Word: crediteers
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...that analysis is true, then two other things must be accurate. The first is that the cause of the recession was Americans becoming overextended in their use of credit. The other one, which is a consequence of the first, is that if the government can facilitate future consumer borrowing, the economy will be righted again in short order. That would mean that more complex methods of solving the problems of the recession, such as spending money on infrastructure, would be unnecessary. It would be simpler to take $825 billion and make it available for home equity loans, enlarge credit card...
...general assumption about job creation under the program is that it will add 3 to 4 million jobs. But in the introduction to the bill the assumptions about job loss are laid out quite clearly: "Credit is frozen, consumer purchasing power is in decline, in the last four months the country has lost 2 million jobs and we are expected to lose another 3 to 5 million in the next year...
...notion of a bailout for Main Street didn't have enough hurdles to overcome, Obama may also need to ask for upwards of $50 billion more for the already approved bank bailout to deal with the continuing credit crunch. Considering that nine Democrats disregarded Obama's personal appeal last week and voted against giving his new Administration the second half of the $700 billion allocated by Congress in September, adding $50 billion more to the stimulus could poison the well for Dems adamantly opposed to further aid for Wall Street...
...industrial heartland - southern Guangdong province. Jing Ulrich, chairman of China equities at JP Morgan in Hong Kong, believes some 60,000 businesses closed in the region, and the government estimates about 10 million migrant workers are unemployed. The downturn has put "huge stress on the job market," says Credit Suisse economist Dong Tao, which "could cause some social unrest. That's my worry...
...government over the past six months has restored or raised tax breaks on more than 3,700 export items, including consumer goods like toys. The rebates could make Chinese exports even cheaper, but that doesn't mean cash-strapped shoppers in the U.S. and Europe will exercise their credit cards. HSBC estimates China's exports could contract by as much as 19% in the first quarter of 2009. "The international financial crisis is deepening and spreading, with continuing negative impact on the domestic economy," Ma Jiantang, the head of China's statistics bureau, told reporters...