Word: creditably
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...West Coast Americans. Assigned to cover this world, he is compelled to emulate it, purchasing gargantuan televisions, unnecessary beauty treatments, pricey meals, and shady real estate. With dry British wit, he skewers American greed, L.A. life, and his own endless romantic foibles. (Read "Living in a World with Less Credit...
...resolve the situation two pages later, it's clear that his concept of dramatic tension is a flawed one. But Ayres succeeds best in his doubting moments of financial self-reflection - the kind that everyone seems to be undergoing these days. Is it wise to put everything on my credit cards? Do I really need this caviar face treatment? Or, as Ayres writes, "does anyone my age have any money? Or are my financial issues generational in nature?" A hundred pages later, he will move in with a woman and score a mortgage from a little bank called IndyMac, which...
Dragging the stock market down is a near universal acceptance that this recession is going to be longer and deeper than the consensus thought just three months ago. Late last week, for example, investment firm Credit Suisse lowered the projected operating earnings for S&P 500 companies to $58. It had been expecting $70 per share. The firm now expects overall operating earnings for the S&P 500 to fall 34% in 2009. In lowering its estimate, Credit Suisse analysts added a note of caution to the grim forecast: "We worry that while financial earnings have already seen considerable weakness...
...perception is leading investors to take cover, even in the face of hopeful news. Indeed, as the market sank on Tuesday, President Obama not only signed the $787 billion stimulus into law, but added that there could be yet another stimulus package if needed. Moreover, recent reports from the credit markets indicate that the great credit freeze may finally be starting to thaw. Morgan Stanley says that its analysts are seeing an improved credit landscape in most of the industries they track. "With the exception of utilities, a clear majority of firms in every other sector reported that credit availability...
...likely that investors will be reluctant to bet on nascent signs of improving credit so long as the housing market remains in turmoil. On Wednesday morning President Obama and Treasury Secretary Timothy Geithner will appear at a high school in Arizona to unveil their new plan to stem the tide of housing foreclosures. The financial community's response to that plan will likely be writ large in the stock market averages by late morning...