Word: crunches
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...spending mood. Americans are facing higher food, gas and energy prices this year, expenses that make up close to 20% of the typical consumer budget, according to Bain & Company's retail holiday report. And many people are feeling the pinch from the continuing credit crunch, including higher mortgage costs and the depreciation in home values. "Consumers have the highest debt they have ever had with 24 months of negative savings," says Howard Davidowitz, chairman of Davidowitz & Associates Inc., a national retail-consulting firm. "They can't use their homes as piggy banks anymore...
This story features a man named Prince, an actual (Saudi) prince, a billionaire financial legend, a former Treasury Secretary and a British knight with a German accent. That, plus tens of billions of dollars in losses and a financial crunch that Americans may feel for years...
...Most of the oil companies are going to be in an identity crisis, and need to redefine their business strategies," Birol says. The soul-searching may have already begun, as oil executives begin sounding the alarm about the supply crunch that lies ahead. Last week, Christophe de Margerie, CEO of the French oil giant Total, told the Financial Times that even the target of 100 million barrels a day is an optimistic one for an industry that currently produces 85 million - far short of the 116 million barrels a day the IEA projects will be needed by 2030 to fuel...
...responsible for the unprecedented scale of violence in the past century. In the economic booms, said Ferguson, it was often minorities—such as the Jews in Europe and the Armenians in the Ottoman Empire—who disproportionately benefited. Then, “in the crunch, the blame for economic downturn could be placed on the successful minority,” he said. In a time of Western decline—as in any time of imperial decline—Ferguson said, “the question is: Who is in charge now?” While violence...
...Floyd Norris, chief financial correspondent for The New York Times, were joined by Jeffrey A. Frankel, professor at the Kennedy School of Government, and economics professor Edward L. Glaeser. Quinn said it was nearly impossible for journalists to have predicted with certainty the extent of the global credit crunch. “You start getting into a slightly different area where even Wall Street didn’t know how to value [mortgage-backed bonds],” she said. “I don’t care how good of an investigative journalist you are, you can?...