Word: crediteers
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...saying, in terms that are hardly subtle, that if its programs to improve the credit markets, the Treasury's plans to help banks and the auto companies, and the Administration's budget and stimulus package works, then the American economy will walk away from the worst recession in memory. It is a preposterous statement which implies that, left alone, the financial health of the country would be in ruins. The sole salvation of the production, housing, and employment sectors of the United States rests in very few hands, all of them in Washington. (See pictures of the global financial crisis...
...best investment bankers and traders is that, if they leave, overall losses at banks could get worse. People can be profit centers. The most successful ones help offset the red ink created by the series of poor decisions that big financial firms made about mortgage-backed paper and commercial credit loans. It is easy to assess the value of the best traders by looking at a bank's books. (See pictures of TIME's Wall Street covers...
...time when credit in China is rapidly expanding -loans in the first quarter totaled $670 billion, almost equaling total lending for all of 2008- the risk of bad loans is increasing. With small and medium-sized private firms collapsing with disturbing frequency, SOEs offer Chinese banks a margin of safety: an implicit guarantee that the government will ultimately make good on their loans. This is making it harder for China's banks to adopt modern risk-management practices and diversify their traditional customer base, which is largely SOEs. "It's difficult to go on a massive spending binge...
...most likely outcome is a bill somewhere between Maloney's and Dodd's that prevents credit card companies from boosting rates on existing balances but allows them to jack them up for future purchases, eliminates a variety of unfair billing and payment gimmicks the card companies use to jack up fees, and gives the consumer more ways out if the card companies do try to squeeze them...
...what if the banks ultimately deliver on their threats, simply jacking up initial interest rates on everyone thereafter and constraining credit? "Then you'll continue to see us changing the law and the regulations so that eventually they're out of options," says the Democratic leadership aide...