Word: cheaping
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Dates: during 2000-2009
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...here again, a bad economy is the LILOpreneur's friend. Ito likes to say, "The cost of failure is cheap. It's so low, you can swing the bat way more times." In a bad economy, no one really notices or cares about more failure. That creates a better environment for risk-taking, which is the only way innovation occurs...
Over drinks at El Tapatio, a half-empty restaurant near the highway, Margarito, his wife and uncle talked about the financial crisis - how Wall Street had binged on mortgages while Washington looked the other way. The parallels to immigration were pointed: during the boom years, the U.S. binged on cheap labor while politicians neither legalized workers nor prevented them from sneaking across the border. It was a grossly laissez-faire policy that has left everyone - Americans and immigrants alike - with a postboom hangover...
...meeting other travelers. Most of the guesthouses and hostels in Koh Kong are run by Europeans and Australians (the proprietor and family usually live on-site) and are good for getting a drink, sitting in a hammock and chatting up your neighbor. They're also good for a cheap ($7 per night) room, if you can endure using a shared toilet. If not, I suggest you stay at the $35-per-night Koh Kong City Hotel (Street 1, Koh Kong; +855-35-936-777) on the waterfront, which is sparse and basic but has decadent, memory-foam-style mattresses...
...Sihanoukville is Cambodia's main shipping port, so there's local wealth here as well. In five years, a handful of new resorts and several middle-class housing developments probably will have sprung up. So if you like your beach towns simple, cheap and dirty - the Wanderer, for one, thought Sihanoukville was already too bustling - you might want to go there...
...long run, but it could be very costly over the next year or so. The reason is simply that many banks have only minimally written down the value of these troubled loans, and once they hit the marketplace they could be valued much lower. Geithner's plan offers cheap loans to investors to try to entice them to pay handsomely for these loans, but investors are unlikely to pay full price or even close to it. So in order to sell the loans banks will have to recognize losses that could run as high as $200 billion for the sector...