Word: crediteers
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...reasons are well known. Debt-fueled and gluttonous, bankers around the world took wild risks that their bosses and regulators failed to stop. Throw in Bernard Madoff's massive fraud, and trust right now is as scarce as good credit. According to the Chicago Booth/Kellogg School Financial Trust Index, a new quarterly measure of Americans' confidence in financial institutions, faith in banks - on a scale of 1 to 5, where 1 denotes no trust and 5 complete confidence - fell from 2.95 to 2.8 in the first quarter of this year; trust in bankers slipped from 2.6 to 2.5. Things...
...only are tax refunds up this year; so too are the number of people receiving them. Some 82% of filers have gotten money back, up from 78% last year. Accounting for the increases, the IRS says, are more generous tax credits for things like children living at home, first-time homebuyers and late claims related to those 2008 stimulus checks. Meanwhile, the recession and slumping incomes have rendered more people eligible for such credits. The larger refunds are a welcome boost for the economy. In all, the Federal Government has cut refund checks totaling $259 billion - up 17% from...
...Photo Credit: Esther I. Yi/The Crimson
...post-1989 boom in central and eastern Europe - when new E.U. members enjoyed average GDP growth around 5.6% per year from 2000 to 2008 - has been punctured by the current economic downturn. Many of the new E.U. countries are on a downward spiral as credit dries up, demand collapses, currencies tumble and unemployment surges. Some of the E.U.'s older members are suggesting they may have opened the doors to the club prematurely: they grumble that the new members are dragging the E.U. down further into recession. And there are calls to pull up the drawbridge on other would...
...companies have been hit harder by the severity and suddenness of the global economic crisis than Asia's manufacturers. With unemployment on the rise, credit tight, and uncertainty high after the financial meltdown on Wall Street, consumers in the U.S. - Asia's most important customers - slashed their purchases of the toys, blue jeans and flat-panel TV sets churned out by the region's factories. The consequences have been disastrous. Every major economy in the region, from Japan to Singapore, has seen exports contract sharply, usually by eye-popping double-digits. Taiwan registered year-over-year declines of more than...