| Tower Records to be scratched from Strip
Now the iconic music industry landmark at 8801 W. Sunset Blvd. famous for its hundreds of impromptu rock 'n' roll performances and album signings awaits demolition.
Its iconic yellow facade has been repainted somber blue.
Some preservationists are beginning to feel the same way.
"This is an important place," said pop culture historian Domenic Priore, author of "Riot on the Sunset Strip: Rock 'n' Roll's Last Stand in Hollywood" and the leader of the preservation effort. "The Sunset Strip is an international landmark, and this building has an historic cachet."
The preservation effort has even won the backing of Jerome Cleary, an actor and comic who has lived next door for 22 years. Cleary acknowledges that he hated the neighborhood "chaos" the store caused when it was in business but said the structure was important enough to be saved from the wrecking ball.
After the Money’s Gone
If everyone, believing that the bank is about to go bust, demands their money out at the same time, the bank would have to raise cash by selling off assets at fire-sale prices - and it may indeed go bust even though it didn't really make that bum loan. And because loss of confidence can be a self-fulfilling prophecy, even depositors who don't believe the rumor would join in the bank run, trying to get their money out while they can. But the Fed can come to the rescue. If the rumor is false, the bank has enough assets to cover its debts; all it lacks is liquidity - the ability to raise cash on short notice. And the Fed can solve that problem by giving the bank a temporary loan, tiding it over until things calm down. Matters are very different, however, if the rumor is true: the bank really did make a big bad loan.
Earlier 'Reader Response'
Here's some of the response we've received from readers earlier. A newspaper editor cannot be much more arrogant than to banner a headline "Norway applauds resignation..." . Norway? Or, just the few bureaucrats in the Norwegian government who have a stake in status quo in world organizations? The paragraph cited here from the May 19,2007 article on Paul Wolfowitz is plain and simply false: "Wolfowitz got in trouble for allegedly arranging a high-ranking position at the bank for his girlfriend, and ensuring that she got a large pay raise. Wolfowitz, a conservative long supported by US President George Bush, had taken over his top post on an anti-corruption platform, so the appointment was viewed as hypocritical and violating bank regulations." The fact is that Wolfowitz arranged the position for his girlfriend, following the guidelines approved and communicated to him by the directors of the bank.
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