Word: crunches
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...housing crash and resulting credit crunch are already forcing U.S. households to retrench. Government--fearing disaster if everybody retrenches at the same time--has stepped into the breach. Again, that makes sense in a crisis. But once the panic has passed, the U.S. will simply be steering toward another, even bigger, crisis unless it finds something to replace debt as its No. 1 export...
...mortgage market during the 1990’s, along with low interest rates and a rise in immigration to the United States, led to overheating in the U.S. housing market, which ultimately resulted in the current financial crisis. The panelists addressed questions from the audience about how this credit crunch would affect the global financial system. “We will certainly see a fundamental shift,” said David A. Moss, a professor of business administration at the Business School. “The implications of the bailout are much larger than dollar value...
Rose added that the method of short-term financing became unsustainable as the credit crunch became overwhelming...
...dominoes fell one right after another: the demise of Lehman Brothers tipping into the rushed sale of Merrill Lynch to Bank of America, followed by the federal takeover of AIG. Then, the desperate credit crunch of Wednesday caused the emergency maneuvering by the Federal Reserve and the Treasury on Thursday and Friday...
...plausible argument, but the latter rather inconsequential given the RTC precedents of the current bailout. More importantly, the plan designed by Bernanke and Paulson socializes the risk of the most toxic real estate assets, which have been polluting Wall Street balance sheets since the advent of the credit crunch over a year ago. In that way, the $700 billion bailout works just like any social security or welfare scheme, by passing costs on to the shoulders of every American taxpayer. This bailout adds roughly $2,000 to the U.S. national debt per capita, rather than letting markets correct household prices...