Word: bearishness
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Banks have cut off or pared back an estimated $1 trillion in credit lines since the peak of the credit boom, according to the now famously bearish analyst Meredith Whitney (who accurately predicted Citigroup's meltdown back in 2007). Moreover, according to a study from the maker of the all-important FICO credit score, recent cutbacks have hit twice as many of the most financially responsible consumers--those with a median credit score of 770--as those with crummy credit. "These people have done everything right," says Greg McBride, senior financial analyst with Bankrate.com "and now some arbitrary decision could...
...understand what a difficult situation our country, our economy, is in," Medvedev said as he announced that budget expenditures would exceed revenues for the first time in 10 years. He said the government would move "to a strict regime of saving budget resources" along the lines championed by bearish Finance Minister Alexei Kudrin. (See pictures of Putin...
...Similarly, speculators play their own self-protection game, which can add to bearish momentum. As markets tumble, the crash becomes exacerbated by traders' stop-loss orders, which automatically initiate more selling as the price falls. In other words, as traders who had bought hog contracts at a higher price begin to lose money on their long positions, they are forced to sell them before their losses escalate. (See the top five swine...
...look much more attractive. Investors judge the value of a currency relative to others. Though the U.S. economy may be in its worst condition in almost 30 years, the rest of the industrialized world isn't any better off. "The dollar should be much weaker," says Nouriel Roubini, the bearish chairman of research firm RGE Monitor in New York City. "The problem is, not all currencies can fall relative to each other...
...Overnight futures trading suggested that Wall Street would open to less bearish trading than the sell-off that fueled its 4.24% loss Monday. But observers warned against looking to daily, weekly, or even monthly market activity for signs of where they or the stocks traded on them are headed. The reason? First off, if the selling frenzies that sent indices plunging by roughly 50% over the past year were initially driven by fears of possible collapse of global finance markets, that panic is now mostly being inspired by the world's dismal economic outlook. Because of that, many experts...