In 1996 Lockheed won competitions to build a replacement for the space shuttle, an infra-red satellite-warning system and a new rocket-launcher for the American air force.

ECONOMIST: Lockheed Martin

Ace pitcher Roger Clemens starred for Boston for 13 seasons, before being allowed to leave in 1996 as Red Sox general manager Dan Duquette notoriously commented that "The Rocket" was "in the twilight of his career".

BBC: When baseball meets football: Boston and Liverpool

Municipalities already financially strapped and bleeding red ink, will only suffer more as the interest they have to pay on new debt will sky rocket.

FORBES: Thank You Meredith Whitney