Word: crediteers
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...Business. Angel, who teaches a course on financial crisis, says that even the injection of federal dollars may not convince banks to shed their fears. "If banks go from being too reckless to being too conservative, there may be general starvation for the economy due to insufficient good credit...
...cost of insurance against a Morgan Stanley credit default recently exceeded an unheard of 1000 basis points, even after the bailout bill was signed into law. That means the market price for insurance against a $10 million Morgan Stanley default hit $1 million per year, more than 10 times the typical ceiling cost for such insurance in a normally functioning bank sector. "The bailout is a step forward, but it's not at all clear that it's going to work," says Darrell Duffie, professor of finance at the Stanford University Graduate School of Business...
...credit crunch is also crunching funding for new clean-energy projects. When the global economy was surging over the past several years, fossil fuel prices were surging as well; the cost of oil exceeded $150 a barrel at one point this year. The economic slowdown has shrunk those prices just as quickly, with oil now dipping below $95 a barrel. That makes renewable energy projects like wind and solar, which have to compete with fossil fuels on straight cost until a carbon price is passed, less attractive. Michael Liebreich, the chairman of the research group New Energy Finance, argued...
...budget-deficit restrictions and other rules applied to government members of the euro zone - and their often petulant submission to the European Central Bank 's currency and monetary policies - there is precious little to build on toward a harmonization of the E.U.'s finance sector. Regulation of banks and credit groups is still handled on the national level, and even national banks of euro-zone countries still have some decision-making power. Given that disunity, governments have little option beyond national action to stave off company meltdowns and any broader temptation to make a run on their banks...
...doing rather nicely, in some cases recording healthier economic expansion than nations in the industrialized world. Even amid the financial meltdown in the West and dire predictions of a global recession, the International Monetary Fund estimates that Africa will post economic growth of 6.5% this year, although the world credit crisis could trim that to 5%. And the Organization for Economic Cooperation and Development reports that a larger share of the money coming into Africa since 2006 has been investment by entrepreneurs seeking profit rather than...