Word: creditably
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...Japan was hit hardest: Tokyo's Nikkei index fell nearly 10%, capping a week that saw Japanese shares plummet 25%, the worst weekly performance in the index's history. Investors fled after the credit squeeze claimed its first Japanese victim: Yamato Life Insurance Co., which filed for bankruptcy Friday after suffering huge losses in its securities holdings. Yamato's collapse, the first by a Japanese insurance company since 2001, sparked fresh worries about the health of the country's financial institutions. "My concern is whether the banks and insurance companies can keep standing," says Yukiko Kanoh, 53, an administrative assistant...
...both Ohio and Kentucky - and the Long Island Power Authority in New York, which also sold bonds that day - paid much more of a premium over Treasuries than they would have before the credit crunch began in the summer of 2007, says Matt Fabian, managing director at Municipal Market Advisors. Ohio, for instance, is paying almost 1 percentage point more in yield for 20-year bonds than it did a year ago. "Maybe this is the new normal," says Fabian...
...even if the credit markets do return to some semblance of normalcy, there is still the larger issue: for states and cities, as with the rest of America, the credit crisis has tumbled into the real economy. Before the long-simmering credit crunch kicked into high gear in mid-September, municipalities were already facing strong headwinds. In a survey of 319 city finance officers conducted from April to June, the National League of Cities found that 64% of respondents said their cities were less able to meet fiscal needs than in 2007. Cities get 28% of their funding from property...
...blaming Fannie Mae and Freddy Mac and pointing his finger at Obama and "his cronies" for supporting those two incomprehensible institutions. Obama, by contrast, brought the bailout home in simple language: "Well, Oliver, first, let me tell you what's in the rescue package for you. Right now, the credit markets are frozen up, and what that means, as a practical matter, is that small businesses and some large businesses just can't get loans. If they can't get a loan, that means that they can't make payroll. If they can't make payroll, then they...
...Japan, which is believed to already be in a recession, did not reduce its benchmark rate because it already stands at just .5%. But the Japanese government announced that $20 billion would be injected into the country's financial system to help free up frozen credit markets...