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Daily Archives: August 20, 2008

Americans Driving Less and Less

August 20, 2008
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Even though gasoline prices have declined nearly 40 cents, Americans are still driving much less than they were last year. This is probably because high gasoline prices aren’t the only things keeping people off of the road. The U.S. Department of Transportation released data recently that shows that since last November, Americans drove nearly 53 billion less than they did in the same period last year. This tops the 1970s’ total decline of 49.3 billion miles. Americans drove 4.7 percent less, or 12.2 billion miles fewer, in June 2008 than June 2007. The decline is most evident in rural...

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My Two Cents on the Credit Crisis

August 20, 2008
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I recently made the acquaintance of Foster Aborn, who started John Hancock Financial Services’ bond investment programs decades ago and retired from the firm in 2000 after serving as Chief Investment Officer, overseeing an $80 billion portfolio.  (The firm was bought by Manulife of Canada in 2003 for $10.4 billion, and the John Hancock name is still used for the firm’s U.S. business.) I was warned before I met him that Foster was a great one for asking questions, and I found that all too true.  Foster revealed that he was happy with the way Manulife was running John...

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