Word: brutalizations
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There was always a sweet bit of fiction in the notion that Ford (F) was so much better financially than GM (GM) or Chrysler that it could weather the global economic downturn no matter how brutal it turned. All of that magical thinking came to an end as the No.2 American car company said it would have to "restructure" its balance sheet, which has always been short-hand for finding a way to remain in business...
...some measures, such unlikely spots are in even more danger than California, which is suffering a brutal real estate slump after years of speculative excess. That's because Midwesterners owe more on their properties than left coasters. The average loan-to-value ratio in California is 70%, while Nebraska and Iowa clock in at 75% and 76%, respectively. As the recession deepens and home prices continue to slide, there are fewer and fewer places to hide...
...During a brutal recession, you'd think a $90 lift ticket and two nights at a lodge would be a luxury. But luckily for ski-resort operators, the flakes have been flush this season. Most U.S. resorts are reporting above-average snowfalls. (Northstar-at-Tahoe, in the Sierras, clocked in with 3 ft. of new snow March 4-5.) So while revenues have slipped - particularly at retail shops and restaurants - fewer people are fleeing skiing than you'd think. Michael Berry, president of the National Ski Areas Association, an industry trade group, projects that total lift-ticket purchases will decline...
Relative calm returned to global bourses Tuesday following Monday's battering. Asian markets closed slightly down, while European indices reflected modest opening gains. But many observers see Tuesday's lull as little more than a break between rounds in a particularly brutal boxing match. "The markets certainly got a breather today," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong, of Tuesday's respite. "(But) I believe it will be short-lived...
...automakers complain bitterly that bankruptcy would destroy their corporate reputations, turn off customers and be ruinously expensive as well. But as the March deadline gets closer and matters remain unresolved, it increasingly looks like a straightforward if brutal solution...