Word: crediteers
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...share the outlook of the article that, barring an economic miracle, his party will win the next British general election. The Conservative Party of Margaret Thatcher and John Major was torn apart by infighting, much like the Labour government is today. Families across many classes are feeling the credit crunch, and people will not tolerate the self-centered government of Gordon Brown while people suffer huge increases in the cost of living. The government of Major lost because of infighting. History is repeating itself. David Cameron could be what Britain needs, a confident and natural Prime Minister in the style...
...irresponsible institutions rise, and decide to emulate the reckless practices they previously eschewed. The phenomenon was particularly prevalent in the mortgage market. Central bankers cannot escape censure, either. In his memoirs Alan Greenspan, former chairman of the U.S. Federal Reserve, writes: "I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, and that subsidized home-ownership initiatives distort market outcomes. But I believed then, as now, that the benefits of broadened home ownership are worth the risk...
...free economy, the price of the greatly improved long-term performance that only free economies can provide is an ineradicable economic cycle. As John Maynard Keynes pointed out in the 1930s, the cause of the cycle is alternating moods of optimism and pessimism, and its motor is credit, which enables optimism to determine economic activity. However, when Keynes discussed it, the only significant form of credit was business credit, financing capital investment decisions. There has since been a massive growth of consumer credit, which amplified the business cycle and prolonged the recent upswing. In the U.S., consumer indebtedness...
...family in America. You go to their house. And you paint a picture of what their life is like one year from now. You describe a kid who can't go to college, the house that can't be sold, the inability of anyone to use a credit card. They need to get a camera crew and go to Omaha and find a family...
...some support for a bailout - or a "buy-in or rescue," as Jesse Stone, a bankruptcy attorney and chairman of the Burke County Republican Committee, calls it. "I hate that it has to be done, but I don't know of any other alternative. I'm just afraid that credit will dry up and the markets will plunge further. My whole retirement is based on what I have invested, and that could be wiped out." (Stone's Representative, a Democrat, did not support the bill in Congress...