Word: credits
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...Already, the effort to repay TARP is boosting the cost of borrowing for some banks. That's because banks have to regularly issue bonds in order to have money to make loans and underwrite securities. This became much harder to do during the credit crunch, so the government began allowing banks to offer bonds that are insured by the Federal Deposit Insurance Corp. (FDIC). With the government's backing, banks were able to raise money. (See 25 people to blame for the financial crisis...
...spend substantial sums to pay back their TARP warrants," says Hendler. Proponents of the banks paying back the government say the higher borrowing costs will only be temporary. As the market improves, banks will be able to issue bonds on their own at lower rates. Indeed, so-called bank credit spreads - the extra costs of borrowing - have already begun to fall. What's more, if the banks buy back the warrants now, while bank stocks are still relatively low, it could be much cheaper than waiting to do it once the share prices have recovered...
Such is the danger of the analogy-packed way we choose to discuss the economy. We talk of the housing "bubble," of stocks "skyrocketing" and "cratering," of the credit "crunch," of the possibility of "zombie" banks. These are not rigorous terms. And yet through them we view the world - often in imprecise, flawed ways that don't even necessarily carry the same imprecise, flawed meanings from person to person. From there we make some pretty hard-core decisions. If we hadn't so consistently been talking about the potential for financial "collapse" or economic "free fall" late last year, maybe...
...editor-at-large of the Oxford English Dictionary (OED), Jesse Sheidlower has a bird's-eye view of how words do - or don't - make their way into the book that defines the English language. The past year has seen such additions as subprime and credit crunch. Those words had been around for quite some time, but it took a while for the OED to give them their own entries. "We're not going to just put in buzzwords," says Sheidlower. "We're not going to put in something that will go away three months from now." Which is perhaps...
...what was once a promising new market for U.S. gaming companies has in the last 18 months become a money-sucking crap shoot. Recession and the global credit crisis have turned some bottom lines red, while major new projects have been shelved due to lack of financing and an uncertain business outlook. The latest hard-luck story: MGM Mirage. This week, the Las Vegas-based company disclosed that New Jersey gaming industry regulators object to its Macau joint venture partner, raising the possibility that MGM Mirage could pull out of the market. (Watch a video about Macau's gambling boom...