Word: crunches
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...there a credit crunch? Was there ever? Those questions may seem absurd. Throughout the autumn, the interest rate banks charge each other broke one record after another as trust between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
Lovell, now 80, for whom Apollo 8 was a third trip to space, didn't even bother to crunch the numbers. "If you worried about whether or not you were coming home," he says, "you wouldn't go in the first place...
...like retail and real estate, things are rapidly rolling downhill. "Things will slow down primarily due to three reasons," says Sudeep Jain of Jones Lang LaSalle Meghraj, "Due to the economic slowdown, demand has already dipped. The terror attacks led to bookings being cancelled. And due to the credit crunch, fewer deals will be struck so fewer people will be traveling...
...company will close all of its passenger-car plants for the month of January and reduce the company's production of new cars and trucks 30% during the first quarter. Chrysler and GM have asked the U.S. government for $14 billion in bridge loans to weather the current credit crunch. (See the 50 worst cars of all time...
Read "Colleges Learn to Navigate the Credit Crunch...