Greg Schiano. Those were perceived as blows [3] to a proud university, which has more victories than any other college football program. The move fills the premier [4] job opening in college football but creates another vacancy at a program whose stature [5] had grown under Rodriguez.

[1] Awkward = Embarrassing.

[2] Offensive = Very insulting and likely to upset people.

[3] Blow = Something very sad and disappointing.

[4] Premier = Best or most important (adj)

[5] Stature = The degree to which someone is admired.

SOURCE Michigan Hires Rodriguez as Coach The New York Times, December 17, 2007

Greenspan sees early signs of U.S. stagflation

The U.S. economy is showing early signs of stagflation [1] as growth threatens to stall [2] while food and energy prices soar.

Greenspan said low inflation was a major contributor to economic growth and prices must be held in check. We are beginning to get not stagflation, but the early symptoms of it. Fundamentally, inflation must be suppressed.

The U.S. central bank has lowered its benchmark [3] interest rate three times since mid-September as a housing downturn, tightening credit conditions, and steep food and energy prices threaten to push the U.S. economy into recession.

But cutting rates can have the unwanted side effect of pushing up prices, so the Fed finds itself in a tricky[4] position of trying to revive growth without spurring inflation.

Last week, U.S. data showed that wholesale inflation rose at the highest rate in 34 years, while consumer prices rose the most in more than two years.

Greenspan repeated his assessment that the probability of a U.S. recession had moved up toward 50 percent but noted that corporate America's debt levels were in good shape, which should help cushion the blow from tightening credit terms.

Greenspan also said real estate prices will stabilize only when the overhang [5] of unsold new-construction homes begins to ease, and estimated that financial losses could be in the range of $200 billion to $400 billion as securities tied to failing subprime [6] mortgages lose value.

[1] Stagflation=Sluggish economic growth coupled with a high rate of inflation and unemployment.
[2] To stall = To halt
[3] Benchmark = Something used for comparing and measuring other things.
[4] Tricky = Difficult to deal with
[5] Overhang = Hang over something
[6] Subprime lending, B-paper, near-prime, or second chance lending is the practice of making loans to borrows who do not qualify for the best market interest rates because of their deficient credit history. Subprime lending encompasses a variety of credit instruments such as subprime mortgages.

SOURCE Greenspan sees early signs of U.S. stagflation Reuters Dec 16, 2007