Word: augusts
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...made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...
...obvious difference between then and now is that Fed Chairman Ben Bernanke has learned from history - not surprising, given that he once studied the Great Depression intensively. Since the onset of the credit crunch in August 2007, Bernanke has repeatedly cut the federal-funds rate from 5.25% down to an effective rate at one point last week of about 0.25%. He has pumped money into the financial system through a variety of channels: in all, about $1.1 trillion over the past 13 months...
...domestic demand. Asians may have a lot more money than they used to, but even so, they tend to be savers, not spenders, and quickly return to stuffing cash under the mattress during times of economic stress. In South Korea, wholesale and retail sales growth slipped to 3.8% in August from 5.5% in July. Even in go-go China, passenger-car sales fell 6% in August, the first decline in more than two years...
...consumers will still hurt economic growth. Many spend half their salary on car and house payments and will be forced to cut discretionary spending. Some sectors are already getting hurt. New car sales - 80% of which are financed - are slowing. Tata Motors reported a 3% decline in sales in August compared with the year before, while Maruti Suzuki reported a 9% drop. Commerce and Industry Minister Kamal Nath has been warning publicly that the country's GDP growth will slow this year to between 7% and 8%, down from more than 9% last year...
...Riviera Beach does not keep official numbers on warnings or arrests made for saggy-pants violations (most often, Brown says, police simply tell violators to pull up their pants). It's believed, though, that since strict enforcement began in late August, about a dozen people have been arrested, ranging from juveniles to a 36-year-old man, all of them African Americans. Under the local law, a first conviction garners a $150 fine or community service, a second one a $300 fine, and anyone who fails to pay up or perform their service could spend up to 60 days...