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<?xml-stylesheet type="text/xsl" media="screen" href="/~d/styles/atom10full.xsl"?><?xml-stylesheet type="text/css" media="screen" href="http://feeds.feedburner.com/~d/styles/itemcontent.css"?><feed xmlns="http://www.w3.org/2005/Atom" xmlns:openSearch="http://a9.com/-/spec/opensearchrss/1.0/"><id>tag:blogger.com,1999:blog-30162597</id><updated>2008-08-21T17:52:00.991+08:00</updated><title type="text">å¹²ï¿½??ï¿½?ï¿½ï¿½?ï¿½</title><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/" /><link rel="next" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default?start-index=26&amp;max-results=25&amp;redirect=false" /><link rel="http://schemas.google.com/g/2005#feed" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/posts/default" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author><generator version="7.00" uri="http://www.blogger.com">Blogger</generator><openSearch:totalResults>55</openSearch:totalResults><openSearch:startIndex>1</openSearch:startIndex><openSearch:itemsPerPage>25</openSearch:itemsPerPage><atom10:link xmlns:atom10="http://www.w3.org/2005/Atom" rel="self" type="application/atom+xml" href="http://feeds.feedburner.com/dahhoo" /><feedburner:info xmlns:feedburner="http://rssnamespace.org/feedburner/ext/1.0" uri="dahhoo" /><atom10:link xmlns:atom10="http://www.w3.org/2005/Atom" rel="hub" href="http://pubsubhubbub.appspot.com/" /><entry><id>tag:blogger.com,1999:blog-30162597.post-5424868965244273409</id><published>2008-08-21T17:49:00.002+08:00</published><updated>2008-08-21T17:52:01.023+08:00</updated><title type="text">ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ­¢ï¿½?ï¿½?ï¿½??ï¿½?</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://2.bp.blogspot.com/_mCqrXzDpYdY/SK06IIRG2iI/AAAAAAAAAEA/ajd-6xiKRmw/s1600-h/diving-760490.jpg"&gt;&lt;img id="BLOGGER_PHOTO_ID_5236905853034355234" alt="" src="http://2.bp.blogspot.com/_mCqrXzDpYdY/SK06IIRG2iI/AAAAAAAAAEA/ajd-6xiKRmw/s320/diving-760490.jpg" border="0" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:#666666;"  &gt;August 20, 2008, 10:31 am&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 2.05pt 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Are China Stocks Heading Out of Deep Water?&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 2.05pt 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ­¢ï¿½?ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;While the Beijing Olympics wow the world, China's stock market is also winning a gold medal.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;At the high dive.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??äº¬å¥¥ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½è·³æ°´ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Share price indices there have crashed by 60% since last autumn, hitting fresh new lows even as the new "new" China goes on display before the TV cameras.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½å¹´ï¿½?å­£ä»¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;60%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?"ï¿½?ï¿½ï¿½?"ï¿½?ï¿½??ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ä¸ª"ï¿½?ï¿½ï¿½?"ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??å¤´ï¿½??ï¿½??ï¿½?ï¿½??è¡¨ï¿½?ï¿½?ï¿½?ï¿½ç»§ç»­ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;To put this in context, the Chinese market has just fallen harder and farther than Wall Street did in 1929 and Japan in 1990.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??åº¦ï¿½??æ·±åº¦ï¿½?å·²ï¿½?ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;1929&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;å¹´ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;1990&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;å¹´ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Other Asian markets have plunged as well. Hong Kong and Mumbai have fallen by a third. Many others are down as much as 25%.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½ï¿½?ï¿½?æ´²ï¿½?ï¿½?ï¿½ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?æ¸¯ï¿½??ï¿½?ä¹°ï¿½??ï¿½?ï¿½ï¿½?ï¿½?è¾¾ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?è¾¾ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;25%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;It would, of course, be particularly dangerous if this presages a sharp economic slowdown in Asia. The West is already staggering under the weight of its own financial crisis. Booming Asian economies were supposed to help pull us through.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½?ï¿½?ç¤ºï¿½??ï¿½?æ´²ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??è¥¿ï¿½?ï¿½ï¿½?ï¿½??æ­£ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä»¬ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?æ´²ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä»¬ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;But the most obvious direct impact on Western wallets so far has been on the emerging market funds held by ordinary investors.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?è¥¿ï¿½?ï¿½ï¿½?ï¿½??ï¿½??å¤±ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?äººï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Of course these were hottest and most in vogue right at the top - with predictable consequences.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½?é¡¹ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½å¹¶ï¿½??ï¿½?ä¸ªä¼¼ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?å¥½ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Americans had a record $226 billion invested in emerging market stock funds at the peak last October, according to data compiled by industry analysts Financial Research Corp. They poured in $12 billion in the last two months of the boom. And they kept buying on the way down, investing another $4.8 billion after the bubble popped.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;æ ¹ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ç©¶ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¹´ï¿½??ï¿½??ï¿½??ï¿½?å³°ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?æ¨¡ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;2260&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;äº¿ï¿½?ï¿½??ï¿½??è®°ï¿½?ï¿½??ï¿½?ï¿½æ³¡æ²«ç ´ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ä¸¤ä¸ªï¿½??ï¿½?ï¿½?ä»¬ï¿½??ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;120&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½?ï¿½ï¿½?è·¯è´­ä¹°ï¿½?ï¿½?ï¿½æ³¡æ²«ç ´ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;48&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;äº¿ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;A lot of that investment has now, of course, gone to "money heaven." Cue harp music.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;æ¯«ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ä¸­ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å·²ï¿½?ï¿½?ï¿½è¾¾ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??"ï¿½??ï¿½?ï¿½å¤©ï¿½?"ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;When it comes to investing, there is no safety in numbers. None. And the hottest investments can fry you.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ä¸­æ²¡ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ç³»ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½åº¦ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ä½ ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Today, those investors are wondering whether to cut their losses or hang on and hope for better times. Meanwhile those who prudently sat out the boom and waited for a better chance to get in may wonder if that moment has arrived.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?äººæ­£ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?è½¬ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½è±«ï¿½??ï¿½??ï¿½?æ­¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?æ³¡æ²«ç ´ï¿½?ï¿½??å°±ï¿½?ï¿½ï¿½?ï¿½ç¦»ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?äººï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;The short answer is that while Asian stock markets are certainly more reasonable value again, they are still not at the kind of bargain levels seen in 2001-2003.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?æ´²ï¿½?ï¿½ï¿½?ï¿½??ä¼°ï¿½?ï¿½ç¡®ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?æ²¡ï¿½??ï¿½??ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;2001-2003&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;å¹´ï¿½?ï¿½ï¿½??æ°´å¹³ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Asian stock markets excluding Japan are now valued at about 1.3 times annual sales, according to data from FactSet. That's a long way below last year's peak level.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;æ ¹ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;FactSet&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?æ´²ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½å¤§çº¦ï¿½?ï¿½ï¿½?ï¿½å¹´ï¿½??ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;1.3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½??ï¿½?å³°ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?å·²ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;But early in this decade they fell well below one times sales.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½?ï¿½å¹´ä»¥ï¿½??ï¿½?ï¿½?ä¸ªï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ä»¥ï¿½?ï¿½??æ°´å¹³ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;The Singapore market, which has been one of the soundest and most stable investments in Asia over the years, now boasts a dividend yield of nearly 4% again. It touched a low of just 2% last year. (Dividend yields rise when share prices fall, and vice versa). But back in 2003 it topped 5%.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¹´ï¿½?ï¿½ï¿½?æ´²ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ç¨³ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??å®£ç§°ï¿½?ï¿½å¹´åº¦ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;4%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½å¹´ï¿½?ï¿½?ï¿½è§¦ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;2%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ä»·ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?äº¦ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;2003&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;å¹´ï¿½?ï¿½?ï¿½è¾¾ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;5%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Few Westerners know Asian equity markets as well as 24-year veteran Hugh Young, investment manager at Aberdeen Asset Management, a British company, in Singapore. The Brits tend to be old hands at emerging markets. It's something to do with the legacy of empire.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½??äººï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;24&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;å¹´ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ä¿®ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ ·ï¿½?è§£ï¿½?æ´²ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?å®¶ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¼¯ï¿½?ï¿½??ï¿½?ç®¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½äººï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??äº§ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;(I have a small stake in one of Mr Young's mutual funds, but the better value probably lies in the London-listed closed-end funds, such as &lt;a href="http://online.wsj.com/public/quotes/main.html?symbol=ABD&amp;amp;type=usstock%20usfund&amp;amp;mod=DNH_S"&gt;&lt;span style="TEXT-DECORATION: none; text-underline: nonecolor:#0253b7;" &gt;Aberdeen New Dawn&lt;/span&gt;&lt;/a&gt;, which trade below net asset values.)&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Mr Young began backing away from the mania two years ago, moving money into more conservative investments. He inevitably "underperformed" ï¿½ till the bubble burst. &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ä¸»ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä¼¦ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Aberdeen New Dawn&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??äº¤ï¿½??ä»·ï¿½?ï¿½?ï¿½?äº§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ä¸¤å¹´ä»¥ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ç¦»ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½æ³¡æ²«ç ´ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½"ï¿½?ç»©ï¿½?ä½³"ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Today he says valuations are about in the middle of historic ranges, on around 14.5 times forecast earnings.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?è¯´ï¿½?ï¿½?å¤©&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;14.5&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??å¤§ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ä¸­ï¿½?ï¿½æ°´å¹³ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;But he warns they may come under further pressure, as analysts' earnings forecasts are still too optimistic. &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½?ï¿½?ï¿½?è­¦ï¿½??è¯´ï¿½?ï¿½ä¸ºï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;"The Street is expecting quite strong earnings growth, which I'm afraid to say is quite unrealistic," he says. The biggest problem is inflation, which is now squeezing corporate profit margins. Mr Young is still sticking to blue chip investments ï¿½ like top Indian software companies Infosys, Satyam and Tata Consultancy, the old Hong Kong trading companies Swire Pacific and Jardine Matheson, and property companies like Singapore's City Developments in Singapore and Iyala Land in the Philippines.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;"ï¿½??ï¿½?äººï¿½??ï¿½??ï¿½?ï¿½ï¿½??å¿«ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??è®¤ä¸ºï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?"ï¿½?è¯´ï¿½??ï¿½??å¤§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??è´§ï¿½?ï¿½ï¿½??ï¿½?ï¿½?æ­£ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½æ¶¦ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ç­¹ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½åº¦é¡¶çº§è½¯ä»¶ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Infosys&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Satyam&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Tata&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;é¡¾ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?å·²ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?æ¸¯è´¸ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¤ªï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½äº§ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?å®¾ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;Lyala Land&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;On the positive side, Asian economies and companies have avoided many of the problems facing the West. Balance sheets are strong. Economies are still growing by about 6% a year. Mr Young doesn't expect that to slow by more than a percentage point or two over the next couple of years. Many banks, particularly in the better regulated environments, have stuck to traditional banking and remained well capitalized. However, as Mr Young points out, economic growth doesn't always translate into investment returns. &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 5.45pt 0cm 6.1pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?å¥½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?æ´²ï¿½?ï¿½?ï¿½??ï¿½?æ´²ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?è¥¿ï¿½?ï¿½ï¿½?ï¿½å®¶æ­£ï¿½?ï¿½å¯¹ï¿½??ï¿½?ï¿½?ä¸¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½??æ²¡ï¿½??ï¿½?ï¿½?è´¢ï¿½?ï¿½ï¿½??è´¦ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½?å¹´&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;6%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½??ï¿½??åº¦ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å¹¶ï¿½?è®¤ä¸ºï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä¸¤å¹´ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;1&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;2&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-: 0ptfont-family:Arial;color:black;"  &gt;ä¸ªï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ç®¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¥½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ä¼ ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?å°±ï¿½?ï¿½??ï¿½?ï¿½å¥½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??æ°´å¹³ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½è®ºï¿½??æ ·ï¿½?æ­£ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½æ ·ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½å¹¶ï¿½?ï¿½?ï¿½ï¿½?ï¿½è½¬ï¿½??ä¸ºï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Arial','sans-serif'; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;color:black;"  &gt;&lt;/span&gt; &lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN-US"&gt;&lt;span style="font-family:Calibri;"&gt;&lt;/span&gt;&lt;/span&gt; &lt;/p&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_21.html" title="ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ­¢ï¿½?ï¿½?ï¿½??ï¿½?" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=5424868965244273409" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/5424868965244273409/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5424868965244273409" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5424868965244273409" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-7028376538159846883</id><published>2008-08-20T20:44:00.001+08:00</published><updated>2008-08-20T20:44:52.474+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?ï¿½??é©¬è¾¾ï¿½??ï¿½?ï¿½å§¿</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKwRxL_UAQI/AAAAAAAAAD4/kZywMemqXf0/s1600-h/3308ST1-792475.jpg"&gt;&lt;img src="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKwRxL_UAQI/AAAAAAAAAD4/kZywMemqXf0/s320/3308ST1-792475.jpg"  border="0" alt="" id="BLOGGER_PHOTO_ID_5236580003454648578" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;The old motor roars back &lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??é©¬è¾¾ï¿½??ï¿½?ï¿½å§¿&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Aug 14th 2008&lt;br&gt; From &lt;i&gt;The Economist&lt;/i&gt; print edition&lt;/span&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The internal combustion engine is more than 100 years old, but it still has a future&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½?å¹´ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??å¥½ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Alamy&lt;span style="mso-no-proof: yes"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;SMALL cars sometimes struggle to climb steep hills. But a converted Chevrolet Lacetti has something special to help it along. Instead of having to keep changing down and revving harder to ascend a winding Alpine-type test track, the engine can cruise almost to the summit in top gear. This is because the car benefits from one of the developments that in these more economical and greener times promises to give the petrol engine a new lease of life.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??è½¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Lacetti&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å·²ï¿½?è§£ï¿½?ï¿½ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½å³­ï¿½??ï¿½?ï¿½?è½¦ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?æ¡£ï¿½?è½¬ï¿½??ï¿½?ï¿½?ï¿½?æ ·è½»ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?æ¡£ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å³°ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä¸ºï¿½?ï¿½?è½¦ï¿½??ï¿½??ï¿½?ï¿½?é¡¹ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½é¡¾ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?æ±½æ²¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Old technologies have a habit of fighting back when new ones come along. This is not surprising because they often have an enormous amount of design, engineering and production knowledge invested in themï¿½??especially so in the case of car engines. So new hybrid systems, fuel cells and electric motors will be chasing a moving target. The internal combustion engine will be getting better too.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä¹ ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ä»¥ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä»¤äººï¿½??è®¶ï¿½?ï¿½?ï¿½ä¸ºï¿½??ï¿½?è¥¿å¸¸å¸¸ï¿½??å¼ºå¤§ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½å¤§ï¿½??ï¿½??è®¾è®¡ï¿½?ï¿½ï¿½?ï¿½??å·¥ï¿½?ï¿½??ï¿½?ï¿½å·²ï¿½?ï¿½??äº§ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½æ±½è½¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??å°¤ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ä»¥ï¿½?ï¿½?ï¿½æ··ï¿½??ï¿½?ï¿½ï¿½??ç³»ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½æ± ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½é©¬è¾¾ï¿½?ï¿½?ï¿½å¯¹ï¿½?ä¸ªå¹¶ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??å¯¹ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½å¥½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The Lacetti is just one example. It gets its extra oomph from a supercharger forcing more air into the combustion chambers of its engine. This is an old idea that used to speed up 1920s racing cars, like "blower" Bentleys. But their engines tended not to last very long. With stronger engines, superchargers have been staging a comeback in big cars. The one in the Lacetti is different: it is a dual-speed supercharger that provides its highest boost at low speeds. This gives the car a huge 40% increase in torque, or pulling power.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Lacetti&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä¸­ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½è¡¨ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ç©ºï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½å®¤ï¿½??ï¿½?ï¿½?ï¿½ï¿½?é¡¹ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?çºª&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;20&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ä»£å°±è¢«ï¿½?ï¿½ï¿½?ï¿½ï¿½?å®¾ï¿½?ï¿½"ï¿½?ç®±"ï¿½?æ ·ï¿½??ï¿½?è½¦ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ç±»ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¹¶æ²¡ï¿½??å»¶ç»­ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?è¢«ä½¿ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?å¤§ï¿½??è½¦ï¿½??ï¿½?ï¿½??ï¿½??é©¬è¾¾ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Lacetti&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ä½¿ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ä¸ªï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¾¿ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½?ï¿½??ï¿½?è½¬ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??è½¦ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?è¾¾&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;40%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The car was fitted with the device by its developer, Antonov Automotive Technologies, a British company. The supercharger is purely mechanical and uses planetary gears to change speed. Antonov reckons that it could be used to reduce the size of a car's engine by up to 50%ï¿½??so it would use less fuel and produce fewer CO2 emissions, but still provide good performance.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½è½¦ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ç½®ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å®¶ï¿½?ï¿½ï¿½?ï¿½?è¯ºå¤«æ±½è½¦ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ä¸ªï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½æ¢°ï¿½??ï¿½?ï¿½ï¿½?è½¬ï¿½?å¹¶ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??é½¿è½®ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?è¯ºå¤«ä¼°è®¡ï¿½?ä¸ªï¿½?ç½®ï¿½?ï¿½ï¿½?ï¿½??æ±½è½¦ï¿½?ï¿½??ï¿½??å°ºå¯¸ç¼©ï¿½?è¾¾&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;50%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½å¥½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?æ°§ï¿½??ç¢³ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Car engines (racing cars aside) have long been a compromise between efficiency, power and durability. Greater flexibility has come with fuel injectors, which can metre fuel more precisely than carburettors, and variable-valve control, which can optimise the opening and closing of inlet and exhaust valves to produce more power when accelerating or greater economy when dawdling around town. The same systems are also used in some big and thirsty V8 and V6 engines to shut down a few cylinders when driving slowly.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ±½è½¦ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?è½¦ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ä½¿ï¿½?ï¿½å¯¿ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ä¸­ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ç³»ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??æ²¹ï¿½?ï¿½ï¿½?ï¿½ç²¾ç¡®ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ä»¥ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ç³»ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??èµ·ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?è®©è½¦ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??æ²¹ï¿½??ï¿½??æ ·ï¿½??ç³»ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;V8&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä»¥ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;V6&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?å¤§ï¿½??ï¿½??æ²¹ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?é©¶ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ç¼¸ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä»¥ï¿½??çº¦ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Now engineers are taking these developments much further. The e-Valve system developed by Valeo, a French automotive supplier, uses electromagnetic controls to open and shut valves instead of pushrods operated by a camshaft. As each valve can be operated independent of any other, all sorts of tricks become possible, including shutting down cylinders and switching temporarily from the traditional four-stroke Otto cycle (as developed by Nicolaus Otto, a German engineer in 1876) to a type of Atkinson cycle (an ultra-lean system invented as a rival in 1882 by James Atkinson, a British engineer, but which suffered from a lack of power). The Toyota Prius already uses a form of Atkinson cycle for the petrol engine that operates alongside an electric motor in its hybrid system.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?å·¥ï¿½?ï¿½?ä»¬ï¿½?ï¿½ç±»ä¼¼ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½èµ°ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä¸ªï¿½?ï¿½?ï¿½ï¿½??æ±½è½¦ï¿½??ä»¶ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Valeo&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ç§°ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;e-&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ç³»ï¿½?ï¿½??ï¿½?ä½¿ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ä¼ ï¿½?ï¿½??ï¿½?ï¿½è½´ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ä¸ªï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?å°±ä½¿ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ç¼¸ï¿½?ä»¥ï¿½??ï¿½?ï¿½?ä¸ªï¿½??ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Otto&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ¨¡ï¿½?ï¿½?å¾·ï¿½?ï¿½å·¥ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Nicolaus Otto&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1876&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ï¿½ï¿½?ï¿½?ä¸´ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Atkinson&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å·¥ï¿½?æ¨¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½å·¥ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;James Atkinson&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1882&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ä¸º&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Otto&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ¨¡ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?æ²¹ç³»ï¿½?ï¿½?ï¿½??å¤§ç¼ºï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?è¶³ï¿½?ï¿½??ä¸°ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??æ··ï¿½??ï¿½?ï¿½ï¿½??ç³»ï¿½?ä¸­å·²ï¿½?ä½¿ï¿½?ï¿½ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Atkinson&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ¨¡ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??å·¥ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Valeo reckons that on average their e-Valve system can cut fuel consumption and CO2 emissions in a car by up to 20%. It could also be used to make three- and two-cylinder engines that run efficiently and smoothly. These tiny engines could power small cars directly, combine with electric motors in hybrids or work as "get-you-home" engines or range-extending generators in plug-in electric cars. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Valeo&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¼°è®¡å¹³ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä»¬ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;e-&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ç³»ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½?è¾¾&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;20%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ²¹ï¿½??ï¿½??ï¿½?æ°§ï¿½??ç¢³ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??æ ·ï¿½?ï¿½ä»¥ï¿½?ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ç¼¸ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ç¼¸ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ç¡®ï¿½?ï¿½?ä»¬ï¿½?ï¿½??ï¿½??å¹³ç¨³ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?å¾®ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?ï¿½é©±ï¿½?ï¿½ï¿½?ï¿½??è½¦ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½é©¬è¾¾ï¿½?ï¿½??ï¿½?ä½¿ï¿½?ï¿½ï¿½?ï¿½æ··ï¿½??ï¿½?ï¿½ï¿½??ç³»ï¿½?ä¸­ï¿½?ï¿½??ï¿½??ï¿½?ç±»ä¼¼"å¸¦ä½ ï¿½??å®¶"ï¿½?ï¿½??ï¿½??ï¿½??ç½®ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?èµ·ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½æ±½è½¦ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;a name="two-pot_power"&gt;&lt;/a&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Two-pot power &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¸¤ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Fiat is investing heavily in smaller engines with its new valve-control system, Multiair. This uses hydraulics and electronics to optimise valve settings. When combined with a turbocharger (a supercharger driven by exhaust gases), Fiat engineers talk of producing a "downsized" two-cylinder engine that performs like a bigger four-cylinder one, but with fuel savings of some 20%. Fiat is expected to start using Multiair engines in its cars in a year or so.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?æ¬¾&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Multiair&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½å·¨ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ç³»ï¿½?ï¿½??ï¿½?ä½¿ï¿½?ï¿½æ¶²ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??æ¶¡è½®ç³»ï¿½?ï¿½?ï¿½?ï¿½?å°¾ï¿½?é©±ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??å·¥ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½å·¥ï¿½?ï¿½?ï¿½??è¯´ï¿½?ï¿½?ï¿½?ä¸ªï¿½?å°ºå¯¸ï¿½??ä¸¤ç¼¸ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½??å¤§ï¿½?ï¿½?ï¿½ï¿½??ç¼¸ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??æ ·ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??æ²¹å¤§çº¦&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;20%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?è®¡å¤§çº¦ï¿½?å¹´ï¿½??ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Multiair&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??æ±½è½¦ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Using a combination of variable valve-control, fuel injection and turbocharging, Daimler is developing an entirely new type of engine. It can switch between operating as a petrol engine, with agility and power, to operating as a diesel, with economy and torque. The DiesOtto engine, as Daimler has called it, starts as a petrol engine with spark plugs igniting the mixture of fuel and air in its cylinders, and remains as a petrol engine when high performance is needed. But at low and medium speeds the engine switches into diesel mode, in which the fuel is ignited by compression and heat alone. A 1.8-litre four-cylinder test version of DiesOtto fitted to a prototype Mercedes S-class saloon produced plenty of power, but also returned an average fuel consumption of 5.3 litres per 100km (equivalent in America to 44.4mpg)ï¿½??extremely good for a such a big car. The vehicle's emissions were also lower.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ²¹ç³»ï¿½?ä»¥ï¿½??æ¶¡è½®ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??æ­£ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½æ±½æ²¹ï¿½?ï¿½æ¨¡ï¿½?ï¿½??ï¿½?ï¿½æ²¹ï¿½?ï¿½æ¨¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?æ±½æ²¹ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä»¥ï¿½??ï¿½?ï¿½æ²¹ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ç§°ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;DiesOtto&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ¬¾ä½¿ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ç¼¸ï¿½??æ±½æ²¹ï¿½?ç©ºï¿½?æ··ï¿½??ï¿½?ï¿½?ï¿½??æ±½æ²¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¹¶ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??æ±½æ²¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½æ¨¡ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?è½¦ï¿½?ï¿½?é©¶ï¿½?ï¿½ä¸­ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½æ²¹æ¨¡ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ç¼©ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??å·¥ï¿½?ï¿½??ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1.8&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;DiesOtto&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?å¾·ï¿½?ï¿½ï¿½?é©°&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;S&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ç³»è½¿è½¦ï¿½??ï¿½??è½¦ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?è¶³ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?æ²¹ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;5.3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;44.4&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??å¯¹ï¿½?ï¿½?æ ·ï¿½?ï¿½?å¤§ï¿½??è½¿è½¦ï¿½?ï¿½è¯´ï¿½?ï¿½?ä¸ªï¿½??ç»©ï¿½??å¸¸ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½è½¦ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;In a similar vein, Ricardo, another British automotive-engineering company, has been working with a group of partners on an engine that can switch from four-stroke to two-stroke running. Two-stroke engines can provide very high levels of torque. Ricardo reckons such an engine could not only improve fuel economy by 27% over a traditional engine but also greatly reduce its size and complexity. And because small engines take up less space in a car, that means there will be more room for occupants, inviting more innovative designs.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ç±»ä¼¼ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å®¶ï¿½?ï¿½ï¿½?ï¿½æ±½è½¦å·¥ï¿½?ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Ricardo&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ç¾¤ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å·¥ï¿½?æ¨¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?æ°´å¹³ï¿½??ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Ricardo&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¼°è®¡ï¿½?æ ·ï¿½?æ¬¾ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ä¼ ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??æ²¹&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;27%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ä»¥å¤§å¤§ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??å°ºå¯¸ï¿½??ï¿½?ï¿½??åº¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ç©ºï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ç©ºï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½å¤§ï¿½?ä½¿ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½è®¾è®¡ï¿½??ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;By putting all these technologies together, small cars capable of breaking the 100mpg barrier will become possible. Getting more than 80mpg from some small diesel-powered cars is already feasibleï¿½??with a very light foot on the accelerator. Indeed, according to &lt;/span&gt;&lt;span lang="EN-US" style="mso-bidi-font-size: 10.5pt"&gt;&lt;a title=" (opens in a new window) " href="http://www.edmunds.com/" target="_blank"&gt;&lt;span style="COLOR: #6291a5; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; TEXT-DECORATION: none; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; text-underline: none"&gt;Edmunds.com&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;, an automotive-information service, when you count the overall costs of owning a car, only one hybrid in America, the Honda Civic Hybrid, gets into the top ten of the least expensive vehicles to run, with fuel prices at $5 a gallon. It may be old hat, but the internal combustion engine still has a lot of mileage in it.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??èµ·ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?è½¦ï¿½??ç ´ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;100&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½æ²¹è½¦å·²ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;80&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½??ï¿½?é©¶è®°ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?è½»è¸©æ²¹ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½æ±½è½¦ä¿¡ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Edmunds.com&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?è®¡ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½è¡¡ï¿½??ï¿½?ï¿½?æ±½è½¦ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?æ··ï¿½??ï¿½?ï¿½ï¿½??è½¦ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??æ··ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;5&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½??ä»·æ ¼è®¡ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä»·ï¿½?æ±½è½¦ï¿½??ï¿½??ï¿½??ï¿½??å°½ç®¡ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?æ¨ªï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN-US" style="mso-bidi-font-size: 10.5pt"&gt;&lt;font face="Calibri"&gt;&amp;nbsp;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_7287.html" title="ï¿½?ï¿½?å­¦äººï¿½?ï¿½??é©¬è¾¾ï¿½??ï¿½?ï¿½å§¿" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=7028376538159846883" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/7028376538159846883/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7028376538159846883" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7028376538159846883" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-6061798337686137656</id><published>2008-08-19T19:06:00.001+08:00</published><updated>2008-08-19T19:06:25.074+08:00</updated><title type="text">çº½çº¦ï¿½?ï¿½ï¿½?ï¿½ï¿½?5æ­¥ï¿½??ï¿½?ï¿½ï¿½?è´¨ï¿½?ï¿½ï¿½??</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://2.bp.blogspot.com/_mCqrXzDpYdY/SKqpMX1srwI/AAAAAAAAADw/aRw2nm50yjk/s1600-h/mutual-fund-types-785075.gif"&gt;&lt;img src="http://2.bp.blogspot.com/_mCqrXzDpYdY/SKqpMX1srwI/AAAAAAAAADw/aRw2nm50yjk/s320/mutual-fund-types-785075.gif"  border="0" alt="" id="BLOGGER_PHOTO_ID_5236183546794389250" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;Five Ways to Pick Mutual-Fund Winners&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;5&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 18.0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;æ­¥ï¿½??ï¿½?ï¿½ï¿½?è´¨ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;By JONATHAN BURTON&lt;br&gt; &lt;i&gt;&lt;span style="COLOR: #666666"&gt;August 16, 2008&lt;/span&gt;&lt;/i&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;How good are the mutual funds in your 401(k)?&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä½ ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;401&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è®¡ï¿½??ï¿½?ï¿½?é¡¹ï¿½??ï¿½?è®¡ï¿½??ï¿½?ä¸­ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?å¥½ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;It would be nice if there were a scorecard. But rating the investments you hope will glitter in your golden years can be a confusing process. That&amp;#39;s one reason why so many investors have embraced so-called target-date or lifecycle funds, which take care of the guesswork.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ä¸ªè®°ï¿½??ï¿½?ï¿½ï¿½?å°±ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä¸ºï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä»·ï¿½?ä¸ªï¿½?ï¿½è®©ä½ ï¿½??å¹´ï¿½?ï¿½å¿§ï¿½??ï¿½??ï¿½?ï¿½?è®©äººè¿·ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½?ï¿½?äººï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?èº«ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä¸ªï¿½??ï¿½?ï¿½ï¿½?ï¿½?è®©äººï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Those who still want to pick their own 401(k) investment lineup often don&amp;#39;t know how, or where, to start. So they wind up defaulting to funds with the best track records.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½å·±ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??äººï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ä»¥ï¿½?ï¿½??ï¿½??ï¿½?ä»¬æ ¹ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ç»©ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;That&amp;#39;s not strategy, it&amp;#39;s performance chasing -- buying high and selling low -- and it leads investors nowhere, says David B. Armstrong, managing director at Monument Wealth Management, in Alexandria, Va.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;æ¯«ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??çº¯è¿½ï¿½??ï¿½?ç»©ï¿½?ï¿½?ä¹°ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?è®©ï¿½??ï¿½?äººï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??å°¼ï¿½?ï¿½?ï¿½?ï¿½??å±±å¤§ï¿½?ä¸°ï¿½?è´¢ï¿½?ç®¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??å¸¸ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¤§ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;B.&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½å£®ï¿½?ï¿½?ï¿½è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;They&amp;#39;re picking mutual funds that have been doing very well and not giving proper consideration to the appropriate allocation,&amp;quot; he says.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½?ä»¬ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?è¡¨ï¿½?ï¿½ï¿½?ï¿½å¥½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??åº¦ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?"ï¿½?è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;To tell which stock funds in your retirement account are right for you, look beyond performance. Take a page from the methods investment experts likely used for your own company&amp;#39;s 401(k) plan. Here are five things to keep in mind:&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½??ä½ ï¿½??ï¿½?è´¦ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ç¥¨ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½æ­£ç¡®ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?é¡»ç¦»ï¿½?ï¿½?ï¿½??ï¿½?ç»©ï¿½??ï¿½??ï¿½?ä¸ªï¿½??ï¿½?ï¿½?å®¶ï¿½?ï¿½æ ·ï¿½?ï¿½é¡¾ä½ ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;401&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è®¡ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;5&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½è®°ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1. Expenses &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è´¹ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;In many cases, 401(k) plans offer one actively managed fund and one indexed alternative. Since indexed management is usually cheaper, make sure you&amp;#39;re getting your money&amp;#39;s worth from an actively run choice.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;401&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è®¡ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¯´ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ä¾¿ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ä»¥ä½ ï¿½?ç¡®ä¿¡ä½ ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Costs matter. An index fund that charges one-tenth of a percentage point in yearly management fees, for example, has a full percentage point head start over a fund that takes 1.1%.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è´¹ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½è´­ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??å¹´åº¦ç®¡ï¿½??è´¹ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1.1%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??è´¹ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Accordingly, the manager of the more expensive portfolio has a steep hurdle to deliver above-average returns over time. Don&amp;#39;t pay top dollar for mediocre results.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½æ­¤ï¿½?ï¿½?ä¸ªï¿½?ï¿½??è´µï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¹³ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??è¡¨ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä¸ºå¹³åº¸ï¿½?ï¿½ï¿½?ï¿½?å¹³åº¸ï¿½??è´¹ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;Every penny we can save on expenses is going to translate to better performance,&amp;quot; says Donald Trone, president of the Foundation for Fiduciary Studies, which educates investment advisers.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½??ä»¬ï¿½?ï¿½è´¹ï¿½?ï¿½ï¿½?ï¿½ä»¥ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ç¡¬ï¿½?æ­£ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ç»©ï¿½?"&lt;/span&gt;&lt;span style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt; &lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?é¡¾ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Foundation for Fiduciary Studies &lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Donald Trone&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2. Risk-Adjusted Return &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;You can&amp;#39;t judge a fund by its advertised performance. Understand the risks a manager took to generate those returns -- maybe the fund loaded up on a hot stock, or the manager traded frequently, playing the market&amp;#39;s momentum. Otherwise, you run a risk too -- that you&amp;#39;ll fork over good money to a fund that exposed you to more volatility that you can comfortably handle.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä½ ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¹¿ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ä¸ºï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??æ­£ï¿½?ï¿½æ»¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¥¨ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?äº¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»·ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ä½ ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ä»¥ï¿½?ä½ ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ°´å¹³ä½ ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;Big stakes in any one sector is good reason to dig deeper,&amp;quot; says Christine Benz, director of personal finance at investment researcher Morningstar. &amp;quot;How does that fit with the manager&amp;#39;s strategy, and how has that played out for the fund?&amp;quot;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"å¤§ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??å¤§ï¿½?ï¿½ï¿½?ï¿½ï¿½?"ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ç©¶ä¸ªäººï¿½??è´¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Christine Benz&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯´ï¿½??"ï¿½?ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½èº«ï¿½??ï¿½??ï¿½?"&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;One key measure of a fund&amp;#39;s risk-adjusted return is a technical term called standard deviation. It shows how much a fund&amp;#39;s performance varies, or deviates, from its expected return.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?åº¦ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ç§°ï¿½?ï¿½?ï¿½??ï¿½??ç¦»åº¦ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ç¤ºï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??å°±ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å¯¹ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?æ ·ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ç¦»åº¦ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;You won&amp;#39;t need a slide rule. Sites such as Morningstar.com do the math for you. Click on &amp;quot;Risk Measures.&amp;quot; The bigger the number, the more risky the fund. So if Fund A gained 11% with a standard deviation of 18, and Fund B rose 10% with a standard deviation of 12, then Fund B achieved almost the same results with two-thirds of the volatility and would have a better risk-adjusted return.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä½ ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??è®¡ï¿½?å°ºï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Morningstar.com&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?æ ·ï¿½??ï¿½?ï¿½?å·²ï¿½?ï¿½??å¥½ï¿½?è®¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;Risk Measures.&amp;quot;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?å¤§ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?å¤§ï¿½??ï¿½??ä»¥ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;A&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;11%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å¯¹ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;18&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ç¦»åº¦ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;B&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;10%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å¯¹ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;12&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ç¦»åº¦ï¿½??ï¿½?ï¿½?è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;B&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??æ°´å¹³ï¿½?ï¿½?ï¿½??æ³¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;A&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;B&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½å¥½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;Standard deviation can help you see which fund has had higher volatility and has probably been taking more risks,&amp;quot; Ms. Benz says.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½?ï¿½??ï¿½??ç¦»åº¦ï¿½?ï¿½ï¿½?å¸®ä½ ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??æ³¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¤§ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½æ°´å¹³ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?"&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Benz&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;3. Results vs. Peers &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??æ­£ï¿½??ï¿½??ç±»ï¿½?ï¿½?ï¿½?ç»©&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;You also want to look at a fund&amp;#39;s performance relative to its category. Investors frequently make the mistake of comparing funds with &amp;quot;the market,&amp;quot; which usually means the benchmark Standard &amp;amp; Poor&amp;#39;s 500-stock index.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä½ ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ç»©ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?äººå¸¸ï¿½?ï¿½ï¿½??ï¿½??è¯¯å°±ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??è¡¨ï¿½?ï¿½ï¿½??"ï¿½?ï¿½?ï¿½"ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?"ï¿½?ï¿½?ï¿½"ï¿½??å¸¸ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;500&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ç¥¨ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;But the S&amp;amp;P 500 is a large-company U.S. stock index. The only funds to rate against it are large-cap U.S. stock funds; anything else is simply misplaced.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;500&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¤§ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¥¨ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??å°±ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¤§ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?å¯¹è±¡ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;A small-cap stock fund may look great compared with the S&amp;amp;P 500, but it may have underperformed the more fitting Russell 2000 Index benchmark. Similarly, an international small-cap stock fund has no business in the same pool as its U.S. small-cap counterpart. Again, Morningstar.com makes this information readily available. Click on &amp;quot;Total Returns&amp;quot; to see how a fund stacks up in its category.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;500&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½è´´ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Russell 2000&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å°±ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?æ²¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½?ä¸ªä¿¡ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Morningstar.com&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½?ï¿½ç¤ºï¿½?ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;Total Returns&amp;quot;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ç±»ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Be sure that all of your fund choices are related, says Mr. Armstrong, the Virginia financial adviser. If they&amp;#39;re not, &amp;quot;you really can&amp;#39;t determine if the portfolio manager is doing a good job&amp;quot; or if you should just buy an index fund.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯·ç¡®è®¤ä½ ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¥¨ï¿½?ç»´ï¿½??å°¼ï¿½?ï¿½??è´¢é¡¾ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½å£®ï¿½??ï¿½??è¯´ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?"ä½ å°±ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??å¹²ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?æ ·"ï¿½??ï¿½??ä½ ï¿½?ï¿½?å¹²ï¿½??ï¿½?ï¿½ä¹°ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;4. Portfolio Yield &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??çº¢ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Performance-chasing is bad enough, but investors also reach for yield -- the dividend income that can provide a cushion in difficult markets.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ç»©è¿½è¸ªå·²ï¿½?ï¿½?å·®ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?äººï¿½?ï¿½ï¿½??å¯»çº¢ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ä»¥ï¿½?è§£å¼±ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??çº¢ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;I&amp;#39;ve seen clients get stars in their eyes over a high yield,&amp;quot; Mr. Armstrong says. They forget there&amp;#39;s a reason for this excess payout -- and not always a good one.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½??å¸¸ï¿½??ï¿½?ï¿½ï¿½??å®¢ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??çº¢å°±ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?"ï¿½?ï¿½ï¿½?ï¿½?ï¿½å£®ï¿½??ï¿½??è¯´ï¿½??ï¿½?ä»¬ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å¹¶ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¥½ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Beware of a fund with a yield that&amp;#39;s out of synch with its peers. Maybe the high yield comes from a heavy dose of financial-services stocks or lower-quality investments. In that case, not only is the yield shaky -- some banks have cut or eliminated their dividends, for example -- but even the most generous dividend won&amp;#39;t offset major declines.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??çº¢ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?çº¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ç±»ï¿½?ï¿½ç¥¨ï¿½??ï¿½??ï¿½?ï¿½è´¨ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?çº¢ï¿½?ï¿½ï¿½?ç¨³ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å·²ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??çº¢ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ä¸¾ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??çº¢ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ä»·ï¿½??ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;5. Manager Tenure &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ä»»ï¿½??&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The big consulting firms that cobble 401(k) plans together grow cautious when a fund switches managers. And you should, too.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;401&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è®¡ï¿½??ï¿½?ï¿½ï¿½?æ¶¨ï¿½?ï¿½è°¨ï¿½??ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½??ä½ ï¿½?ï¿½?ï¿½?è°¨ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Fund companies will protest to the contrary, but new managers are game-changers. While the fund&amp;#39;s investment style might not be drastically altered, you can bet the portfolio itself will get a makeover.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??è®®è¯´ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?æ ·ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½äººï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?æ ¼ï¿½?ï¿½?ï¿½?é©¬ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä½ ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??å¤§ï¿½?ï¿½?ï¿½ï¿½?æ¢³ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä»»ï¿½?ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;If a fund manager has been on the job for only a year, then the fund&amp;#39;s three- and five-year performance isn&amp;#39;t his to boast about.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?å¹´ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??å¹´ï¿½??ï¿½?ç»©æ ¹ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;You can be more charitable when a new manager is a veteran who has experienced bull- and bear-market cycles.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½??ï¿½?ï¿½ä¸ªï¿½?ï¿½??ï¿½?ï¿½??ï¿½??å¤§å¾ªï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ä½ ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Says Lou Stanasolovich, president of Legend Financial Advisors in Pittsburgh, Pa.: &amp;quot;If a manager changes, you&amp;#39;re in effect starting a new fund.&amp;quot;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å®¾ï¿½?ï¿½?å°¼ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½å ¡ï¿½?ä¼ ï¿½?ï¿½??è´¢é¡¾ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Lou Stanasolovich&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯´ï¿½?"ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ä½ ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="mso-bidi-font-size: 10.5pt"&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/5.html" title="çº½çº¦ï¿½?ï¿½ï¿½?ï¿½ï¿½?5æ­¥ï¿½??ï¿½?ï¿½ï¿½?è´¨ï¿½?ï¿½ï¿½??" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=6061798337686137656" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/6061798337686137656/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/6061798337686137656" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/6061798337686137656" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-818013820929961122</id><published>2008-08-18T17:09:00.001+08:00</published><updated>2008-08-18T17:09:09.663+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??è§¦ï¿½?ï¿½</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKk8Na4Wo2I/AAAAAAAAADo/hgMVVlLxZOI/s1600-h/touch-749665.jpg"&gt;&lt;img src="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKk8Na4Wo2I/AAAAAAAAADo/hgMVVlLxZOI/s320/touch-749665.jpg"  border="0" alt="" id="BLOGGER_PHOTO_ID_5235782243046564706" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Evolutionary psychology&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;A touch of generosity&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½??è§¦ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Aug 14th 2008&lt;br&gt; From &lt;i&gt;The Economist&lt;/i&gt; print edition&lt;/span&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Touch can inspire munificence towards those you trust&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;è§¦ï¿½?ï¿½ï¿½?ï¿½ä»¥å¸¦ï¿½?ï¿½ä¿¡ä»»ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸º&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;PEOPLE touch each other a lot, even strangers. We shake hands, slap backs, kiss and caress. Such behaviour can increase co-operation, which is good from an evolutionary point of view. It has even been shown that waitresses who touch patrons tend to be tipped more generously. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å½¼æ­¤è§¦ï¿½?ï¿½ï¿½?ï¿½äººï¿½??ï¿½?ï¿½å¸¸ï¿½?ä¸ºï¿½??ï¿½??ä»¬ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½??äº²ï¿½?ï¿½å¹¶ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ç±»ï¿½?ä¸ºï¿½?ï¿½ä»¥ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?åº¦ï¿½?ï¿½ï¿½??ç§¯ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??è¿¹è±¡è¡¨ï¿½??ï¿½?ï¿½ï¿½?ä¸»ï¿½?ï¿½è§¦ï¿½?ï¿½ï¿½??ä¸»é¡¾ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?è´¹ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;It is known that stroking rats can raise the level of oxytocin, a hormone active in the brain and implicated in various social interactions, such as maternal attachment. In humans higher oxytocin levels have been linked to physiological phenomena like contractions during childbirth, or orgasm. But the link to physical contact is so far unclear. Interestingly, the level of hormone appears to rise in people who are trusted. And more of it seems to inspire greater generosity towards strangers.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ä»¬ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½é¼ ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½äº§ç´ ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ç¤¾ï¿½?ï¿½?ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??å¯¹äººç±»ï¿½?ï¿½è¯´ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½äº§ç´ ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½è±¡ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??å¨©ï¿½??ï¿½??ï¿½?å®«ï¿½?ï¿½ç¼©ä»¥ï¿½??ï¿½?ï¿½ï¿½?æ½®ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ç´ ï¿½??èº«ï¿½?ï¿½?ï¿½è§¦ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??è¶£ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¿¡ä»»ï¿½??ï¿½?ä¼´ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ç´ ï¿½?ç»´ï¿½??ï¿½?ä¸ªï¿½?ï¿½?ï¿½??æ°´å¹³ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ç´ ï¿½??ï¿½?æ°´å¹³ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¯¼ï¿½?ï¿½å¯¹ï¿½??ï¿½??äººï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸ºï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;This prompted Vera Morhenn of the University of California, San Diego, and her colleagues, to examine the physiological mechanism underlying this and to see whether munificence towards strangers could be manipulated through touch. In their experiment, published in &lt;i&gt;Evolution and Human Behavior&lt;/i&gt;, they split 96 male and female graduate students into three groups. The first and second received a professional massage but the third did not. Then the first and third group took part in a "trust game".&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?å¤§å­¦ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Vera Morhenn&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å¥¹ï¿½??ï¿½??ï¿½?æ­£ï¿½??ï¿½??ï¿½?ç©¶ï¿½?ï¿½ï¿½?æ­¤ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¹¶ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½è§¦ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??äººï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸ºï¿½??ï¿½?ä»¬ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??è¡¨ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??äººç±»ï¿½?ä¸ºï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½?ä»¬ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;96&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½å¥³ï¿½?ç©¶ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ç¬¬ï¿½?ï¿½?ï¿½??ç¬¬ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??èº«ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ç¬¬ï¿½?ï¿½?æ²¡ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ä»¬ï¿½??ç¬¬ï¿½?ï¿½?ï¿½??ç¬¬ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½"ä¿¡ä»»æ¸¸ï¿½??"ï¿½?ä¸­ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Participants were paired at random and seated in front of a computer, physically removed from their anonymous partner. Each also got $10 in cash, supposedly for showing up. The rules stipulated that for each pair, one person, the giver, could cede a part of their money to the other, the trustee. This amount would then be tripled and credited to the trustee, who was subsequently prompted by the computer to sacrifice a part of his stash by returning some to the giver. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½??ä¸¤ä¸¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä¸ºï¿½?ï¿½ï¿½??èº«ï¿½?ï¿½?ï¿½è§¦ï¿½?ä»¬ï¿½?å¯¹ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä¼´ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¤ºï¿½?ä»¬ï¿½?äººï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;10&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸­ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??"ï¿½?ï¿½?ï¿½??"ï¿½??ï¿½??ï¿½?ï¿½ä»¥ï¿½??ï¿½?ä»¬ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?å¯¹ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä¸ªï¿½??ï¿½?ï¿½?ä»¥&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½ï¿½??è®¡ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Standard game theory predicts that in an anonymous one-off exchange like this the trustee ought to keep the gift and not reciprocate. The giver, too, ought to refrain from donating, since his sacrifice is bound to remain unrequited. Yet that is not what tends to happen with real people. Givers often give and trustees frequently return the favour. (Studies of identical and non-identical twins suggest that co-operative behaviour in trust games is heritable.) In effect, the giver's donation reflects his confidence in the trustee's willingness to reciprocate. In other words, it signals trust. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??æ¸¸ï¿½??ï¿½??è®ºï¿½?ï¿½?ï¿½?ï¿½?ï¿½ç±»ä¼¼ï¿½?æ ·ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?æ¬¡ï¿½?ï¿½äº¤ï¿½??ä¸­ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?èµ ï¿½?ï¿½ä¸ºå·±ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?èµ ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??äººï¿½?ï¿½?ï¿½ï¿½?å¥½ï¿½??æ²¡ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ä¸ºï¿½?ï¿½ä¸¤ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å¸¸ï¿½??ï¿½??ï¿½??ï¿½?å¯¹ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ç©¶è¡¨ï¿½??ä¿¡ä»»ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ä¸ºï¿½?ï¿½ï¿½??ï¿½??ä¼ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ä¸ºï¿½?ï¿½??ï¿½??ï¿½?ä¿¡ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?è¯´ï¿½?ï¿½?ï¿½?ï¿½?ï¿½å½¼æ­¤ä¿¡ä»»ï¿½??ä¿¡ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;To test the physiology, Dr Morhenn took blood samples at the start and end of each game and looked for changes in oxytocin levels. She found no effect in the massaged group who did not participate in the game, implying that trust does indeed act as some sort of trigger. But in the players the hormone rose in those who were massaged and fell slightly in those who were not. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¸ºï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Morhenn&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å£«ï¿½?ï¿½æ¸¸ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½å¯¹ï¿½?ï¿½?å¯¹è±¡ï¿½?ï¿½ï¿½??ï¿½??ï¿½?æ ·ï¿½?ä»¥ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½äº§ç´ æ°´å¹³ï¿½??ï¿½??ï¿½??ï¿½??å¥¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?æ¸¸ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ç´ æ°´å¹³æ²¡ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ç¤ºï¿½?ï¿½ä¿¡ä»»ç¡®ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ç´ ï¿½??ï¿½??ï¿½?ï¿½?æ´»ï¿½?ç´ ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?æ¸¸ï¿½??ï¿½??ï¿½?ä¸­ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??æ²¡ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Despite receiving statistically identical trust signals from givers, the massaged trustees with their higher oxytocin levels returned a whopping 243% more than their unrubbed counterparts. A clue to why evolution might favour such a double-trigger mechanism may come from the other finding that women appear more susceptible than men to tactile manipulation. Perhaps that is to ensure maternal care of their own brood. If so, such effects seem to extend beyond the mother's bosom. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å°½ç®¡ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?è®¡ï¿½?ï¿½??ï¿½?ï¿½??ä¿¡ä»»ä¿¡ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ä¼´ï¿½??ï¿½??ï¿½?ï¿½?ç´ æ°´å¹³ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½è¾¾&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;243%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½?æ­¥ï¿½?ï¿½ç¤ºï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??è§¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½å¤§ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¯´ï¿½??ï¿½?ä¸ºï¿½?ï¿½?å¥³äººå¯¹è§¦ï¿½?ï¿½?ï¿½?ï¿½?ï¿½äººï¿½??ï¿½??ï¿½??ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½ç¡®ï¿½?äº§ï¿½?ï¿½??è¶³ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½å·±ï¿½??äº§ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?æ ·ï¿½??ï¿½?ï¿½?è§¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä¼¼ï¿½?ï¿½??ï¿½?ï¿½?å¯¹ï¿½?ï¿½å·²å­©ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_18.html" title="ï¿½?ï¿½?å­¦äººï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??è§¦ï¿½?ï¿½" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=818013820929961122" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/818013820929961122/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/818013820929961122" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/818013820929961122" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-4655552286370389582</id><published>2008-08-17T20:49:00.001+08:00</published><updated>2008-08-17T20:49:07.168+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½ä»¥å¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://4.bp.blogspot.com/_mCqrXzDpYdY/SKgeQ8xCN2I/AAAAAAAAADg/yhlK3ZyXAVA/s1600-h/3308FN2-747170.jpg"&gt;&lt;img src="http://4.bp.blogspot.com/_mCqrXzDpYdY/SKgeQ8xCN2I/AAAAAAAAADg/yhlK3ZyXAVA/s320/3308FN2-747170.jpg"  border="0" alt="" id="BLOGGER_PHOTO_ID_5235467843356735330" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;A film about debt &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;Another inconvenient truth &lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½ä»¥å¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Aug 14th 2008 | NEW YORK&lt;br&gt; From &lt;i&gt;The Economist&lt;/i&gt; print edition&lt;/span&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Fiscal Armageddon, coming to a cinema near you&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½å½±ï¿½?ï¿½ï¿½??ï¿½??è´¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;AMERICA'S infamous debt clock, near New York's Times Square, was switched off in 2000 after the national burden started to fall thanks to several years of Clinton-era budget restraint. However, it was reactivated two years later as the politically motivated urge to splurge once again took over. The debt has since swollen to $9.5 trillion, with the value of unfunded public promises (if you include entitlements such as Social Security and Medicare) nudging $53 trillionï¿½??or $175,000 for every Americanï¿½??and rising. On current trends, these will amount to some 240% of GDP by 2040, up from a just-about-manageable 65% today. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¤§ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½çº½çº¦ï¿½?ï¿½ä»£å¹¿ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2000&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ï¿½?ï¿½ä¸ºï¿½??ï¿½??é¡¿ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¹´ï¿½?ï¿½ç´§ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½å®¶ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?è§£ï¿½?ï¿½?ä¸ªï¿½??ï¿½?ï¿½??ï¿½?ï¿½??è½¬ï¿½??ï¿½?ï¿½?ï¿½?ä¸¤å¹´ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??æ¬¡ï¿½?èµ·ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä¸ªï¿½??ï¿½??ï¿½?æ¬¡ï¿½??èµ·ï¿½?æ»´ï¿½?å£°ï¿½??æ­¤ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;9.5&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?äº¿ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ç§°ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ç¤¾ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½è¾¾&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;53&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?äº¿ï¿½??ï¿½??äººï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;17&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;5&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½å¤´ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2040&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?å¤©ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;65%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;240%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;David Walker, who until recently ran the Government Accountability Office, has made it his mission to get the nation to acknowledge and treat this "fiscal cancer". His efforts form the core of a new documentary, "I.O.U.S.A.", out on August 21st. The message is simple enough: America's financial condition is a lot worse than advertised, and dumping it on future generations would be not only economically reckless but also immoral.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¤§ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½è´£ï¿½??ï¿½?ï¿½å®¤ï¿½??ï¿½??ä¸»ç®¡ï¿½?ï¿½??å·¨ï¿½?ï¿½?ï¿½ï¿½?ï¿½ç§°ï¿½?"è´¢ï¿½?ï¿½ï¿½?ï¿½?ï¿½"ï¿½?å¹¶ï¿½?ï¿½?å°½ï¿½??ï¿½??ï¿½?ä¸ªï¿½??ï¿½?ï¿½ä¼ è¾¾ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;8&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;21&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½çºªï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;I.O.U.S.A.&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ä¸»çº¿ï¿½??å½±ï¿½??ä¼ è¾¾ï¿½??ä¿¡ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??è´¢ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?å®£ä¼ ï¿½??ï¿½?ä¸¥ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??æ­£ï¿½?ï¿½ï¿½??ï¿½??ä»£ä¼ å¯¼ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??å¤±ï¿½??ï¿½?ï¿½ï¿½?ï¿½å¤±å¾·ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;The biggest deficit of all, the film contends, is in leadership: politicians continue to duck hard choices. It hints at dark consequences. As America has become more reliant on foreign lenders, it warns, so it has become more vulnerable to "financial warfare", of the sort America itself threatened to wage on Britain, a big debtor, during the Suez crisis. Warren Buffett, America's investor-in-chief, pops up to warn of potential political instability.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;æ ¹ï¿½?ï¿½å½±ï¿½??ï¿½??å®¹ï¿½?ç½ªï¿½?ç¥¸ï¿½?å°±ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½å®¢ä»¬ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½è´£ä»»ï¿½??ï¿½?ï¿½ï¿½??ï¿½?æ ·ï¿½??ï¿½??ï¿½??ï¿½?ä¸¥ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ä¸»ä»¬ï¿½?ï¿½?è®©ï¿½?ï¿½?ï¿½"ï¿½??ï¿½??ï¿½??ï¿½?"ï¿½?ä¸­ï¿½??ï¿½?ï¿½??å¸¸ï¿½??å¼±ï¿½?å°±ï¿½??ï¿½?å¹´ï¿½??ï¿½?å£«ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ä»»ï¿½?ï¿½ä¸»ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?å¸­ï¿½??ï¿½?äººï¿½?ä¼¦ï¿½?ï¿½å·´ï¿½?ï¿½ï¿½?ï¿½ï¿½?è®¤ï¿½??ï¿½?ï¿½?å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??è­¦ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;The film is part of a broader effort to popularise the issue. In 2005 Mr Walker set off on a "fiscal wake-up tour" of town halls; sparsely attended at first, it now attracts hundreds to each meeting (though some may be turned off by the giant pie chart strapped to the side of his tour van). The young are being drawn in too, even forming campaign groups; Concerned Youth of America's activists "crusade against our leveraged future" wearing prison suits. Mr Walker is talking to MTV, a music broadcaster, about a tie-up. His profile has been lifted by a segment on CBS's "60 Minutes" and an appearance on "The Colbert Report", a satirical TV show, which dubbed him the "Taxes Ranger".&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å½±ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä¸ªï¿½?ï¿½å¹¿æ´»ï¿½?ï¿½ï¿½??ï¿½?ä¸ªï¿½?ï¿½ä¸¾ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2005&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??èµ·ï¿½?ï¿½?ä¸ªç§°ï¿½?"è´¢ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?"ï¿½??æ´»ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??äººï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ¬¡ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?äººï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½è¢«ï¿½?å®£ä¼ è½¦ï¿½??è¾¹å·¨å¤§ï¿½??é¥¼ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??å¹´è½»äººï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä¸­ï¿½?ï¿½??ï¿½?ï¿½å½¢ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ä¸­ï¿½?ï¿½?ï¿½ï¿½??å¹´æ´»ï¿½?ï¿½??ï¿½?ç©¿ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½å·±ç§°ï¿½?"ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??"ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;MTV&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?è®ºï¿½?ï¿½ç´§ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??å±¥ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ä¼¦ï¿½?ï¿½?å¹¿ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;60&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ä¸ªï¿½?ï¿½æ®µï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ä¸ªç§°ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;The Colbert Report&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??è®½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ä¸ªï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ä¸ªç»°ï¿½?ï¿½ï¿½?ï¿½?ï¿½"ï¿½?ï¿½ï¿½?ä½¿ï¿½??"ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Promisingly, the new film was well received at the Sundance Film Festival. Some even wonder if it might do for the economy what Al Gore's "An Inconvenient Truth" did for the environmentï¿½??perhaps with this comparison in mind, Mr Walker and his supporters talk of a "red-ink tsunami" and bulging "fiscal levees". But, unlike the former vice-president, he is no heavy-hitter. And, even jazzed up with fancy graphics, punchy one-liners and a splash of humour, courtesy of Steve Martin, tales of fiscal folly are an acquired taste. Still, "I.O.U.S.A" is a bold attempt to highlight a potentially huge problem. "The Dark Knight" it may not be, but for those who care about economic reality as much as cinematic fantasy, it might just be the scariest release of the summer. &lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin"&gt;å¥½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä¸¹ï¿½?ï¿½ï¿½?ï¿½å½±ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??äººè®¤ä¸ºï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ä»¥å¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??å½±ï¿½??ï¿½?æ ·å¤§ï¿½??å¤§ï¿½?ï¿½?ï¿½ï¿½?ï¿½?æ ·ï¿½??å¯¹ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ä»¬ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ç§°ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½"çº¢ï¿½?ï¿½æµ·ï¿½?ï¿½"æ­£ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ä»¬ï¿½??"è´¢ï¿½?ï¿½å¤§å ¤"ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?æ²¡ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å¤§ï¿½??å½±ï¿½??ï¿½??ï¿½??å°±ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½è¡¨ï¿½?ï¿½ï¿½??ä¸°ï¿½?ï¿½?è¯­ï¿½?å¹½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?æ­£ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½é©¬ï¿½?ï¿½?ï¿½ç¤ºç¤¼ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½æ ·ï¿½?ï¿½?ä¸ªè´¢ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¹¶ï¿½?ç¬¦ï¿½??å¤ªï¿½?äººï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ç®¡ï¿½??æ ·ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-bidi-font-size: 10.5pt; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;I.O.U.S.A&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??å¤§ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?è®¸ï¿½?ç§°ï¿½?ï¿½?ï¿½?ï¿½"ï¿½??ï¿½?ï¿½?å£«"ï¿½?ï¿½?ï¿½?å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ³¨ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½å°±ï¿½??ï¿½?ï¿½æ³¨ï¿½?ï¿½å½±å¹»ï¿½?ï¿½ï¿½?æ ·ï¿½??ï¿½?ï¿½ï¿½??ï¿½??äººï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ä½³ï¿½??ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-bidi-font-size: 10.5pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_17.html" title="ï¿½?ï¿½?å­¦äººï¿½?ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½ä»¥å¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=4655552286370389582" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/4655552286370389582/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/4655552286370389582" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/4655552286370389582" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-8561177674181726489</id><published>2008-08-16T20:55:00.001+08:00</published><updated>2008-08-16T20:55:13.662+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?ï¿½??ï¿½?å¹³è¡¡</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKbOMQOlbyI/AAAAAAAAADQ/f3gD4QUmfZk/s1600-h/3308FN1-713664.jpg"&gt;&lt;img src="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKbOMQOlbyI/AAAAAAAAADQ/f3gD4QUmfZk/s320/3308FN1-713664.jpg"  border="0" alt="" id="BLOGGER_PHOTO_ID_5235098326774673186" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="mobile-photo"&gt;&lt;a href="http://1.bp.blogspot.com/_mCqrXzDpYdY/SKbOMhW6n4I/AAAAAAAAADY/MZ1VhgYYpjw/s1600-h/CFN738-714045.gif"&gt;&lt;img src="http://1.bp.blogspot.com/_mCqrXzDpYdY/SKbOMhW6n4I/AAAAAAAAADY/MZ1VhgYYpjw/s320/CFN738-714045.gif"  border="0" alt="" id="BLOGGER_PHOTO_ID_5235098331373019010" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 24pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Rebalancing act &lt;/font&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;font size="2"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 24pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?å¹³è¡¡&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 24pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Aug 14th 2008 | HONG KONG&lt;br&gt; From &lt;i&gt;The Economist&lt;/i&gt; print edition&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 18pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;America's exports are now growing faster than China's, helping to reduce the strains in the world economy&lt;/font&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;font size="2"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 18pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?è§£ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ç´§å¼ ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 18pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;AFP&lt;/font&gt;&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-no-proof: yes"&gt;&lt;font size="2"&gt; &lt;/font&gt;&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;OVER the past decade, the world economy has been plagued by widening imbalances, most notably America's current-account deficit and China's surplusï¿½??both the largest in the world. There is not much to celebrate about the world economy at present, but at least it is becoming more balanced. Not only are trade gaps in America and China shrinking, but the composition of growth within countries is also looking healthier.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½??å¹´ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ä¸¥ï¿½??ï¿½??ï¿½?ï¿½??è¡¡ä¾µå®³ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å¸¸ï¿½?ï¿½èµ¤ï¿½?ä»¥ï¿½??ä¸­ï¿½?ï¿½ï¿½??è´¸ï¿½??é¡ºå·®ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½è®©äººï¿½??ï¿½?ï¿½æ¬£ï¿½?ï¿½ï¿½?ï¿½?ï¿½?è®ºï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½è½¬ï¿½??è¿¹è±¡ï¿½??ï¿½?ï¿½?ä¸­ï¿½?ï¿½??è´¸ï¿½??å·®ï¿½?æ­£ï¿½?ï¿½ç¼©ï¿½?ï¿½?ä¸¤ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?æ­£ï¿½?ï¿½?ï¿½?ï¿½åº·ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-no-proof: yes"&gt;&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;For the first time in years, China's exports are growing more slowly than America's. In the 12 months to June (the latest month available for both countries), America's exports grew by 23%, well ahead of China's 17% (in dollar terms). Export volumes show a similar trend. China's rose by 11% in the year to the second quarter, while America's climbed by 12% (see left-hand chart). Stephen Green, an economist at Standard Chartered, expects China's real export growth to fall to zero by the end of this year and to turn negative next year.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?å¹´ï¿½?ï¿½ç¬¬ï¿½?æ¬¡ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¹´ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å¹´ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;23%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;17%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ä»¥ï¿½?ï¿½??è®¡ï¿½?ï¿½?ï¿½??è´¸ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ç±»ä¼¼ï¿½?ï¿½??ï¿½??ç¬¬ï¿½?å­£åº¦ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;11%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;12%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?å·¦è¡¨ï¿½?ï¿½??æ¸£ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?å­¦å®¶ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½æ ¼ï¿½??ï¿½?è®¡ï¿½?ï¿½ï¿½?å¹´å¹´ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??å¹´ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;In July China's exports surged a mighty 27% from where they were a year before, but this does not alter the picture much. China's monthly trade figures are notoriously volatile and if exports are converted into yuanï¿½??the currency which matters for China's GDP growthï¿½??growth has fallen sharply to an average of 12% in the past three months, from 35% in early 2005. Meanwhile, import growth has quickened over the past year, due in part to higher oil bills. As a result, China's trade surplus in yuan terms in the first seven months of this year was almost 20% smaller than in the same period of 2007. Even in dollar terms it had fallen by 10%.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;27%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½??è´¸ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ç¨³ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??äººï¿½?ï¿½?è®¡ï¿½?ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;3&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¸ªï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½å¹³ï¿½??ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2005&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;35%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;12%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?æ²¹ä»·å½±ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å¹´ä¸­ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??äººï¿½?ï¿½?è®¡ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¸ªï¿½??ï¿½??è´¸ï¿½??é¡ºå·®ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¹´ï¿½??ï¿½??ï¿½??ç¼©ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;20%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å°±ï¿½?ï¿½??ï¿½?ï¿½??è®¡ï¿½?ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?è¾¾ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;10%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;That is not to say that there will be a sharp drop in China's current-account surplus this year. In dollar terms, it is likely to remain roughly as big as in 2007 because higher income from its vast foreign assets will offset the smaller trade surplus. But as a share of GDP, it will shrink sharply because China's economy is expanding so rapidly. Mr Green forecasts a current-account surplus of 9% of GDP in 2008 and 7% in 2009, down from 11.3% last year. Thus China will be able to claim that its surplus has fallen sharply, even as its critics, in America and elsewhere, will continue to argue that it has barely budged in dollar terms. No one can dispute, however, that China's exports are growing much more slowly than its economy (which is galloping along at 20% in nominal yuan terms). This is occurring at the same time as America's export machine has revved up, which is bound to help trade imbalances unwind.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?å¹¶ï¿½?ï¿½?ï¿½?è¯´ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½?è´¸ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å¹´å¤§ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??è®¡ï¿½?ï¿½?ï¿½?ä¸ªï¿½?æ¨¡ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2007&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´åº¦ï¿½??æ°´å¹³ï¿½?ï¿½?ï¿½ä¸ºï¿½?å·¨ï¿½?ï¿½??æµ·ï¿½?ï¿½?äº§ï¿½??å¸¦ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¡«è¡¥è´¸ï¿½??é¡ºå·®ï¿½??ç¼©å¸¦ï¿½?ï¿½ï¿½??ï¿½??å¤±ï¿½??ï¿½?ï¿½??ä¸º&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ä»½ï¿½?ï¿½?ï¿½?å¤§ï¿½?ï¿½??ï¿½?ï¿½??æ ¼ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?è´¸ï¿½??ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2008&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´çº¦ä¸º&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;9%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2009&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ä¸º&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?å¹´åº¦ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;11.3%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½æ­¤ï¿½?å°½ç®¡ä¸­ï¿½?ï¿½å£°ç§°ï¿½?ï¿½??è´¸ï¿½??é¡ºå·®æ­£ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?å®¶ä»¬ï¿½?ï¿½?ï¿½è®¤ä¸ºï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??è®¡ï¿½?å¾®ï¿½?ï¿½?ï¿½å¾®ï¿½??ï¿½?ï¿½äººï¿½?ï¿½è®¤ï¿½?ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¯¹ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??åº¦ï¿½??äººï¿½?ï¿½?è®¡ï¿½?è¾¾&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;20%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½æ¢°ï¿½?ï¿½ï¿½?ï¿½å¤§ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?è´¸ï¿½??å¹³è¡¡ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Turning to America, so far the decline in its total trade deficit has been modest, because of the higher cost of oil imports. But the underlying improvement is more impressive. Excluding oil, the trade deficit has fallen by almost one-quarter since 2006. At the same time as exports have soared, real imports fell by 2% in the year to the second quarter, dragged down by weak domestic demand. If the recent drop in oil prices is sustained, the total trade deficit will shrink more rapidly in the second half of this year than it did in the first half. Meanwhile, America's overall current-account deficit has fallen to around 5% of GDP from a peak of 6.2% in the third quarter of 2006. Merrill Lynch forecast that it could drop to around 3.5% of GDP in 2009. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½æ²¹ä»·ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ä¸¥ï¿½??ï¿½??å·®ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¥½è½¬ï¿½??ï¿½?æ ¹ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½æ²¹ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??è´¸ï¿½??èµ¤ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2006&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ä»¥ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?æ­¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¤§ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ç¼©ï¿½??å½±ï¿½??ï¿½?ï¿½?å­£åº¦ï¿½??ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½??æ²¹ä»·ç»§ç»­ï¿½??ï¿½?ï¿½ï¿½?ï¿½?å¹´ï¿½?ï¿½??å¹´ï¿½?ï¿½?ï¿½è´¸ï¿½??èµ¤ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??åº¦ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??å¹´ï¿½??ï¿½?æ­¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?è´¢ï¿½?ï¿½èµ¤ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;5%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2006&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?å³°ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;6.2%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2009&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;3.5%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Bilaterally, it is the same story: America's exports to China were 20% higher in the first half of the year compared with the same period in 2007, while its imports from China were up only 4%. However, America's import bill for goods from China is so hugeï¿½??four times that of exportsï¿½??that the rising exports have not dented America's overall trade deficit with China. The changing patterns, buried beneath the headline figures, are very hard to spot.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?å¹´ï¿½?ï¿½??å¹´ï¿½?ï¿½?ï¿½å¯¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;20%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;4%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å°½ç®¡ï¿½?æ­¤ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¯¹ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??å·¨å¤§ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;4&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??å·¨å¤§ï¿½??å·®ï¿½??å·¨å¤§ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??èµ·ï¿½?ï¿½ï¿½?ï¿½?ï¿½è®©äººï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;a name="all_hail_china%E2%80%99s_olympian_shoppe"&gt;&lt;/a&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 18pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;All hail China's Olympian shoppers&lt;/font&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;font size="2"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 18pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ä¸­ï¿½?ï¿½ï¿½??å¥¥ï¿½?ï¿½?è´¹ï¿½??ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-SIZE: 18pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;What has caused the shifts? The cheaper dollar is one factor; until its rebound this summer, it had lost about a quarter of its value on a real trade-weighted basis since its peak in 2002. That not only made American exports more competitive, it made imports into America less attractive. Probably of more importance, though, are the shifts in domestic spending. America's real domestic demand has stagnated over the past year, whereas China's has risen by 10% as its citizens have picked up the baton from flagging American consumers. In dollar terms, which better measure China's ability to buy imports, its domestic spending has soared by a whopping 33%. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?è½¬ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??è´¬ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¹´ï¿½?å¤©ï¿½?ï¿½?ï¿½?ï¿½??å¼¹ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??è´¸ï¿½??ï¿½?ï¿½ï¿½??ä»·ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2002&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½??å³°ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¤§çº¦ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ä½¿ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??è´§ï¿½??å¤±ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??å½±ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½äººï¿½??ï¿½?è´¹ä¹ ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å¹´ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;10%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?å°±å¥½ï¿½?ï¿½?ï¿½ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?å£«ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?è´¹ï¿½??ï¿½??ä¸­ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?æ ·ï¿½?ï¿½ï¿½?ï¿½å¥½ï¿½?ï¿½è¡¡ï¿½??ä¸­ï¿½?ï¿½è´­ä¹°ï¿½?ï¿½?ï¿½è´§ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ä¸­ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?è´¹ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;33%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Global rebalancing requires a redistribution of growth within countries as well as a redistribution between countries. Until last year, America's growth was driven by an unsustainable consumer boom; now it is being supported entirely by external demand. Without the boost from net exports, real GDP would have fallen since the third quarter of 2007. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¹³è¡¡ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½å¹´ä»¥ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä¸»ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ç¨³ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2007&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ç¬¬ï¿½?å­£åº¦ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å°±å·²ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Meanwhile, in China consumer spending is now growing faster than exports (see right-hand chart). Retail sales jumped by 23% in nominal terms in the year to July, and 16% in real terms. Dragonomics, a Beijing-based research firm, estimates that consumption contributed two-thirds of China's GDP growth in the first half of 2008, up from 44% in 2007. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?æ­¤ï¿½??ï¿½?ï¿½ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?è´¹ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½è¡¨ï¿½?ï¿½??ï¿½?ï¿½ï¿½?å¹´&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½è¾¾&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;23%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;16%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??äº¬ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ç©¶ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?è®¯ä¼°è®¡ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2008&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½?è´¹ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2007&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ä»£&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;44%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??æ°´å¹³ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;In America weak consumer spending is likely to continue to dampen imports over the next year or so. Auguring tougher times ahead, the country's retail sales in July fell for the first time in five months. Less clear is how strong America's export performance can remain, given the recent rebound in the dollar and slower growth in the rest of the world.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å¹´ï¿½??ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½è½¯ï¿½??ï¿½??ï¿½??ä¼¼ï¿½?ï¿½?ç»§ç»­è®©ï¿½?ï¿½?ï¿½ï¿½??ç¼©ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?å¹¶ï¿½?å¥½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;5&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ä¸ªï¿½??ï¿½?ï¿½è¯´ï¿½?æ¬¡ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??å¼ºï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ç»§ç»­ï¿½?ä»¥ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??å¼¹ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;The greenback remains cheap by many measures and so should continue to support America's sales abroad. Slower growth elsewhere in the world is a more serious concern. Japan's economy fell by an annualised 2.4% in the second quarter, figures released on August 13th showed, after growing strongly in the first quarter. Growth in the euro area also seems to have come to an end. But these two places account for only about 20% of America's exports; much more important are emerging economies which now buy more than half of its exports. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¡¡ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ç»´ï¿½??ï¿½?ä»·ï¿½?ï¿½?ï¿½?è¯¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;8&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;13&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ç¤ºï¿½?ï¿½?ï¿½?ç¬¬ï¿½?å­£åº¦ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?å­£åº¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2.4%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??å¹´åº¦æ°´å¹³ä»¥ï¿½?ï¿½??æ¬§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ä¼¼ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??å¥½ï¿½?ï¿½ï¿½?ä¸¤ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;20%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸ºï¿½??ï¿½?ï¿½?ï¿½?ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ä»¥ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;Economic growth in developing countries is likely to slow over the coming year. But what matters far more for American exports is the growth in their domestic demand and hence their appetite for imports. Goldman Sachs forecasts that real domestic demand in the four BRIC countriesï¿½??Brazil, Russia, India and Chinaï¿½??will grow by over 9% next year, roughly the same as in 2007 and 2008. If so, this will be good for American exporters.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ä¸­ï¿½?ï¿½å®¶ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ä»¬ï¿½?ï¿½??è¶³ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??äº§ï¿½??ï¿½?å°±ï¿½?ï¿½ï¿½?æ¬£ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?å¹´åº¦ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;9%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?å¤§çº¦ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2007&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;2008&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;å¹´ï¿½??æ°´å¹³ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½å¯¹ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ä¸ªå¥½ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;For all the improvements, trade imbalances are still too big. It is worrying that since mid-July China has stopped allowing the yuan to rise against the dollar; indeed, the currency has since fallen by 1%. China has also increased some tax rebates for exporters. Brad Setser, of America's Council on Foreign Relations, a think-tank, argues that if China tries to bolster its GDP growth by supporting exports, it will hinder global rebalancing. Instead, with surpluses in its budget and current-account, China should prop up growth by further stimulating domestic demand. That means increasing spending on infrastructure, schools and health care.&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?è´¸ï¿½??å¤±è¡¡ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸¥å³»ï¿½??è®©äººï¿½??å¿§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;7&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ä¸­ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?æ­¢ï¿½?äººï¿½?ï¿½?å¯¹ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?æ­¤ï¿½??ï¿½??è´¬ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;1%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ï¿½?ï¿½ä¸­ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?è¡¥è´´ï¿½??ï¿½?ï¿½?ï¿½ï¿½?äº¤ï¿½?ï¿½ç³»ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Brad Setser&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;è¯´ï¿½?ï¿½??ï¿½?ä¸­ï¿½?ï¿½ä¸ºï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;GDP&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?æ­¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??è´¸ï¿½??å¹³è¡¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?è¯¥ä½¿ï¿½?ï¿½ï¿½?ï¿½?å¤§ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?è®¾ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;font size="2"&gt;To be fair, the yuan has not fallen in trade-weighted terms over the past month, but it is still undervalued and needs to rise further. Mr Setser reckons that given high oil prices and sluggish American demand, China's trade surplus should already have fallen by more. Likewise, one might argue that without big tax cuts to prop up consumer spending, America's deficit would have shrunk further. If global rebalancing is to continue, America still needs to save more, and China to save less. &lt;/font&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;font size="2"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½?ï¿½å¹³ï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ä¸ªï¿½??ï¿½?äººï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??è´­ä¹°ï¿½??å¹¶æ²¡ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ä»·ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ä¼°ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?æ­¥ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;Setser&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana"&gt;ï¿½??ï¿½??ä¼°è®¡ï¿½?æ²¹ä»·ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ç¼©ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½é¡ºå·®ï¿½?ï¿½è¯¥ï¿½?ï¿½å¤§ï¿½?åº¦ï¿½?ï¿½ï¿½??ç¼©ï¿½??å¯¹ï¿½??ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??äººï¿½?è®ºè¯´ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½å¤§ï¿½?åº¦ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??èµ¤ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??è´¸ï¿½??ï¿½?ï¿½?æ­¥ï¿½?ï¿½ï¿½?å¹³è¡¡ï¿½?ï¿½?ï¿½?ï¿½ï¿½?è¯¥ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½?è¯¥ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Verdana&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN"&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN" style="mso-ansi-language: EN"&gt;&lt;font face="Calibri" size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_16.html" title="ï¿½?ï¿½?å­¦äººï¿½?ï¿½??ï¿½?å¹³è¡¡" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=8561177674181726489" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/8561177674181726489/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/8561177674181726489" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/8561177674181726489" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-3235024901169839269</id><published>2008-08-15T20:49:00.002+08:00</published><updated>2008-08-15T20:53:21.974+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?ï¿½??ï¿½?ï¿½ï¿½??äº«</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKV7bURS6PI/AAAAAAAAADI/owIxFsCVeOE/s1600-h/CLD744-789894.gif"&gt;&lt;img id="BLOGGER_PHOTO_ID_5234725851116005618" alt="" src="http://3.bp.blogspot.com/_mCqrXzDpYdY/SKV7bURS6PI/AAAAAAAAADI/owIxFsCVeOE/s320/CLD744-789894.gif" border="0" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 18.0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;Aug 14th 2008&lt;br /&gt;From &lt;i&gt;The Economist&lt;/i&gt; print edition&lt;/span&gt;&lt;p&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;Economies across the rich world are flirting with recession. Good news for the dollar&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½?ï¿½æ­£ï¿½?ï¿½è¡°ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??å¥½è½¬&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt; &lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-no-proof: yes; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;FUND managers and bank executives have learnt that investors are often more forgiving if their peers are losing money as well. That lesson applies to economies and their currencies too. The world's financial troubles may have been triggered by America's housing bust, but it is other rich countries that are hurting most. Figures released on August 14th show that the euro-area economy shrank in the second quarter (see &lt;a href="http://www.economist.com/opinion/displaystory.cfm?story_id=11921252"&gt;&lt;span style="TEXT-DECORATION: none; text-underline: nonecolor:#6291a5;" &gt;article&lt;/span&gt;&lt;/a&gt;). Japan's GDP also fell in the spring quarter. The Bank of England's governor, Mervyn King, said this week that Britain's economy is likely to stagnate for the foreseeable future (see &lt;a href="http://www.economist.com/opinion/displaystory.cfm?story_id=11921229"&gt;&lt;span style="TEXT-DECORATION: none; text-underline: nonecolor:#6291a5;" &gt;article&lt;/span&gt;&lt;/a&gt;). &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??è´¢ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?æ ·ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?äººï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??äººï¿½??ï¿½?ï¿½?æ ·ï¿½?ï¿½ï¿½??ï¿½??å¤±ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?å¥½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ä»¬ï¿½??è´§ï¿½?ï¿½?ï¿½?ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?è®¸ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½äº§æ³¡æ²«ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ä¼¤ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;8&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;14&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ç¤ºï¿½?æ¬§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å­£åº¦ï¿½?ï¿½ï¿½?ï¿½ï¿½??ç¼©ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;GDP&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½å­£ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½æ ¼ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ä¼¼ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??è¿¹è±¡ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;The mess in America suddenly seems less awful. Indeed, a surge in export sales in June probably means that GDP growth for the most recent quarter will be revised up from 1.9% at an annualised rate, which is already respectable. The foreign-exchange markets have sensed a change in the weather. Over the past week, the dollar has swiftly gained ground against the euro and the pound. The thinking in the foreign exchanges is that it makes less sense to punish the dollar if other economies are doing so badly. The fear of a dollar rout, which has long stalked financial markets and even prompted the Federal Reserve chief, Ben Bernanke, to talk up the currency as recently as June, now seems to have evaporated.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½å½¢ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ä¹±è±¡ä¼¼ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;6&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ä»½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??å¤§ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?å­£åº¦ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;GDP&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;1.9%&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½?ä¸ªï¿½?ï¿½å·²ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??å¹´åº¦æ°´å¹³ï¿½??ï¿½?ï¿½?äº¤ï¿½??ï¿½?ï¿½?ï¿½å·²ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½??å¯¹æ¬§ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?äº¤ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??è¡¨ï¿½?ï¿½ï¿½?ï¿½?å·®ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½å°±æ²¡ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ç»§ç»­ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ä¸ªï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??å¿§ï¿½?ï¿½ï¿½?ï¿½å·²ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ä¸»å¸­ä¼¯ï¿½??ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;6&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ä»½ï¿½?ï¿½??ç±»ä¼¼è¡¨ç¤ºï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½å·²ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;One reason for thinking that fear will not return is the broad foundation for the dollar's rally. Part of the story is the recent sharp fall in the oil price: because America's economy has most to lose and least to gain from expensive oil. America is a big user of oil, compared with fuel-efficient Europe, so more dollars than euros flow into the oil-exporters' coffers when oil becomes dear. The euro area also gets more of its currency back through export sales. It ships more than three times as much in exports to cash-rich oil producers as America does. &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ä»¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½?å¤±ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??æ ¹ï¿½?ï¿½å®½å¹¿ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?æ²¹ä»·ï¿½??å¤§ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸ºï¿½?æ²¹ä»·å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½è¯´ï¿½?ï¿½?å¤§ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??æ¬§æ´²ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä¸ªï¿½??æ²¹å¤§ï¿½?ï¿½ï¿½?ï¿½??ä»¥ï¿½?æ²¹ä»·ï¿½?æ¶¨ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?æ¬§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½æ²¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ç®±ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ¬§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??è´§ï¿½?ï¿½??æ¬§ï¿½??å¯¹äº§æ²¹ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;3&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;You cannot be sure that the oil-price fall will last. But markets may also sense that America is likely to recover more quickly than other struggling rich-world economies. The trigger for the dollar's rise against the euro was a reluctant acknowledgment on August 7th by Jean-Claude Trichet, head of the European Central Bank (ECB), that the bank's fear of a harder landing for the euro area was becoming reality. Few expect the ECB to cut interest rates soon. Inflation is far too high for comfort and is unlikely to drop much until 2009. But markets took Mr Trichet's concession to mean that the next move in euro-zone interest rates is likely to be downward, with the first reduction possible next year.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½?ï¿½ç¡®ï¿½?æ²¹ä»·ï¿½?ç»§ç»­ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½å·²ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¯¹ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ä»¬ï¿½?ï¿½?ï¿½?ï¿½ä¼¼ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½å¿«ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;8&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;7&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½?ï¿½ï¿½?æ¬§æ´²ä¸­å¤®ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??è°¢ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½è®¤ï¿½?ï¿½?ï¿½??å¯¹æ¬§ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?æ¬§æ´²å¤®ï¿½?å¯¹æ¬§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ç¡¬ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?æ­£ï¿½?ï¿½ï¿½??ä¸ºï¿½?ï¿½?ï¿½??ï¿½?ï¿½?äººï¿½?ï¿½??æ¬§æ´²å¤®ï¿½?ï¿½?ï¿½?å¿«ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ä»¤äººï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ä¼¼ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;2009&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;å¹´ï¿½?ï¿½??æ²¡ï¿½??ï¿½?ï¿½??ï¿½??è¿¹è±¡ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??è¡¨ï¿½?ï¿½ï¿½?ï¿½?ï¿½è¿«ä½¿ï¿½?ï¿½ï¿½??è°¢ï¿½?ï¿½?ï¿½è®©æ­¥ï¿½??è¡¨ç¤ºï¿½?æ¬§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?æ­¥ï¿½?ï¿½?ï¿½?ç¬¬ï¿½?æ¬¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??å¹´ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;By then, American interest rates may be heading in the opposite direction. This chance of a narrower interest-rate gap has also helped lift the dollar. Many criticised the Fed for keeping interest rates too low for too long after the dotcom bust earlier this decade. But such was the sluggishness of the euro-area economy back then that the ECB did not feel ready to raise interest rates until December 2005, long after the Fed started tightening. That downturn demonstrated how quickly America's economy can bounce back, and how painfully slowly the euro zone tends to emerge from the doldrums.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¾®ï¿½?ï¿½??ï¿½?ï¿½å·®ï¿½?ï¿½?ï¿½å¸®ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?äººï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?çºªï¿½?ï¿½?æ³¡æ²«ç ´ï¿½?ä»¥ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ç»´ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ç´§ï¿½?ï¿½æ ¹ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;2005&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;å¹´&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;12&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ï¿½?æ¬§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½??å»¶ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??å¿«ï¿½?ï¿½?ï¿½ï¿½?ï¿½??å¿«ï¿½?ï¿½??æ¬§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?è¿·ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;a name="the_silver_dollar_lining"&gt;&lt;/a&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;The silver dollar lining&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ï¿½?ï¿½?ï¿½ä¸­ï¿½??å¥½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;If the oil price keeps falling and America's housing bust bottoms out soonï¿½??as it may (see &lt;a title=" (opens in a new window) " href="http://www.blogger.com/" target="_blank"&gt;&lt;span style="TEXT-DECORATION: none; text-underline: nonecolor:#6291a5;" &gt;article&lt;/span&gt;&lt;/a&gt;)ï¿½??how far would a dollar rally go? On some measures, such as purchasing-power parity, the greenback still looks cheap against the euro. American visitors to Europe complain about how expensive everything is; travellers in the other direction are delighted by how far their budget stretches. But the dollar is cheap for a reason. Economists at the Peterson Institute for International Economics in Washington, DC, reckon that the euro-dollar exchange rate required to keep America's current-account deficit at a sustainable level is around $1.47ï¿½??not far below today's value.&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;ï¿½??ï¿½?æ²¹ä»·ç»§ç»­ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½äº§æ³¡æ²«ï¿½?å¿«ç ´ï¿½?è§¦ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?åº¦ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¡¡ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ä»·è´­ä¹°ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½å¯¹æ¬§ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½è½¯ï¿½??ï¿½?ï¿½?ï¿½æ¸¸å®¢ï¿½?ï¿½æ¬§æ´²ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ ·ï¿½?è¥¿ï¿½?ï¿½ï¿½?è´µï¿½?æ¬§æ´²ï¿½??æ¸¸å®¢ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ä»¬ï¿½??ï¿½?ï¿½?ï¿½??å¸¸å®½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½è½¯ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??é¡¿ï¿½??å½¼ï¿½?ï¿½æ£®ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ç©¶ï¿½??ï¿½??ï¿½?ï¿½?å­¦å®¶ä»¬ä¼°ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ç»´ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å¸¸ï¿½?ï¿½èµ¤ï¿½?ï¿½?ï¿½ï¿½?ä¸ªç¨³ï¿½?ï¿½??æ°´å¹³ï¿½?ï¿½?ï¿½??ï¿½??æ¬§ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??å¤§çº¦ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;1.47&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;å·¦ï¿½?ï¿½ï¿½??ï¿½??ç¦»ï¿½?ï¿½??ä»·ï¿½?ï¿½ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;Yet even if the dollar rally turns out to be modest, the lesson of the past week is that America's economy is not uniquely frail. Creditors, such as Germany and Japan, that played no direct part in the housing and credit booms have lived off the extra demand for their wares. They are now struggling to find other motors for their economies. And as the gloom spreads, one cloud has lifted. The dollar's revival is likely to make Asian central banks and other large holders of reserve assets more comfortable about sticking with the greenback. The risk of a dollar rout, with the incalculable wreckage that would imply for all asset markets, is thankfully greatly reduced. &lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Verdanafont-family:Verdana;" &gt;å°±ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½å¯¹æ¸©ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ä»¬ï¿½?ï¿½?ï¿½å­¦ï¿½?ï¿½ï¿½?ï¿½?è¯¾ï¿½?å¹¶ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??å¼±ï¿½??ï¿½??ï¿½??å¾·ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ ·ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¹¶æ²¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?æ³¡æ²«ä¸­ï¿½??ï¿½?ä¸»ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä»¬ï¿½?ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½??äº§ï¿½??å¯»ï¿½?ï¿½ï¿½?ï¿½è·¯ï¿½?ï¿½?ï¿½?ä¸ºï¿½?ï¿½?ï¿½??ï¿½?å¯»ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??å°½ç®¡ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??å»¶ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å·²ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??è®©ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?æ´²å¤®ï¿½?ä»¬ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½?äº§ï¿½?ï¿½ï¿½?ï¿½??ä»¬ï¿½??ï¿½?ï¿½ï¿½?å¥½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¦»ç ´ï¿½?ï¿½??ï¿½??å¤±ï¿½?è®©äººæ¬£ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="FONT-FAMILY: 'Verdana','sans-serif'; mso-fareast-font-family: ï¿½?ï¿½?; mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN" style="mso-ansi-language: EN"&gt;&lt;span style="font-family:Calibri;"&gt;&lt;/span&gt;&lt;/span&gt; &lt;/p&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_15.html" title="ï¿½?ï¿½?å­¦äººï¿½?ï¿½??ï¿½?ï¿½ï¿½??äº«" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=3235024901169839269" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/3235024901169839269/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3235024901169839269" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3235024901169839269" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-9116108271779264415</id><published>2008-08-14T18:03:00.002+08:00</published><updated>2008-08-15T20:54:10.123+08:00</updated><title type="text">ï¿½?ï¿½?å­¦äººï¿½?å¥¥-ï¿½?-ï¿½?ï¿½-è®°</title><content type="html">&lt;p class="mobile-photo"&gt;&lt;a href="http://1.bp.blogspot.com/_mCqrXzDpYdY/SKQC3DPi3lI/AAAAAAAAAC4/IVyiqjJSP2E/s1600-h/operaPA-788555.jpg"&gt;&lt;img id="BLOGGER_PHOTO_ID_5234311811697925714" alt="" src="http://1.bp.blogspot.com/_mCqrXzDpYdY/SKQC3DPi3lI/AAAAAAAAAC4/IVyiqjJSP2E/s320/operaPA-788555.jpg" border="0" /&gt;&lt;/a&gt;&lt;/p&gt;&lt;b&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;b&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Wednesday &lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½??ï¿½??ï¿½?&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;JUAN ANTONIO SAMARANCH, a former president of the International Olympic Committee, once said that "without a lively, visible cultural programme that reflects the spirit of the host country, the Olympic games would be incomplete". Finding such a programme in Beijing is a challenge. Spontaneous fun is even more elusive.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½??ä»»å¥¥ï¿½?ï¿½?ä¸»å¸­ï¿½?ï¿½é©¬ï¿½?ï¿½ï¿½?è¯´ï¿½?"æ²¡ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ä¸»ï¿½??ï¿½?ï¿½ç²¾ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?å¥¥ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??"ï¿½??ï¿½?ï¿½ï¿½??äº¬å¯»ï¿½?ï¿½ï¿½?æ ·ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?é¡¹ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?æ´»ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Veteran Olympic-games correspondents (these games are my first) speak enthusiastically of street and beach parties at the games in Athens (2004) and Sydney (2000). With perhaps a touch of hyperbole, one tells me that Sydney was taken over by Norwegians with Viking hats and painted faces. I have yet to hear of, let alone encounter, any such revellers in Beijing.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?å¹¿ï¿½??å¥¥ï¿½?è®°ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;2004&lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;å¹´ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;2000&lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;å¹´ï¿½??å°¼ï¿½??ï¿½?å¤´ï¿½??æµ·æ»©æ´¾å¯¹ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??å¸¸ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä¸­ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¤¸å¼ ï¿½?ï¿½å¯¹ï¿½??è¯´ï¿½?ï¿½?ï¿½ä¸ªï¿½??å°¼ï¿½?ï¿½?ï¿½ï¿½?ï¿½è¢«å¸¦ï¿½??æµ·ï¿½??å¸½ï¿½?ï¿½?ï¿½??å¤§ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?äººï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??äº¬ï¿½??ï¿½?æ²¡ï¿½?ï¿½è¯´ï¿½?ï¿½?æ ·ï¿½??ï¿½??æ¬¢ï¿½?ï¿½?ï¿½ï¿½?ï¿½?è¯´äº²ï¿½?ï¿½ç¢°ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Beijing's Olympic organisers promised the "biggest ever" cultural festival built around the Olympicsï¿½??the "richest and most diverse in Olympic history" as one official described it. Journalists have been given a "culture guide" containing 100-odd pages of non-sporting events, from traditional Chinese opera to New Orleans jazz. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;"Our purpose is to entertain our guests and visitors from all over the world", wrote the chief organiser, Liu Qi, in a foreword.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½??&lt;/span&gt;&lt;span style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;äº¬&lt;/span&gt;&lt;span style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;å¥¥&lt;/span&gt;&lt;span style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?&lt;/span&gt;&lt;span style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt; &lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?ï¿½?ï¿½ï¿½?è®¸è¯ºï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä»¥ï¿½?ï¿½ï¿½?æ¨¡ï¿½??å¤§ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?å¥¥ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??"å¥¥ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ä¸°ï¿½?ï¿½?å½©ï¿½??"ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??è¿°ï¿½??ï¿½??è®°ï¿½??ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;200&lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?é¡µï¿½??"ï¿½??ï¿½??ï¿½??ï¿½??"ï¿½?ï¿½??å®¹ï¿½?ä¼ ï¿½?äº¬ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¥¥ï¿½?ï¿½?ï¿½ï¿½?ï¿½å£«ï¿½?ï¿½?æ²¡ï¿½??ï¿½?é¡¹ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;"ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä¸ºï¿½?æ¬¾ï¿½?ï¿½??ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??è´µå®¾ï¿½??æ¸¸å®¢"ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?æ ·ï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Sadly, the official guide to cultural events is a minefield of inaccuracies. When I try to buy tickets to some of the foreign musical performances, I am told they have been cancelled or rescheduled.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ä»¤äººï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??å®¹ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½è´­ä¹°ï¿½?ï¿½å¼ ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç¥¨ï¿½?ï¿½ï¿½?è¢«ï¿½??ï¿½?ï¿½è¢«ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;There are fewer people around to be entertained, anyway. China has tightened visa requirements for foreign visitors in order to keep "undesirables" out. At lunchtime on Sunday, my family and some friends are the only group at a normally popular Thai restaurant on the edge of the city. The manager says business has been getting slower and slower for the last few weeks.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??äººï¿½?ï¿½ï¿½?äº«ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??æ¬¾ï¿½?ï¿½??ï¿½?ï¿½?ï¿½æ¸¸å®¢ï¿½??ç­¾ï¿½?ï¿½?ï¿½åº¦ï¿½?ï¿½?ï¿½?ï¿½å¤§ï¿½?ï¿½?ï¿½?äººä»¥"ï¿½?è¢«æ¬¢ï¿½?"ä¸ºï¿½?ï¿½ï¿½??ç­¾ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??å®¶äººï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??è¾¹ï¿½?å®¶å¹³ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??æ³°ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??è¯´ï¿½?ï¿½?ï¿½?ï¿½ä¸ªï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??å°±ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ·¡ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Beijing's bars and nightclubs are doing somewhat better (apart from the ones that have been closed because they are deemed too close to Olympic facilities, or because they are just too seedy). Many of them had expected the police to start enforcing a long-forgotten rule that they close by 2am during the Olympics. So far, at least, the authorities have restrained themselves.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½??äº¬ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½å¯¹å¥½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??è¢«è®¤ä¸ºå¤ªï¿½?ï¿½ï¿½?å¥¥ï¿½?è®¾ï¿½?ï¿½ï¿½??å¤ªç ´ï¿½?ï¿½è¢«è¿«ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ä»¬ï¿½?ä¸­ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?äººï¿½?è®¡ï¿½?å¥¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½?è­¦ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½è¢«ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ä¸¤ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ä¸ºæ­¢ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;But some bar owners say they expected more customers. China's visa clampdown appears to have kept out the young, boisterous Norwegian-Viking types. And plenty of foreigners already in Beijing seem to have decided to stay at home and watch the Olympics on television, perhaps deterred by security measures on public transport and traffic snarls around Olympic venues. Taxi drivers complain that the bonanza they expected during the games has not materialised.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ä»¥ä¸ºï¿½?ä»¬ï¿½?ï¿½å¥¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??å®¢äººï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ç­¾ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½å·²ï¿½?ï¿½??ï¿½?ï¿½ï¿½?å¹´è½»ï¿½?ï¿½ï¿½?ï¿½ï¿½??"ï¿½?ï¿½ï¿½?æµ·ï¿½??ä»¬"ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??äº¬ï¿½??ï¿½?ï¿½?ï¿½äººï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½å®¶ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??å¥¥ï¿½?ï¿½?å¤§ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½äº¤ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??äº¤ï¿½??è®©ï¿½?ä»¬ï¿½??ï¿½??ï¿½?ï¿½æ­¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½?è½¦ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½è¯´ï¿½?ï¿½?ä»¬ï¿½?ï¿½ï¿½?ï¿½å¥¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½??è´¢ï¿½??ï¿½?æ¢¦ï¿½?ï¿½ç©ºï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;There is little feel in Beijing that a huge international event is underway. The ubiquitous Olympic banners and posters, and the crowds outside venues, remind people that something big is happening. But many parts of the city are quieter than normal, with factories closed (to avoid pollution), street vendors and beggars less visible (officials have put pressure on migrants from elsewhere to leave), outdoor markets shuttered and some citizens wangling a few days at home.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?ï¿½ï¿½??äº¬ï¿½?ä½ ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½å·¨å¤§ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?æ­£ï¿½?ï¿½ä¸¾ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½??å¥¥ï¿½?ï¿½?ï¿½ï¿½?ï¿½??æµ·ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??äººç¾¤ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??äººä»¬ï¿½?ï¿½??ä¸ªå¤§ï¿½?ä»¶æ­£ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ä¸­ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ä¸­ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?å¹³ï¿½?ï¿½ï¿½?ï¿½ä¸ºï¿½?ï¿½??ï¿½?ï¿½?ï¿½?å·¥ï¿½??è¢«ï¿½?ï¿½ï¿½?ï¿½ï¿½?ä¸ºï¿½??ï¿½?æ±¡ï¿½??ï¿½?ï¿½?ï¿½?å¤´ï¿½?è´©ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?è¸ªå½±ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½äººè¢«ï¿½??ç¦»ï¿½?ï¿½?ï¿½?ï¿½å¤©ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?è¢«ï¿½??å¯¼ï¿½??ï¿½?ï¿½å®¶ä¸­ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;Tight security is also deterring many people from visiting the Olympic Green in the north of the city, where many of the stadiums are located. This annoys corporate sponsors, who had hoped to attract big crowds to displays they have erected there. The IOC says it has asked the organisers to allow more people into the heavily guarded zone (to add to the festive mood, armoured personnel-carriers have been deployed there).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ä¸¥æ ¼ï¿½??ï¿½?ï¿½?ï¿½??æ ·ï¿½?ï¿½?ï¿½æ­¢ï¿½?äººä»¬ï¿½?ï¿½è®¿ï¿½??ï¿½??å¥¥ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?è®©ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½æ²®ä¸§ï¿½?ï¿½?ä»¬ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?èµ·ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½å¥¥ï¿½?ï¿½??ï¿½?ï¿½ï¿½??å·¨ï¿½??ï¿½?ï¿½?ï¿½ï¿½??äººç¾¤ï¿½?ï¿½?å®£ä¼ ï¿½??ï¿½?ï¿½ï¿½??å¥¥ï¿½?ï¿½?è¯´ï¿½?ä»¬å·²ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½??è®¸ï¿½?ï¿½ï¿½?ï¿½??äººï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?å·²ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ç½®ï¿½??ï¿½?ï¿½?ï¿½è½¦ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;span style="font-family:Calibri;"&gt;The top priority of China's leaders is to ensure the games pass without major incidents (terrorism or protests) and that the sporting events are run smoothly. A Chinese friend tells me that he tried to climb a particularly scenic part of the Great Wall just outside Beijing, and was blocked by local vigilantes. They were on the lookout for people who might try to hang subversive banners from the edifice. Mr Liu's professed wish that all of us are "blessed with the best in entertainment" mainly applies, it seems, to what goes on in the stadiums.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan" align="left"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-fareast-font-family: ï¿½?ï¿½?; mso-bidi-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ansi-language: EN; mso-ascii-font-family: Calibri; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-hansi-: minor-latinfont-family:Calibri;" &gt;ï¿½?å¯¼ä»¬ï¿½??ï¿½?ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ç¡®ï¿½?å¥¥ï¿½?ï¿½??ï¿½?ï¿½æ²¡ï¿½??å¤§ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??è¢­ï¿½?ï¿½ï¿½??ï¿½??ï¿½??è®®æ´»ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ä»¥ï¿½??ï¿½?ï¿½?é¡¹ï¿½?ï¿½ï¿½??å¹³ç¨³ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ä¸­ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??äº¬ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½æ­¢ï¿½??ï¿½?ä»¬ï¿½??ä»»ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½æ­¢ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?è¢«ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??å®£ç§°ï¿½??ï¿½?ï¿½??ä»¬ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½"ï¿½??ï¿½??ï¿½??ï¿½??æ¬¾ï¿½?"ï¿½?ï¿½??èµ·ï¿½?ï¿½ï¿½?ï¿½?æ¬¾ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN" style="mso-ansi-language: EN; mso-bidi-: 0ptfont-family:ï¿½?ï¿½?;" &gt;&lt;/span&gt;&lt;/p&gt;&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN" style="mso-ansi-language: EN"&gt;&lt;span style="font-family:Calibri;"&gt;&lt;/span&gt;&lt;/span&gt; &lt;/p&gt;&lt;p class="MsoNormal" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-pagination: widow-orphan; mso-outline-level: 2" align="left"&gt;&lt;/p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post_14.html" title="ï¿½?ï¿½?å­¦äººï¿½?å¥¥-ï¿½?-ï¿½?ï¿½-è®°" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=9116108271779264415" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/9116108271779264415/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/9116108271779264415" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/9116108271779264415" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-2399637483975563991</id><published>2008-08-13T20:05:00.001+08:00</published><updated>2008-08-13T20:05:28.730+08:00</updated><title type="text">ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?</title><content type="html">&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 16.5pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;Bank Stocks Drop Anew Amid Worry &lt;br&gt; Over Falling Home Prices&lt;/span&gt;&lt;/b&gt;&lt;/p&gt; &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-outline-level: 1" align="left"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 16.5pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 18.0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?è¿·ï¿½??ï¿½?ï¿½ï¿½?ä¸­ï¿½?å£°ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 16.5pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 18.0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;By JAMES R. HAGERTY and JONATHAN KARP&lt;br&gt; &lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;i&gt;&lt;span lang="EN-US" style="FONT-SIZE: 7.5pt; COLOR: #666666; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-bidi-font-size: 11.0pt"&gt;August 13, 2008;&amp;nbsp;Page&amp;nbsp;A1&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Stuck with a growing glut of foreclosed houses, banks and investors are shedding them at increasingly steep losses, potentially adding to the banking industry&amp;#39;s red ink this year.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¢«ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½äº§ï¿½??ï¿½?ï¿½??ï¿½?ï¿½å·²ï¿½?ï¿½??ç´¯ç´¯ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?å¹´ï¿½?ï¿½?ï¿½ä¸ªï¿½?ï¿½ï¿½?ï¿½?æ­£ï¿½?ï¿½ï¿½?ï¿½ï¿½??è­¦ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Banks are selling foreclosed homes in some cases for less than half the price they fetched two or three years ago. The cuts are coming as the U.S. banking sector, slogging through its worst crisis in decades, bites the bullet out of fear that prices will keep falling.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½?è¢«è¿«ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»·æ ¼ï¿½?ï¿½ï¿½??ï¿½?ä»¬ä¸¤å¹´ï¿½??ï¿½??ï¿½?ï¿½è´·æ¬¾ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä»·ç»§ç»­ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ä¸­ï¿½?ï¿½?ï¿½ä¸ªï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?æ­£ï¿½?ï¿½ä¸´ï¿½?ï¿½ï¿½??å¹´ï¿½?ï¿½ï¿½??ä¸¥ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¤§ï¿½?æ¨¡ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Financial stocks fell sharply Tuesday, following &lt;a href="http://online.wsj.com/quotes/main.html?type=djn&amp;amp;symbol=JPM"&gt;&lt;span style="COLOR: #0253b7; TEXT-DECORATION: none; text-underline: none"&gt;J.P. Morgan Chase&lt;/span&gt;&lt;/a&gt; &amp;amp; Co.&amp;#39;s warning late Monday that it expects &amp;quot;a continued decline in U.S. housing prices.&amp;quot; The dour assessment included a roughly $1.5 billion trading loss related to the largest U.S. bank&amp;#39;s holdings of mortgage-backed securities.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??æ ¹ï¿½?ï¿½ï¿½?ï¿½æ ¹å¤§ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?"ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä»·ï¿½?ï¿½?ç»§ç»­ï¿½?ï¿½?ï¿½??"ï¿½?ï¿½ï¿½?ä¼°è®¡ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??å¤§ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç±»ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??å¤±å¤§çº¦ä¸º&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;15&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;äº¿ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;J.P. Morgan shares fell 9.5% Tuesday, while Lehman Brothers Holdings Inc. and Wachovia Corp. fell about 12%. The declines marked a reversal in sentiment from recent optimism among some investors that the worst of the credit crunch might be over.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½æ ¹å¤§ï¿½??ï¿½?ï¿½ç¥¨ï¿½??ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;9.5%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?çº¦&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;12%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??æ­¤æ¬¡ï¿½?ï¿½ï¿½?ï¿½?è®©ï¿½?ï¿½?ï¿½è®¤ä¸ºä¿¡è´·ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å·²ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ç©ºï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;J.P. Morgan&amp;#39;s warning was notable because the bank has been ahead of the curve over the past year in sounding the alarm about emerging troubles, such as mounting defaults in home-equity loans and credit cards. The New York bank has sidestepped the worst of the problems that have forced many commercial and investment banks to slash their dividends and seek capital infusions in order to plug their leaky balance sheets.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½æ ¹å¤§ï¿½??ï¿½??ï¿½?ï¿½ï¿½?å¯¹ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?äººæ³¨ï¿½?ï¿½ï¿½??è­¦ï¿½??ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½å¹´ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½è´·æ¬¾ï¿½??æ¬ ä»¥ï¿½??ä¿¡ï¿½?ï¿½ï¿½?ï¿½ï¿½??è´¦ï¿½?ï¿½?ï¿½ï¿½?æµ®ï¿½?ï¿½æ°´ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½è­¦ï¿½?ï¿½å°±ï¿½?ï¿½ï¿½??ï¿½?ï¿½??çº½çº¦ï¿½?ï¿½ï¿½?ï¿½??å¹¸èº²ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??çº¢ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½å¡«è¡¥ï¿½?ä»¬ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½è¡¨ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The steep losses on sales of foreclosed homes are painful for banks and investors in the short run but should help clear the backlog. That would allow for an eventual recovery of the housing market and clean up the banks&amp;#39; balance sheets.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å°½ç®¡ï¿½?ï¿½ï¿½??ï¿½?ï¿½è¯´ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??å·¨ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ä»¬ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?æ ·ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½äº§ï¿½?ï¿½??ä¿®ï¿½?ï¿½å¹¶ä½¿ï¿½?ï¿½ï¿½?ï¿½??è´¦ï¿½?ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;One example of the deep price cuts on foreclosures: A 1,230-square-foot home in Corona, Calif., was sold by a unit of investment bank Credit Suisse in June for $198,000, down from $450,000 when the property sold in a regular transaction in December 2006.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»·æ ¼å¤§ï¿½?ç¼©æ°´ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?çº³ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;230&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹³ï¿½?ï¿½å°ºï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;6&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??è¢«ï¿½??ä¿¡ï¿½??ï¿½?ä»¥&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;198&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ä»·æ ¼ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2006&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;12&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½??ï¿½??æ­£å¸¸äº¤ï¿½??ä»·æ ¼ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;450&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;I do not think this is the time to be holding onto [foreclosed homes] and hoping for a better day,&amp;quot; Daniel Mudd, chief executive of Fannie Mae, said during a conference call Friday.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½??å¹¶ï¿½?è®¤ä¸ºï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½è½¬ï¿½?ï¿½ï¿½??å¥½ï¿½?ï¿½ï¿½??ï¿½??"ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?å¸­ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Daniel Mudd&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?æ¬¡ï¿½?ï¿½ï¿½?ï¿½?è®®ä¸­ï¿½?ï¿½?ï¿½è¯´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Banks and investors have grown more leery of the rising costs of holding onto vacant homes. Along with such expenses as insurance, lawn care and maintenance, banks are being hit with higher costs for complying with local regulations applying to vacant homes.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?äººï¿½??ï¿½??ç©ºç½®ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½æ­£ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä¿±ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ä¿®å»ºä»¥ï¿½??ï¿½?ï¿½ï¿½?ä¿®ç¼®ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ç©ºç½®ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å¤§å¤§ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The price cutting may mean even deeper losses for banks, but in some areas price tags have fallen enough to entice bargain hunters back into the market. According to the S&amp;amp;P/Case-Shiller indexes, prices in Las Vegas, Miami and Los Angeles are back to 2004 levels, while those in San Diego have retreated to 2003 levels.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ä»·ï¿½?ï¿½ï¿½?ï¿½?è®¸ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??å·¨ï¿½?ï¿½??å¤±ï¿½?ï¿½?ï¿½?æ­¤ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä»·å·²ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½å®¢ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?åº¦ï¿½??æ ¹ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;S&amp;amp;P/Case-Shiller&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½äº§ï¿½??ï¿½?ï¿½ï¿½?ï¿½ç¤ºï¿½?ï¿½??ï¿½?ï¿½ç»´ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä»·å·²ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2004&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??æ°´å¹³ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ä»·ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2003&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Losses to banks on foreclosed properties result from a variety of factors, including declines in the home value below the loan balance; missed payments by the owner before the foreclosure; real-estate commissions; and the costs of repairs, taxes, insurance and maintenance while the bank or loan investor owns the property. The sum of all these costs is called the &amp;quot;loss severity.&amp;quot;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?äº§ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½??å¤±ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ä»·ï¿½?ç ´è´·æ¬¾ï¿½?åº¦ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ä¸»ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½äº§ä½£ï¿½??ï¿½?ä»¥ï¿½??ï¿½?ï¿½ï¿½?ä¿®ç¼®è´¹ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ä»¥ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?äººï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ç§°ä¸º"ï¿½?ï¿½??åº¦"&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;For subprime loans, those to people with relatively poor credit records, loss severities averaged 41% of the loan balance in 2005 and 54% in the 12 months ended in May, according to Fitch Ratings. For loans made in 2006 and 2007 that end up being foreclosed, severities are likely to average more than 60%, Fitch says. Analysts at Credit Suisse see a range of 63% to 71% on foreclosed subprime loans by late next year, depending on how far home prices fall.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ä¿¡ï¿½?ï¿½æ°´å¹³ï¿½??æ¬¡çº§ï¿½??ï¿½?ï¿½ï¿½?æ ¹ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?çº§ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Fitch Ratings&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2005&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??ï¿½?ï¿½??åº¦å¹³ï¿½??ä¸ºè´·æ¬¾ï¿½?åº¦ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;41%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;12&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä¸ªï¿½??ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;54%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2006&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2007&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??è´·æ¬¾ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?åº¦ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;60%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½??ï¿½?å¹´ï¿½?ï¿½??ä¿¡ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?è®¤ä¸ºï¿½?æ¬¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½è´·ï¿½?ï¿½??åº¦ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;63%-72%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?åº¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä»·ï¿½?ï¿½?ï¿½?åº¦ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Arial&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Sparse Data&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½?ç¼ºï¿½??ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Arial&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Comparable historical data are sparse. Chandrajit Bhattacharya, a Credit Suisse analyst, says severities were slightly higher after the housing slump of the early 1990s, but &amp;quot;current severities are rising much faster and in probability will be higher than the mid-1990s peak.&amp;quot;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?å¯¹ï¿½?åº¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??å¸¸ï¿½?ï¿½?ï¿½??ï¿½??ä¿¡ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Chandrajit Bhattacharya&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯´ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;90&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ä»£ï¿½??ï¿½??ï¿½?ï¿½ä»·å´©ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??åº¦ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?è½»å¾®ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½"ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??åº¦ï¿½?ï¿½??ï¿½?å¿«ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;90&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ä»£ä¸­ï¿½??ï¿½??ï¿½?å³°ï¿½??ï¿½??"&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Losses on prime loans also are growing, particularly on option adjustable-rate mortgages, or option ARMs. These loans allow borrowers to start with very low monthly payments, then face steep increases several years later. Wachovia disclosed last month that loss severities on option ARM foreclosures averaged 36% in the second quarter, up from 32% in the first quarter. Fannie Mae says severities on prime and Alt-A loans (a category between prime and subprime) recently have reached 40% in California.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä¼ ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??å¤±ï¿½?ï¿½??æ ·ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??æµ®ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½è´·æ¬¾ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;ARMs&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?è´·æ¬¾ï¿½??è®¸è´·æ¬¾äººï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½??ï¿½?æ¬¾ï¿½?ï¿½?ï¿½??ï¿½?ï¿½å¹´ä»¥ï¿½??ï¿½?æ¬¾ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ä¸ªï¿½??ï¿½??ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;ARM&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è´·æ¬¾ï¿½??ï¿½?ï¿½??åº¦ï¿½?ï¿½ç¬¬ï¿½?å­£åº¦è¾¾ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;36%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??å¹³ï¿½??æ°´å¹³ï¿½?ç¬¬ï¿½?å­£åº¦ï¿½?ï¿½?ï¿½?åº¦ä¸º&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;32%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?è¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?å°¼ï¿½?ï¿½?ä¼ ï¿½?ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Alt-A&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ä¼ ï¿½?ï¿½??ï¿½?ï¿½ï¿½??æ¬¡çº§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??åº¦ä»¥ï¿½??è§¦ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;40%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;The pain may get worse before it starts to ease. A recent report from Barclays Capital estimates that there are 721,000 bank-owned homes nationwide, up from 112,000 two years ago. Barclays expects the total to rise 60% more before peaking in late 2009.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?æ²¡ï¿½?ï¿½ï¿½?ï¿½ï¿½??å·´ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ä»½ï¿½?ï¿½ï¿½??ä¼°è®¡ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;721&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ä¸¤å¹´ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;112&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??å·´ï¿½??ï¿½?ï¿½ï¿½?è®¡ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2009&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ä»£ï¿½?å³°ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;60%&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Financial institutions are acquiring homes through foreclosure much faster than they can sell them. Fannie Mae, a government-sponsored mortgage investor, disclosed last week that it acquired 44,071 homes through foreclosure during this year&amp;#39;s first half but sold only 23,627, leaving a balance of 54,173 as of June 30.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?æ¸ ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??åº¦ï¿½?ï¿½?ï¿½?ï¿½?ä»¬ï¿½??ï¿½??ï¿½?ï¿½ï¿½??åº¦ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½??èµ·ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½è´·æ¬¾ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?å¹´ï¿½?ï¿½??å¹´ï¿½?ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;44&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;071&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;23&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;627&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½?ï¿½æ­¢&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;6&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;30&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ä¸º&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;54&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;173&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Fannie said it is opening field offices in California and Florida to try to speed sales of such homes and is evaluating offers from unidentified parties interested in &amp;quot;bulk&amp;quot; purchases.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?è¯´ï¿½?ä»¬ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??è¾¾è®¾ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ï¿½?ä»¥ï¿½??ï¿½?ï¿½å¿«ï¿½??ï¿½?ï¿½ï¿½??åº¦ï¿½?ï¿½??ï¿½?ï¿½??èº«ä»½ä¸ºï¿½??ï¿½??ï¿½?ï¿½ï¿½?è¡¨ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?ï¿½è¶£ï¿½?è¡¨ç¤ºï¿½?å¤§ï¿½?ï¿½ï¿½??è´­ä¹°ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Arial&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Multiple Offers&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;b&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½??ï¿½?ï¿½??æ ·ï¿½??ï¿½?ï¿½ï¿½??äºº&lt;/span&gt;&lt;/b&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Arial&amp;#39;,&amp;#39;sans-serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Corona, considered one of the most desirable places to live in Riverside County, east of Los Angeles, has begun working through a huge inventory of foreclosed homes, says Pete Nyiri of Top Producers Realty, which is based in the city. A four-bedroom, 3,213-square-foot home at 1065 Trailview Lane was sold in June for $479,900 after fetching $685,000 in October 2005.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?çº³ï¿½?è¢«è®¤ä¸ºï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½æ²³æ»¨ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?å·¨ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ä¹°å®¶ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Top Producers Realty&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Nyiri&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;è¯´ï¿½?ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1065&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ç§¯&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;3&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;213&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹³ï¿½?ï¿½å°ºï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;4&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?å®¤ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2005&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;685&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½??ï¿½?ï¿½?å¹´ï¿½?ï¿½ï¿½??ä»½å·²ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;479&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;900&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ä»·æ ¼ï¿½?ï¿½ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&amp;quot;In the last five months, there has been a dramatic increase in sales, which correlates to the decline in prices,&amp;quot; Mr. Nyiri says. &amp;quot;In the lower price range, many homes are getting multiple offers.&amp;quot;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;"ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;5&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä¸ªï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ä»·ï¿½??ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?"&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt; &lt;span lang="EN-US"&gt;Nyiri&lt;/span&gt;&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??è¯´ï¿½??"ï¿½?ï¿½ï¿½?ä»·ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä¹°å®¶ï¿½??"&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;In the Anthem neighborhood of northeast Phoenix, a four-bedroom home was sold by a bank in February for $190,500. That compares with $275,000 paid by the former owners in November 2004. Using two mortgages, the former owners financed 100% of that purchase. Joseph Cohan of International Realty Services, who was the listing broker for the recent sale, says the home needed new carpeting and paint; ceiling fans and light fixtures had been ripped out.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½??ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Anthem&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½è¾¹ï¿½?ï¿½?ä¸ª&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;4&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?å®¤ï¿½?ï¿½ï¿½?ï¿½??è¢«ï¿½?å®¶ï¿½?ï¿½ï¿½?ä»¥&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;190&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;500&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ä»·æ ¼ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ä¸ªï¿½?ä¸»ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2004&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;11&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?è´­ä¹°ä»·æ ¼ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;275&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½??ï¿½?ä¸¤æ¬¡ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ä¸»ï¿½?ï¿½?ï¿½ï¿½?ï¿½ä»·ï¿½??ï¿½?ï¿½ï¿½?è´·æ¬¾ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;International Realty Services&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½äº§ä¸­ï¿½?çº¦ï¿½??å¤«ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½æ¬¡äº¤ï¿½??ï¿½??ä»£ï¿½??äººè¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½æ¯¯ï¿½?ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Not all foreclosed homes go for a song -- even though the loss to the bank can be stiff. In the Las Vegas neighborhood of Summerlin, a foreclosed three-bedroom home, built in 1999, sold in May for $259,900, the original listing price, after just three days on the market. The same home sold for $215,000 in 2003; two years later, the owners refinanced the home for $408,500, apparently to extract cash from their home equity at a period when prices were soaring. William Jorgensen, the listing broker for the recent sale, said the Summerlin home sold quickly this year because it was in fairly good condition and in an attractive, upscale neighborhood.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ä»¥ï¿½?ï¿½?ï¿½ä¸¤ä¸ªï¿½?ï¿½å¯¹ç§¯ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½??å°±ï¿½?ï¿½?æ ·ï¿½?ï¿½ï¿½?ï¿½??æ ·ï¿½?ï¿½??ç´¯ç´¯ï¿½??å¹¶ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ä¸ªï¿½?ï¿½??ï¿½??ä»·æ ¼ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Summerlin&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½?ï¿½?å»ºï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1999&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;3&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?å®¤ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ä»¥&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;259&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;900&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ä»·æ ¼ï¿½??äº¤ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;3&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¤©ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä»·æ ¼ï¿½??ï¿½??æ ·ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;2003&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;å¹´è¢«ä»¥&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;215&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ä»·æ ¼ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?æ¬¡ï¿½?ä¸¤å¹´ï¿½??ï¿½?ï¿½?ä¸»ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;408&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;500&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½è´·æ¬¾ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»·ï¿½?æ¶¨ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ä¸»ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??å¤§ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½æ¬¡äº¤ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ä»£ï¿½??ï¿½?ï¿½?ï¿½?ï¿½çº¦æ ¹æ£®è¯´ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Summerlin&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½??ï¿½?ï¿½ï¿½?ï¿½?å¹´ï¿½??ï¿½??ï¿½?å¿«ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ç´ è´¨ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;Local governments are adding to the pressure on banks to sell foreclosed homes faster. Providence, R.I., recently imposed a property-tax surcharge on vacant properties to discourage banks and others from leaving them empty for long periods. Many cities now require banks to register the vacant homes they own and pay registration fees ranging from about $50 to $1,000.&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="left"&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?æ­£ï¿½?ï¿½å¯¹ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½?ä½¿ï¿½?ä»¬ï¿½?ï¿½å¿«ï¿½?ï¿½ï¿½??ï¿½?ï¿½ç©ºç½®ï¿½?ï¿½ï¿½??ï¿½?å¾·ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ç»´ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?é¡¹è´¢äº§ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ä»¥ï¿½??ï¿½?ï¿½æ­¢ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?äººï¿½?ï¿½ï¿½??ç©ºç½®ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½è®°ï¿½?ä»¬ï¿½??ç©ºç½®ï¿½?ï¿½ï¿½?å¹¶ï¿½?ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;50&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;1000&lt;/span&gt;&lt;span style="FONT-SIZE: 12pt; FONT-FAMILY: ï¿½?ï¿½?; mso-font-kerning: 0pt; mso-ascii-font-family: &amp;#39;Times New Roman&amp;#39;; mso-hansi-font-family: &amp;#39;Times New Roman&amp;#39;; mso-bidi-font-family: &amp;#39;Times New Roman&amp;#39;"&gt;ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½è®°è´¹ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-SIZE: 12pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;&lt;/span&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: right; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align="right"&gt;&lt;b&gt;&lt;span lang="EN-US" style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;#39;Times New Roman&amp;#39;,&amp;#39;serif&amp;#39;; mso-fareast-font-family: ï¿½?ï¿½?; mso-font-kerning: 0pt"&gt;--David Enrich contributed to this article.&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;  &lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span lang="EN-US"&gt;&lt;font face="Calibri"&gt;&amp;nbsp;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/blog-post.html" title="ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=2399637483975563991" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/2399637483975563991/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/2399637483975563991" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/2399637483975563991" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-5502958093304072096</id><published>2008-08-12T10:52:00.002+08:00</published><updated>2008-08-12T11:03:38.002+08:00</updated><title type="text">Speaking truth to power</title><content type="html">&lt;p&gt;Alexander Solzhenitsyn &lt;/p&gt;&lt;h1&gt;Speaking truth to power&lt;/h1&gt;&lt;p&gt;Aug 7th 2008&lt;br /&gt;From &lt;em&gt;The Economist&lt;/em&gt; print edition&lt;/p&gt;&lt;h2&gt;Alexander Solzhenitsyn's exampleï¿½??and the heirs who failed him&lt;/h2&gt;&lt;br /&gt;&lt;div style="WIDTH: 300px"&gt;&lt;span style="font-size:+0;"&gt;Camera Press&lt;/span&gt;&lt;img title="" height="224" alt=" " src="http://media.economist.com/images/20080809/3208LD1.jpg" width="300" /&gt;&lt;/div&gt;&lt;p&gt;GEORGE KENNAN, the dean of American diplomats, called "The Gulag Archipelago", Alexander Solzhenitsyn's account of Stalin's terror, "the most powerful single indictment of a political regime ever to be levied in modern times". By bearing witness, Solzhenitsyn certainly did as much as any artist could to bring down the Soviet system, a monstrosity that crushed millions of lives. His courage earned him imprisonment and exile. But his death on August 3rd (see &lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://www.economist.com/opinion/displaystory.cfm?story_id=11880189" target="_blank"&gt;&lt;span style="color:#6291a5;"&gt;article&lt;/span&gt;&lt;/a&gt;) prompts a question. Who today speaks truth to powerï¿½??not only in authoritarian or semi-free countries such as Russia and China but in the West as well?&lt;/p&gt;&lt;p&gt;The answer in the case of Russia itself is depressing. Russia's contemporary intelligentsiaï¿½??the should-be followers of the example of Solzhenitsyn, Sakharov and the other dissident intellectuals of the Soviet periodï¿½??is not just supine but in some ways craven (see &lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://www.economist.com/opinion/displaystory.cfm?story_id=11880594" target="_blank"&gt;&lt;span style="color:#6291a5;"&gt;article&lt;/span&gt;&lt;/a&gt;). Instead of defending the freedoms perilously acquired after the end of communism, many of Russia's intellectuals have connived in Vladimir Putin's project to neuter democracy and put a puppet-show in its place. Some may genuinely admire Mr Putin's resurrection of a "strong" Russia (as, alas, did the elderly Solzhenitsyn himself). But others have shallower motives.&lt;/p&gt;&lt;div align="center"&gt;In Soviet times telling the truth required great courage and brought fearful consequences. That is why the dissidents were a tiny minority of the official intelligentsia which the Soviet Union created mainly in order to build its nuclear technology. Today it is not for the most part fear that muzzles the intellectuals. Speaking out can still be dangerous, as the murder in 2006 of Anna Politkovskaya, an investigative journalist, showed. But what lurks behind the silence of many is not fear but appetite: an appetite to recover the perks and status that most of the intelligentsia enjoyed as the Soviet system's loyal servant.&lt;/div&gt;&lt;br /&gt;&lt;a name="11bb4cc6a0930522_the_problem_of_authoritarianism"&gt;&lt;/a&gt;&lt;h2&gt;The problem of authoritarianism&lt;/h2&gt;&lt;p&gt;In China the intellectuals' silence is easier to forgive because voicing dissent is still sharply controlled. For all its new openness, China has created few opportunities for Solzhenitsyn-type greats to emerge. It has tolerated a modicum of writing about the horrors of the Cultural Revolution, but then the government too now says the Cultural Revolution was horrific. You would search in vain in China itself for literature about the misery of the 1950s after the communists took over, or the deaths of tens of millions in the famine of the early 1960s. The window opened a bit in the 1980s, but the Tiananmen crackdown in 1989 banished free thinking well into the 1990s.&lt;/p&gt;&lt;p&gt;The emergence of the internet and a market-driven publishing industry has changed China less than it should. Several intellectuals post critical views of the party online. A good example is Hu Xingdou, an academic who lays into the party at every opportunity. But not even he goes as far as to call for the end of one-party rule. In 2004 a Chinese newspaper caused a stir by publishing a list of 50 public intellectuals. They included Gao Yaojie, who helped expose an AIDS epidemic in Henan, Wen Tiejun, who has written about the suffering of peasants, and He Weifang, a law professor who has spoken out about the rights of the marginalised, such as migrant workers. &lt;/p&gt;&lt;p&gt;These are impressive people, to whom China will one day be grateful. But the voices of the dissidents count for less than they did in the 1980s. China then, like the Soviet Union, was a bleak place with little other intellectual stimulation. People yearned for provocative ideas. Now access to information is freer, the economy is flourishing and for a lot of intellectuals life is good. China has its bold thinkers, but in its present mood it is hard to imagine one of them galvanising an entire class the way Solzhenitsyn did.&lt;/p&gt;&lt;p&gt;It is a bit too easy for people in the West to deplore the failure of intellectuals living in unfree societies to follow the example of a Solzhenitsyn. Such stories are rare. His arose from an unusual confluence: a great crime, a great silence, a receptive audience and personal courage well above the ordinary. There are parts of the Islamic world where secular thinkers, such as Egypt's Nobel novelist, Naguib Mahfouz, have faced violence for daring to prick a suffocating conformity. The Western intellectual, by contrast, enjoys a charmed existence. In France, which pampers its men of ideas, De Gaulle is reputed to have ordered the release of the inflammatory Jean-Paul Sartre in 1968 by remarking, "You don't arrest Voltaire." Most democracies have pulled off the remarkable feat of creating in the universities a class of tenured academics whose salaries are paid by the state but who are free, and often inclined, to savage the hand that feeds them. Nice work, if you can get it.&lt;/p&gt;&lt;a name="11bb4cc6a0930522_the_problem_of_democracy"&gt;&lt;/a&gt;&lt;h2&gt;The problem of democracy&lt;/h2&gt;&lt;p&gt;The West has printed a lorryload of angst-ridden books about the demise of the intellectual. Political correctness and academic over-specialisation have indeed hurt the quality of much that is said in the media and taught in the universities. But at the root of most complaints is the supposed problem of surplus. Authoritarian places nurture a class of recognised intellectuals whose utterances are both carefully listened to and strictly controlled. Democracies produce a cacophony, in which each voice complains that its own urgent message is being drowned in a sea of pap. "Repressive tolerance", one ungrateful 1960s radical called it. It would cause not a ripple if MIT's famous intellectual subversive, Noam Chomsky, were invited to speak to the annual capitalist jamboree in Davos.&lt;/p&gt;&lt;p&gt;The cacophony is the lesser evil. Ideas should not be suppressed, but nor should they be worshipped. Kennan was right to call "Gulag" a powerful indictment of a regime. Remember, though, that in 1848 two well-meaning intellectuals published another powerful indictment of a system, and their "Communist Manifesto" went on to enslave half mankind. There is no sure defence against bad ideas, but one place to start is with a well-educated and sceptical citizenry that is free to listen to the notions of the intellectuals but is not in thrall to themï¿½??and, yes, may prefer the sports channel instead. The patrician in Solzhenitsyn hated this lack of deference in the West. That is one respect in which the great man was wrong.&lt;/p&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2008/08/speaking-truth-to-power.html" title="Speaking truth to power" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=5502958093304072096" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/5502958093304072096/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5502958093304072096" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5502958093304072096" /><author><name>ï¿½??ï¿½?ï¿½ï¿½??</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-1409182816633397209</id><published>2008-02-29T22:56:00.002+08:00</published><updated>2008-02-29T23:05:12.544+08:00</updated><title type="text">ï¿½??äºº</title><content type="html">&lt;a href="http://manchester.cowparade.com/image/cow/large/21002.jpg"&gt;&lt;img style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 320px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://manchester.cowparade.com/image/cow/large/21002.jpg" border="0" /&gt;&lt;/a&gt;&lt;br /&gt;&lt;div&gt;&lt;/div&gt;&lt;br /&gt;&lt;div&gt;ï¿½?ï¿½è¯´æ²¡ï¿½??ï¿½?ï¿½ä¸ªäººï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½??å®¢ï¿½?é¡¹ï¿½?å¤§ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?&lt;/div&gt;&lt;br /&gt;&lt;div&gt;&lt;/div&gt;&lt;br /&gt;&lt;div&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?&lt;/div&gt;&lt;br /&gt;&lt;div&gt;&lt;/div&gt;&lt;br /&gt;&lt;div&gt;ï¿½??ï¿½?&lt;/div&gt;&lt;br /&gt;&lt;div&gt;&lt;/div&gt;&lt;br 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/><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-3700225483221994292</id><published>2007-10-30T00:54:00.000+08:00</published><updated>2007-10-30T12:16:30.069+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="ï¿½??ï¿½?ï¿½å½±è¯´" /><title type="text">ï¿½??ï¿½??ï¿½?ï¿½åº¦ï¿½??ï¿½??SICKO</title><content type="html">&lt;p style="TEXT-ALIGN: center"&gt;&lt;img height="457" src="http://lh6.google.com/hooyor/RyYDjzro8vI/AAAAAAAAAT4/I2YYadYDkEc/SiCKO.jpg?imgmax=512" width="320" /&gt;&lt;/p&gt;&lt;br 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/&gt;&lt;p&gt;ï¿½?ï¿½ï¿½?ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»¥ç¡®ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ä¸­ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ç©¿ï¿½?ï¿½?ï¿½?å°±ï¿½?ï¿½ï¿½?ä¸ªï¿½?ï¿½å¤©ï¿½?ï¿½ï¿½?ï¿½æµ·ï¿½?äººï¿½?äººï¿½??ï¿½?ï¿½?ï¿½?ï¿½ä¸ºï¿½?ï¿½?å¨¶ä¸ªï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??æ­»ï¿½??ï¿½?ï¿½?&lt;/p&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/sicko.html" title="ï¿½??ï¿½??ï¿½?ï¿½åº¦ï¿½??ï¿½??SICKO" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=3700225483221994292" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/3700225483221994292/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3700225483221994292" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3700225483221994292" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-2378246273315066964</id><published>2007-10-25T18:32:00.001+08:00</published><updated>2007-10-25T18:32:28.834+08:00</updated><title type="text">ï¿½?ï¿½ï¿½?ï¿½?ä»¶(è½¬)</title><content type="html">&lt;font size="2"&gt;&lt;/font&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span&gt;&lt;font 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size="2"&gt;&lt;span&gt;è®°ï¿½??ï¿½?ï¿½?å¤ªå¥½ï¿½?ï¿½?æ­»ï¿½?å¥½ï¿½?å¼ ï¿½?ï¿½ï¿½?ï¿½æ­»ï¿½?ï¿½?ï¿½ï¿½??ï¿½??å¤§ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½å¥½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½??ï¿½??è¢«ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?å¼ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½??è¢«ï¿½?æ­»ï¿½??&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;font size="2"&gt;&lt;span lang="EN-US"&gt;&lt;font face="Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;font size="2"&gt;&lt;span&gt;è®°ï¿½??ï¿½?ï¿½?éº»ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?å¼ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?è®¿ï¿½?ï¿½ï¿½??&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;font size="2"&gt;&lt;span&gt;å®£ä¼ äººï¿½??ï¿½?ä½ ï¿½??ï¿½??è®¿ï¿½??çº²ï¿½??ï¿½?ï¿½??ï¿½?ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?å¥¹ï¿½??&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;font size="2"&gt;&lt;span&gt;ï¿½?ï¿½ï¿½?ï¿½&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;font size="2"&gt;&lt;span&gt;&lt;/span&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span&gt;&lt;font size="2"&gt;&lt;u&gt;&lt;strong&gt;&lt;a href="http://www.sohoxiaobao.com/chinese/bbs/blog_view.php?id=744762" target="_blank"&gt;&lt;br&gt;&lt;/a&gt;&lt;/strong&gt;&lt;/u&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="MARGIN: 0cm 0cm 0pt"&gt;&lt;span&gt;&lt;font size="2"&gt;&lt;u&gt;&lt;strong&gt;&lt;a href="http://www.sohoxiaobao.com/chinese/bbs/blog_view.php?id=744762" target="_blank"&gt;ï¿½??ï¿½??ï¿½?ï¿½æ­¤&lt;/a&gt;&lt;/strong&gt;&lt;/u&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_25.html" title="ï¿½?ï¿½ï¿½?ï¿½?ä»¶(è½¬)" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=2378246273315066964" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/2378246273315066964/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/2378246273315066964" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/2378246273315066964" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-841215875237194939</id><published>2007-10-25T00:33:00.000+08:00</published><updated>2007-10-25T00:34:22.559+08:00</updated><title type="text">é¼ ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??Ratatouille</title><content type="html">&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ä½ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??é¼ ï¿½?ï¿½é¥­ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??å½¢ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p/&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ä½ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??é¼ ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½??ï¿½?å¤§ï¿½??ï¿½?ï¿½ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p/&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ä½ ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½å·±æ­£ï¿½?ï¿½äº«ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??é¼ ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p style="TEXT-ALIGN: center"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;img width="346" height="512" src="http://lh4.google.com/hooyor/Rx9un3xVHlI/AAAAAAAAARU/p23F_45PiC8/Ratatouille.jpg?imgmax=512"/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½è¿ªï¿½?ï¿½å°¼ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½å°±ï¿½?ï¿½?å¹²ï¿½?ï¿½?ï¿½?ä»¬ï¿½?å¹´ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ï¿½??å°±ï¿½?ï¿½ï¿½?ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;Ratatouille&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p/&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½??é¼ ï¿½?ï¿½ç±³ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;Rymy&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??é¼ ï¿½?ï¿½?ï¿½?å¤©ï¿½??å°±ï¿½??ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½??ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?å°½ç®¡ï¿½??ä¸ºï¿½??é¼ ï¿½?ï¿½?ï¿½ï¿½?æ²¡ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??é¼ ï¿½?ï¿½?æ ·ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??åº¦ï¿½?ï¿½??ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p/&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt;ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ä¸ºï¿½?å¤§ï¿½??æ¢¦ï¿½?ï¿½ï¿½?ï¿½?æ¢¦ï¿½?ï¿½ï¿½??ï¿½??ä¸ºï¿½?ä¸ªï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt" xml:lang="EN-US"&gt;&lt;o:p/&gt;&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span 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/><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/841215875237194939" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-4479494627342848273</id><published>2007-10-25T00:27:00.001+08:00</published><updated>2007-10-25T00:27:29.858+08:00</updated><title type="text">ï¿½??ï¿½?ï¿½Bloggerï¿½??è¢«ï¿½?ï¿½?</title><content type="html">&lt;p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.95pt; mso-char-indent-count: 1.71; tab-stops: 105.95pt"&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt; ï¿½?å¤©ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½å·±ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"&gt;Blog&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt; ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½??ï¿½?&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"&gt;Blogger&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt; ï¿½??æ¬¡è¢«ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?é¡µï¿½?ï¿½ï¿½?ï¿½ä»¥ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??å®¢ï¿½?ï¿½ï¿½?è®¿ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?æ¡©ï¿½?ï¿½ï¿½?ï¿½?å¥½ï¿½?ï¿½ï¿½?ï¿½?ï¿½ä»¥ï¿½?ï¿½&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"&gt;email&lt;/span&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"&gt; ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½å°±ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??&lt;/span&gt;&lt;span lang="EN-US" style="FONT-FAMILY: 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/><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/4479494627342848273" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-3957947001087665882</id><published>2007-10-24T20:29:00.001+08:00</published><updated>2007-10-24T20:29:22.606+08:00</updated><title type="text">ï¿½??ï¿½??ç¡®ï¿½?è¢«ï¿½?ï¿½ï¿½?ï¿½ï¿½?</title><content type="html">&lt;div&gt;ï¿½?ï¿½ï¿½?ï¿½ä»¥ä¸ºï¿½?ï¿½ï¿½??ï¿½?ï¿½è¢«ï¿½?ï¿½?ï¿½?ï¿½?ä¸¤å¤©ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½19ï¿½?ï¿½ï¿½??&lt;/div&gt; &lt;div&gt;è½¬ï¿½?ä¸ªï¿½??ï¿½??ï¿½?ï¿½??ä»¬ï¿½??ï¿½?ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?&lt;/div&gt; &lt;div&gt;1ï¿½??Brendan O&amp;#39;Kaneï¿½?ï¿½?ï¿½ï¿½??äº¬ï¿½?ï¿½ï¿½?ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://bokane.org/" target="_blank"&gt;http://bokane.org&lt;/a&gt; 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&lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://www.daynew.net/" target="_blank"&gt; http://www.daynew.net&lt;/a&gt; &lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??72ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?ï¿½??è´¥ï¿½?ï¿½ï¿½?ï¿½ &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://blog.sina.com.cn/fengtang" target="_blank"&gt; http://blog.sina.com.cn/fengtang&lt;/a&gt; &lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??73ï¿½??Gojin &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://gojin.yculblog.com/" target="_blank"&gt;http://gojin.yculblog.com &lt;/a&gt;&lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??74ï¿½??ï¿½??ï¿½?å³°ï¿½?ï¿½?è®¸ï¿½??ï¿½?ï¿½  &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://www.wangxiaofeng.net/" target="_blank"&gt;http://www.wangxiaofeng.net&lt;/a&gt; &lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??75ï¿½??ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?å¥¸ï¿½?ï¿½??ï¿½?ï¿½ï¿½?å£® &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://yangxiaowo.bokee.com/" target="_blank"&gt; http://yangxiaowo.bokee.com&lt;/a&gt;ï¿½?ï¿½??æ­¢ï¿½?ï¿½ï¿½?ï¿½ï¿½?2006-4-23ï¿½? &lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??76ï¿½??ï¿½??ï¿½?ï¿½æ²³ &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://blog.sina.com.cn/liyinhe" target="_blank"&gt;http://blog.sina.com.cn/liyinhe&lt;/a&gt;  &lt;br&gt;ï¿½??ï¿½?? &lt;br&gt;ï¿½??ï¿½??77ï¿½??å¹³å®¢ï¿½?å£°ï¿½?ï¿½ï¿½?ï¿½é©¬ &lt;br&gt;ï¿½??ï¿½??&lt;a onclick="return top.js.OpenExtLink(window,event,this)" href="http://buchimifan.yculblog.com/" target="_blank"&gt;http://buchimifan.yculblog.com&lt;/a&gt;&lt;/div&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_24.html" title="ï¿½??ï¿½??ç¡®ï¿½?è¢«ï¿½?ï¿½ï¿½?ï¿½ï¿½?" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=3957947001087665882" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/3957947001087665882/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3957947001087665882" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3957947001087665882" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-5174691087962406462</id><published>2007-10-20T17:56:00.001+08:00</published><updated>2007-10-20T17:56:57.198+08:00</updated><title type="text">ï¿½?ï¿½?ï¿½?ä¸ªï¿½??ï¿½?ï¿½äºº2007ï¿½??</title><content type="html">&lt;p&gt;&lt;strong&gt;What am I doing wrong?&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;Okay, I&amp;#39;m tired of beating around the bush. I&amp;#39;m a beautiful (spectacularly beautiful) 25 year old girl. I&amp;#39;m articulate and classy. I&amp;#39;m not from New York. I&amp;#39;m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don&amp;#39;t think I&amp;#39;m overreaching at all.  &lt;/p&gt; &lt;p&gt;Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 - 250. But that&amp;#39;s where I seem to hit a roadblock. 250,000 won&amp;#39;t get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she&amp;#39;s not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?  &lt;/p&gt; &lt;p&gt;Here are my questions specifically:&lt;/p&gt; &lt;p&gt;- Where do you single rich men hang out? Give me specifics- bars, restaurants, gyms&lt;/p&gt; &lt;p&gt;-What are you looking for in a mate? Be honest guys, you won&amp;#39;t hurt my feelings&lt;/p&gt; &lt;p&gt;-Is there an age range I should be targeting (I&amp;#39;m 25)?&lt;/p&gt; &lt;p&gt;- Why are some of the women living lavish lifestyles on the upper east side so plain? I&amp;#39;ve seen really &amp;#39;plain jane&amp;#39; boring types who have nothing to offer married to incredibly wealthy guys. I&amp;#39;ve seen drop dead gorgeous girls in singles bars in the east village. What&amp;#39;s the story there?  &lt;/p&gt; &lt;p&gt;- Jobs I should look out for? Everyone knows - lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?&lt;/p&gt; &lt;p&gt;- How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY&lt;/p&gt; &lt;p&gt;Please hold your insults - I&amp;#39;m putting myself out there in an honest way. Most beautiful women are superficial; at least I&amp;#39;m being up front about it. I wouldn&amp;#39;t be searching for these kind of guys if I wasn&amp;#39;t able to match them - in looks, culture, sophistication, and keeping a nice home and hearth.  &lt;/p&gt; &lt;p&gt;it&amp;#39;s NOT ok to contact this poster with services or other commercial interests Craig&amp;#39;s List PostingID:&lt;/p&gt; &lt;p&gt;THE ANSWER&lt;br&gt;Dear Pers-:&lt;/p&gt; &lt;p&gt;I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament. Firstly, I&amp;#39;m not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here&amp;#39;s how I see it.  &lt;/p&gt; &lt;p&gt;Your offer, from the prospective of a guy like me, is plain and simple a crappy business deal. Here&amp;#39;s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here&amp;#39;s the rub, your looks will fade and my money will likely continue into perpetuity...in fact, it is very likely that my income increases but it is an absolute certainty that you won&amp;#39;t be getting any more beautiful!  &lt;/p&gt; &lt;p&gt;So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you&amp;#39;re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!  &lt;/p&gt; &lt;p&gt;So in Wall Street terms, we would call you a trading position, not a buy and hold...hence the rub...marriage. It doesn&amp;#39;t make good business sense to &amp;quot;buy you&amp;quot; (which is what you&amp;#39;re asking) so I&amp;#39;d rather lease. In case you think I&amp;#39;m being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It&amp;#39;s as simple as that. So a deal that makes sense is dating, not marriage.  &lt;/p&gt; &lt;p&gt;Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as &amp;quot;articulate, classy and spectacularly beautiful&amp;quot; as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn&amp;#39;t found you, if not only for a tryout.  &lt;/p&gt; &lt;p&gt;By the way, you could always find a way to make your own money and then we wouldn&amp;#39;t need to have this difficult conversation.&lt;/p&gt; &lt;p&gt;With all that said, I must say you&amp;#39;re going about it the right way. Classic &amp;quot;pump and dump.&amp;quot;&lt;/p&gt; &lt;p&gt;I hope this is helpful, and if you want to enter into some sort of lease, let me know.&lt;/p&gt; &lt;p&gt;____________&lt;br&gt;Rob Campbell&lt;br&gt;J.P.Morgan&lt;br&gt;Diversified Industrials Investment Banking&lt;br&gt;277 Park Avenue, 16/F, New York, NY 10172&lt;/p&gt; </content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/2007.html" title="ï¿½?ï¿½?ï¿½?ä¸ªï¿½??ï¿½?ï¿½äºº2007ï¿½??" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=5174691087962406462" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/5174691087962406462/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5174691087962406462" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/5174691087962406462" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-3420933218510798967</id><published>2007-10-19T13:16:00.000+08:00</published><updated>2007-10-19T14:56:17.175+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="ï¿½??ï¿½?ï¿½å½±è¯´" /><category scheme="http://www.blogger.com/atom/ns#" term="ï¿½??ï¿½??ï¿½?ï¿½è¯´" /><title type="text">ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ä½ ï¿½?ï¿½ï¿½?</title><content type="html">&lt;div style="MARGIN: 0px auto 10px; TEXT-ALIGN: center"&gt;&lt;a href="http://bp3.blogger.com/_2cB6jCOzXCY/Rxg9uHxVHjI/AAAAAAAAAPc/FEvZMp756gU/s1600-h/%E5%A4%AA%E9%98%B3%E7%85%A7%E5%B8%B8%E5%8D%87%E8%B5%B7.jpg"&gt;&lt;img id="BLOGGER_PHOTO_ID_" alt="" src="http://bp3.blogger.com/_2cB6jCOzXCY/Rxg9uHxVHjI/AAAAAAAAAPc/FEvZMp756gU/s320/%E5%A4%AA%E9%98%B3%E7%85%A7%E5%B8%B8%E5%8D%87%E8%B5%B7.jpg" border="0" /&gt;&lt;/a&gt; &lt;/div&gt;&lt;br /&gt;ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ä½ ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½??ï¿½?ï¿½??&lt;div style='clear:both; text-align:CENTER'&gt;&lt;a href='http://picasa.google.com/blogger/' target='ext'&gt;&lt;img src='http://photos1.blogger.com/pbp.gif' alt='Posted by Picasa' style='border: 0px none ; padding: 0px; background: transparent none repeat scroll 0% 50%; -moz-background-clip: initial; -moz-background-origin: initial; -moz-background-inline-policy: initial;' align='middle' border='0' /&gt;&lt;/a&gt;&lt;/div&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_1534.html" title="ï¿½??ï¿½?ï¿½??ï¿½?ï¿½ä½ ï¿½?ï¿½ï¿½?" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=3420933218510798967" title="3 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/3420933218510798967/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3420933218510798967" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/3420933218510798967" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-7523242909781312715</id><published>2007-10-19T13:03:00.001+08:00</published><updated>2007-10-19T14:48:49.877+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="è¯´ï¿½?ï¿½?ï¿½è¯´" /><title type="text">ä¸¤ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½</title><content type="html">&lt;br /&gt;&lt;p&gt;&lt;br /&gt;&lt;st1:chsdate isrocdate="False" islunardate="False" year="2006" w:st="on" month="6" day="9"/&gt;&lt;br /&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New 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/&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?å·¨ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?è´´èº«ï¿½??ï¿½??ç« ï¿½?å»ºï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½?ï¿½"ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?äººï¿½?ï¿½??ï¿½?"ï¿½?ï¿½?é¬¼ï¿½??ç®¡è¯­ï¿½?ï¿½??&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;p&gt;&lt;span style="FONT-FAMILY: ï¿½?ï¿½?; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"&gt;ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??ï¿½??ï¿½?ï¿½?ï¿½ï¿½??ï¿½?è¥¿ï¿½?ï¿½?ï¿½ï¿½??ï¿½??äººï¿½??ï¿½?é¬¼ï¿½?ï¿½?ï¿½ï¿½??ç´§ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½??å¹¸ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??&lt;/span&gt;&lt;/p&gt;&lt;br /&gt;&lt;br/&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_3299.html" title="ä¸¤ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=7523242909781312715" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/7523242909781312715/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7523242909781312715" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7523242909781312715" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-4771536779315307895</id><published>2007-10-19T13:02:00.001+08:00</published><updated>2007-10-19T14:48:49.878+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="è¯´ï¿½?ï¿½?ï¿½è¯´" /><title type="text">è¢«ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??å¤©ï¿½??ï¿½??ï¿½??äººï¿½?ï¿½??ï¿½?ï¿½?ï¿½</title><content 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/&gt;&lt;p&gt;"å¤©ï¿½??"ï¿½??ä»£ï¿½?äººï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½--éª¡ï¿½?ï¿½??å¤©ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½??æ¸©é¡ºï¿½??&lt;/p&gt;&lt;br /&gt;&lt;br/&gt;&lt;p&gt;ï¿½?ï¿½å¹´ä»¥ï¿½??ï¿½?ï¿½?ï¿½?ï¿½?ï¿½è¯´ï¿½?ï¿½?ï¿½ï¿½?ï¿½äººï¿½??ï¿½??å¤´ï¿½??ï¿½?äººï¿½??ï¿½?ï¿½?ï¿½?ï¿½??å¸¸æ¬£ï¿½?ï¿½??äººç§»ï¿½?ï¿½??ï¿½??ï¿½?ï¿½ï¿½??æ¸©é¡ºï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½?ï¿½ï¿½?ï¿½è±ªï¿½?ï¿½?ï¿½?ï¿½ï¿½?ï¿½??ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½ï¿½?ï¿½?ï¿½?ï¿½?ï¿½?ï¿½ï¿½?ç¾¤"ï¿½??ï¿½?ï¿½"å¯¹ï¿½?ï¿½ï¿½?ç¾¤"å®¶ï¿½?ï¿½"ï¿½??ï¿½?ä»·ç½¢ï¿½?ï¿½?&lt;/p&gt;&lt;br /&gt;&lt;br/&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_3147.html" title="è¢«ï¿½??ï¿½??ï¿½??ï¿½?ï¿½ï¿½??ï¿½??ï¿½??å¤©ï¿½??ï¿½??ï¿½??äººï¿½?ï¿½??ï¿½?ï¿½?ï¿½" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=4771536779315307895" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/4771536779315307895/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/4771536779315307895" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/4771536779315307895" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-1679847264472538659</id><published>2007-10-19T12:54:00.000+08:00</published><updated>2007-10-19T14:56:17.175+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="ï¿½??ï¿½?ï¿½å½±è¯´" /><title type="text">ï¿½??å¤©ï¿½? 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Babelï¿½??ï¿½??ï¿½?ï¿½ï¿½?ï¿½??è§£ï¿½??ï¿½?ï¿½??" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=1679847264472538659" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/1679847264472538659/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/1679847264472538659" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/1679847264472538659" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-7068710984298520002</id><published>2007-10-19T05:22:00.001+08:00</published><updated>2007-10-19T14:49:56.961+08:00</updated><category scheme="http://www.blogger.com/atom/ns#" term="ï¿½?ï¿½ï¿½?ï¿½äººè¯´" /><title 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/&gt;</content><link rel="alternate" type="text/html" href="http://dahhoo.blogspot.com/2007/10/blog-post_9064.html" title="æ²¡ï¿½??ï¿½??å­©ï¿½?" /><link rel="replies" type="text/html" href="http://www.blogger.com/comment.g?blogID=30162597&amp;postID=7068710984298520002" title="0 ï¿½?ï¿½ï¿½?è®º" /><link rel="replies" type="application/atom+xml" href="http://dahhoo.blogspot.com/feeds/7068710984298520002/comments/default" title="ï¿½?ï¿½?ï¿½?è®º" /><link rel="self" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7068710984298520002" /><link rel="edit" type="application/atom+xml" href="http://www.blogger.com/feeds/30162597/posts/default/7068710984298520002" /><author><name>ï¿½?ï¿½ï¿½?ï¿½?</name><email>noreply@blogger.com</email></author></entry><entry><id>tag:blogger.com,1999:blog-30162597.post-7307162006847321553</id><published>2007-10-19T05:21:00.001+08:00</published><updated>2007-10-19T21:14:25.581+08:00</updated><category 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