Word: crunch
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...Moreover, while the subprime mortgage crisis may have initiated the current global credit meltdown, it has been eclipsed by the credit crunch it created. The $11 trillion mortgage market may be small potatoes compared with the problems in the $60 trillion market for credit default swaps. "The systematic issues have come to dominate the discussion because it is not about who is behind on their mortgage anymore," says Ann Rutledge, co-founder of R&R Consulting, which helps investment firms value complex mortgage securities. "What we are worried about is the viability of our financial system...
...Middle East. In the last few days, companies ranging from motor manufacturer Deutz to Koenig & Bauer, which makes printing machines, have cut sales projections and warned about weak orders. "It's a double whammy," says Dino Sola, a finance professor at the University of Monaco. "First the credit crunch gets out of control and then, when we get our act together, we realize that we are in the midst of a recession that is potentially deep and long-lasting...
...than a week, buyers and sellers focused on earnings and product launches instead of what was being said at press conferences in Washington and the interest rates banks charge to lend each other money. Even though those rates, which are closely followed as an indication of whether the credit crunch is getting better or worse, only eased slightly on Tuesday, it was enough to free up investors' minds to focus on the fact that, in the long run, the thing that determines a stock's price is the ability of a company to make money...
...biggest employer, is the worst hit. High gas prices in key markets such as the U.S. have slowed sales for months. Some consumers have been waiting for more fuel-efficient models, while many more are now delaying new purchases because of uncertainty over their jobs. Thanks to the credit crunch, even people who want to buy are finding finance has dried...
...together, and Britain, fractious and dissatisfied with its Labour government until recently, has found a fresh foe: Iceland. The tiny country's benign image as a land of geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation...