Word: crediteers
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...form of massive construction projects, grants to states and additional aid for food stamps and unemployment benefits. Some are calling it "Plan C," coming in the wake of "Plan A" - the Wall Street rescue package - and "Plan B," the effort now underway to recapitalize ailing banks and get credit, the lifeblood of economic health, flowing again. Both of those plans are to be funded by the $700 billion rescue package Congress recently approved. The stimulus would be the second such bill this year, following a $160 billion economic package that gave tax rebates of up to $600 per adult...
...world's markets seem willing to settle for that. After last week's losses wiped between 15% to nearly 25% of value off indices around the globe, formerly freaked traders scurried to buy back stocks as slow-moving political leaders responded in union to address the credit crisis. Outdoing Wall Street's 11% romp on Monday, the Nikkei shot up 14.2% Tuesday - an all-time record - making up for lost time after Monday's national holiday. But other Asian indices continued their previous climbs as well. Hong Kong's Hang Seng was up 3.2% over its 10.5% push Monday, while...
Sweeping conclusions drawn from the daily gyrations of the stock market almost always operate on a flawed premise - that thousands of companies are moved by the same forces, and those forces create a cohesive narrative. In recent days, that premise hasn't been quite as far-fetched. As credit markets seized and governments the world round rushed in to prop up financial institutions, investor panic - and, on Monday, euphoria - swept aside most other concerns about companies' fundamentals. "It was indiscriminate selling," says Art Hogan, chief market analyst at Jefferies & Co. of last week's market activity. "It didn't matter...
...Still, China must realize that it is too deeply involved in the global economy to merely sit on the sidelines while the financial system unravels. It can't afford to. China has bought up some $1 trillion in U.S. debt, making it a major financier to the American credit binge. There have been longstanding fears that Beijing would at some point stop buying U.S. Treasury securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through...
...control of a chunk of the nation's banking system. That was when President Francois Mitterrand nationalized banks in the 1980s. In fact, for a good part of the 1990s, the French budget was knocked sideways because of the losses incurred at just one state-run bank, Credit Lyonnais. The German state's track record in banking isn't much better. Regional governments own some of the dogs of the industry, like WestLB, and even the federal government isn't a brilliant manager. Last month, on the very day Lehman Brothers filed for bankruptcy, state-owned KfW sent a check...