Word: chairmans
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Dave Cole, chairman of the Center for Automotive Research, offers some grounds for optimism. Once the downturn passes, he says, there will be a lot of pent-up demand for new more fuel-efficient vehicles. GM is feverishly working on the Chevrolet Volt, an electric car that could go a long way towards changing the way Americans think about such cars. Even Chrysler is promising to deliver seven new models...
...slump in exports has pretty grim implications for the country's manufacturing boomtowns, and the pain is already being felt. Stanley Lau, deputy chairman of the Federation of Hong Kong Industries, estimates that export orders at some 70,000 factories owned by Hong Kong companies in southern China have declined 5%-10% this year compared with 2007. Recent months have seen a first wave of bankruptcies and closures among the tens of thousands of factories in industrial zones from Guangzhou to Shanghai that make toys, jeans and PCs bound for U.S. retailers...
...some 20% in July and August. The property sector accounts for about a quarter of all fixed-asset investment in China and about 10% of national employment. A slump could drag down other sectors like steel production. "Beijing cannot afford a collapse in the housing market," wrote Jing Ulrich, chairman of China equities for JPMorgan, in a recent note to investors...
Move away from London, however, and you get a rather different perspective. Across the English Channel, Thierry Jacquillat, chairman of the Greater Paris Investment Agency, looks at what's happening in world financial markets and says, "The economy of Paris will resist the shock better than London. We're more diversified." And in Brussels, at the European Trade Union Institute, economist Andrew Watt draws some uncomfortable historical parallels. "There was some idea that the financial sector was immune," he says. "It's like pinning your hopes on anything, whether it's textiles in the north of England...
...prevent depression was for government to become the spender of last resort. It's certainly acting like that now--the U.S. federal budget deficit may top $1 trillion in the current fiscal year, and everybody in Washington seems to be looking for ways to make it bigger. Federal Reserve Chairman Ben Bernanke backs more fiscal stimulus, and President Bush is on board too. Democratic congressional leaders are thrilled by the prospect. Even the Concord Coalition, founded to battle the big deficits of the early 1990s, doesn't object...