Word: crediteers
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...What's more, despite higher government-bond yields, corporations are actually paying less to borrow than they did a few months ago. As the credit crisis continues to ease, those rates could come down even further, making it cheaper for companies to borrow and expand their businesses. According to Credit Suisse, the average yield on bonds with an investment-grade rating has dropped a full percentage point to 6.2% from 7.2% at the beginning of the year. "The concern that higher interest rates will slow the recovery is prevalent among a lot of market watchers...
...That rise in indebtedness is now giving way to what looks to be a long slide. At least, it had better be; if consumers start piling on debt again, we'll just have another, bigger credit crisis in a few years. But if they keep increasing their savings rate and reducing their debt loads, that's bad news for corporate profits, not just bank profits. Anybody who makes things that in recent years were bought on credit, from houses to washing machines to cars, is likely to be affected. So are stock prices. "Higher borrowing produces both higher profits...
...turns out that letting me vote on stuff is a bad idea, for much the same reason that giving me a credit card was a bad idea: I love stuff and hate paying for it. And it turns out there are a lot of people just like me. On May 19, California voters knocked down all five of the budget-cutting and tax-raising propositions designed to save the state budget from being $21 billion short. We already had the worst credit rating of any state. Which means that if states were people, California would be Ed McMahon...
...that people were already starting to inch in that direction. Speaking at an investor conference, he said that thus-far unreleased results of the company's monthly spending survey indicate that while people were still spending less, the rate of decline has slowed. MasterCard runs the systems that process credit- and debit-card transactions and can therefore provide a more timely read on the economy than official government statistics...
...June 4 report from Fitch Ratings provides another glimmer of stability. The company's measure of credit-card late payments fell in May, after four straight months of record highs. The rate, though, was still 40% higher than a year before, and credit-card charge-offs which happen when a lender gives up on ever being repaid did continue to rise. Fitch analysts have anticipated that eventually one out of every ten dollars in credit-card debt will be written off this way, although the drop in delinquencies may indicate that people are getting a handle on their finances more...