Word: crunches
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...world's economists have been nearly unanimous in saying that only a coordinated, worldwide effort can stem the current credit crunch and companion market meltdown. Their proposed solutions include: cut interest rates, recapitalize the banks and insure deposits; get governments to step in and guarantee short-term interbank lending. "The first good thing about this situation is that it does not call for different central banks and Treasuries to do different things, but rather for them all to do the same thing in unison without fouling each other's oars. That should be relatively easy to arrange," wrote University...
...effects of the crunch, together with rising costs of food, energy, and construction, and increased congressional scrutiny of spending at major universities, have led to increased budgetary concerns, Smith said...
...crisis, and a climate crisis. As the American “slow-motion train-wreck,” as Harvard Business School Dean Jay O. Light termed the Wall Street emergency, accelerates toward derailment, we now also face a financial crisis. Most dangerous, and inextricably connected to the credit crunch, is the penumbra of one more cataclysm: the “development crisis...
...both Ohio and Kentucky - and the Long Island Power Authority in New York, which also sold bonds that day - paid much more of a premium over Treasuries than they would have before the credit crunch began in the summer of 2007, says Matt Fabian, managing director at Municipal Market Advisors. Ohio, for instance, is paying almost 1 percentage point more in yield for 20-year bonds than it did a year ago. "Maybe this is the new normal," says Fabian...
...even if the credit markets do return to some semblance of normalcy, there is still the larger issue: for states and cities, as with the rest of America, the credit crisis has tumbled into the real economy. Before the long-simmering credit crunch kicked into high gear in mid-September, municipalities were already facing strong headwinds. In a survey of 319 city finance officers conducted from April to June, the National League of Cities found that 64% of respondents said their cities were less able to meet fiscal needs than in 2007. Cities get 28% of their funding from property...