Word: crediteers
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...problems. "The issue is not one of liquidity but one of solvency," says Richard McGuire, a strategist at RBC Capital Markets in London. "It's not the cost of money but the unwillingness of banks to lend to one another owing to uncertainties ... that is the root of the credit crunch." That is, the Fed can drive down interest rates all it wants, but if lenders are charging their clients and one another much higher rates or are refusing to lend at all, you've still got a credit squeeze...
...work on Wall Street or in real estate, you're already feeling the credit squeeze. The same is true if you have a reset mortgage you can no longer afford or if you just want to sell your house, especially if you live where prices are truly crashing, like San Diego or Miami...
Record home foreclosures and a worsening credit crunch have voters looking for help. The economy is near the top of every campaign agenda, even though none of the candidates have ever balanced a state budget or run a company. No President can magically fix what ails this economy, but White House policies--on taxing and spending, trade and regulation--will set the stage for recovery. Here's where the candidates stand on five key issues: [This article contains a table. Please see hardcopy of magazine.] DEMOCRAT Hillary Clinton DEMOCRAT Barack Obama REPUBLICAN John McCain 'I would take immediate, comprehensive action...
...beautiful things about markets is how they link people. But that also makes it tricky to figure out who causes the messes--like when assets turn out to be worth far less than advertised, credit markets seize up and panic ensues. Ideology colors any attempt to point fingers--Does regulation protect people or stifle innovation? Do companies manipulate consumers, or do individuals make decisions?--but that won't stop us from trying. There's plenty of blame to go around...
Kiss's other champions include Agnes Kovacs and Karoly Guttler, and he's hoping for more in Beijing this summer. But he won't take too much credit for all this success. "Swimming is teamwork," he says. "When you go to a meet, you see a lot of swimmers compete, and they all have their own techniques. You come away with ideas every time, but you're not stealing from anyone because it is all a team...