Word: crunches
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...Japanese experience of the 1990s. Indeed, New York Federal Reserve governor and vice chairman of the Federal Open Market Committee Timothy Geithner was Treasury attaché in the Tokyo embassy for the first half of that decade. That's when a widespread banking crisis led to a credit crunch, an economic slump and eventually interest rates that were lowered to zero by the Bank of Japan. Even so, Japan's banks, which were in the process of repairing their balance sheets, were extremely reluctant to lend. Thus, even though interest rates were low, the economy weakened. Prices for pretty much...
...rational thing to do is to ignore the front-page buzz and listen to what history and the numbers are saying: the odds are that stocks have further to fall, possibly much further. Short-term relief rallies, based on rays of hope that the worst of the credit crunch is behind us, are head fakes, and proof is easy to find. For example, in July, following the legislation to bail out the mortgage giants Fannie Mae and Freddie Mac, the markets rallied for four weeks, only to head south again as investors began to realize that the world (not just...
...misery is only just beginning. The former Soviet Baltic republics of Estonia, Latvia and Lithuania had the highest growth rates in Europe until recently. But, hit by the global credit crunch and economic downturn, the Baltics are now leading Europe into recession. By some estimates, Estonia's economy may already be shrinking. "There's an Estonian saying: Every party ends in tears," says Maris Lauri, an economist at Hansabank, a subsidiary of Sweden's Swedbank...
...gloom and doom, however. The United Arab Emirates, a federation that includes Dubai and six other states, has made $33 billion available to banks to calm the nerves of U.A.E. depositors and investors. And if the credit crunch shakes out property speculators and slows Dubai's growth to a more sustainable level, it should have the added benefit of taming inflation. "I am not necessarily thinking we are in a crash scenario," says EFG-Hermes managing director Hashem Montasser. "The economic situation is still very sound. [But] we will see a deceleration of prices, and it's probably a good...
...getting a really, really great compliment about a breakfast, and the comment went on and on and on, as only, I think, an articulate student could do. And then they said something, “But then again it’s hard to bleep bleep screw up Captain Crunch.”12. FM: What’s your favorite part about working in HUDS? TAM: I think probably the students. I enjoy keeping up. And you know, being at Harvard is always great as well. It’s a very intense, changing environment that always presents challenges...