Word: crediteers
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...think the credit-card industry will implode," says Ronald Mann of Columbia Law. Issuers have been taking steps to mitigate risks like scaling back credit lines and closing out accounts for cardholders exhibiting distress. "Sure, they're likely to have a bad year," he says, "but lots of people will...
...business, and as similar behavior came to a halt at other firms, oil lost its upward momentum. Enter the financial crisis, which dealt the finishing blow. The dollar had weakened during the first revelations of the mortgage crisis, but as that situation spun out of control into an international credit crisis, the currency markets favored the U.S. dollar. Since oil is traded internationally, as the dollar gained value, the price of oil in dollars had to come down. A weakening dollar played a role on the way up; a strengthening dollar on the way down. But the euro...
...further oil prices went down, the more deleveraging and liquidation had to occur to cover these losses. The financial crisis was the spark; deleveraging, the fuel. A chain reaction occurred as traders who had bought oil saw their money disappear in oil and other losing investments. And with a credit crisis looming, major players interested in maintaining a long position could not raise capital to cover margin requirements...
Where, might you ask, does demand and supply of the commodity come into play? Maybe in an economics textbook somewhere. Perhaps the credit crisis will slow demand somewhat, but certainly not enough to split the price in half. True, recession may be upon us, and that might help justify lower oil prices, but that fear is not the real story behind the fall. Remember: it was not great prosperity that doubled the price...
Eisenstadt, Martin •credit is claimed for revealing Palin's unawareness of Africa's continentness despite nonexistence...