Word: crediteers
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...Empire on its headlong course towards eventual collapse - and is also where China's first foreign-owned factory opened in 1978. Factory Girls is one of the few books on modern China that deals more with the ramifications of the second milestone than the first, to Chang's great credit. For Dongguan's factory girls, the Cultural Revolution, The Great Leap Forward and the other injustices of the Mao era are stories from aged relatives and history books (As one girl asks another during a discussion on politics, "I can't remember, who's Mao now? Jiang Zemin...
...Retail Sales: The most significant barometer of economic health came out today in the Census Bureau's retail sales report. As expected, the numbers weren't pretty. Retail sales in September dropped to $375.5 billion, a 1.2% decrease from August. With access to credit severely restricted by the banking crisis, this third consecutive month of shrinking sales is significant because it happened during the back-to-school shopping period, usually retailers' biggest month outside the December holiday season. And a three-month decline in sales like this - September's drop was the worst - hasn't occurred since...
...energy prices are falling, although some might see this as a weakness in demand and a sign the economy is slowing." Englund says the drop below August's sales levels are mostly due to extremely weak auto sales, as people have had difficulty getting loans due to tighter credit and higher rates. "Our view is that the current downturn will equal or surpass the downturn of late 1990, early 1991," says LaVogna...
...more than a week, buyers and sellers focused on earnings and product launches instead of what was being said at press conferences in Washington and the interest rates banks charge to lend each other money. Even though those rates, which are closely followed as an indication of whether the credit crunch is getting better or worse, only eased slightly on Tuesday, it was enough to free up investors' minds to focus on the fact that, in the long run, the thing that determines a stock's price is the ability of a company to make money...
...current credit crisis gripping Wall Street and the nation, Schieffer says: "This is not the work of those who broke the law. It is the work of those operating within the law, those who pushed the law to the limit making loans the law allowed but, common sense dictated, should not have been made. ... deregulation has become all the rage ... if we somehow get past this, we must get serious about laws that ensure it never happens again...