Word: crediteers
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...hard to find anecdotes of business booming at credit unions and community banks, which rely on deposits rather than financing in the capital markets. But even there's nuance even there. The amount you can expect from a top-yielding certificate of deposit has fallen from about 5.5% to 4.25% over the past year, according to Bankrate.com. On the surface that seems to indicate banks aren't that worried - if they really needed cash, wouldn't they up their rates to attract more money? Well, over the same period of time, the federal funds rate has been cut from...
Does that mean you're feeling the credit crunch? Maybe not. But it might be an indication that the cracks on Main Street are spreading...
That drop in U.S. consumer spending along with the drying up of credit could well create a huge problem for Asian companies yet to be reflected in their stock prices. "We have not yet seen the impact in the corporate sector yet," says Irene Chung, a corporate director in ABN Amro's Asian markets trading business in Singapore. 'That's the scary part.' Chung expects a further decline of 20% to 30% in Asian equity markets. Not everyone is so bearish; Kowalcyzk predicts a further decline this year of 5%. But with most Asian markets already down 30%, or close...
...Monday the House of Representatives saved us from the greedy fingers of Wall Street. Rather than surrender a single nickel of taxpayer money to the mob that gave us Alt-A mortgages, collateralized debt obligations (CDOs) and credit-default swaps, the House voted down the big bailout. Mr. Market was a very unhappy camper, dropping 777 points and change - or $1.2 trillion in market value. "This is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I am not going to eat that cow patty," vowed Representative Paul Broun, Republican of Georgia...
...take a different look at that beating on the Dow. Turn the $1.2 trillion into a gain (say, by passing a bailout law that actually loosens stuck gears of credit) and the long-term capital gains tax on it is $180 billion, which could buy a lot of crap CDOs. And then perhaps resell them at a profit. If we take that $1.2 trillion as a loss, the government foregoes tax money, because taxpayers will report lower incomes after they write off investment losses. Revenues drop, so the government then has to keep priming the pump by increasing spending, which...