Word: crunchingly
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...timing belt of her 1994 Saturn broke, causing the engine to seize. She would like to borrow money for a used car. If her Saturn had died two months ago, perhaps she could have qualified. But Maldonado has a low credit score. And banks, nervous about a global credit crunch, are requiring down payments of up to 30%, according to several Cleveland dealers. Maldonado cannot afford that. So she begs relatives for rides. "I hate it, but there's nothing else I can do," says Maldonado, 49. With interest rates rising, "I'm so afraid...
...worries over its need to recapitalize. Other financials, which had been battered hard on Tuesday, like J.P. MorganChase & Co. and Citigroup, seemed to be heading up significantly, as was bellwether General Electric, which had seen its shares hit hard the last few months over its exposure to the credit crunch. By day's end, however, J.P. MorganChase was down slightly while GE and Citi managed only slim gains...
...credit crunch is also crunching funding for new clean-energy projects. When the global economy was surging over the past several years, fossil fuel prices were surging as well; the cost of oil exceeded $150 a barrel at one point this year. The economic slowdown has shrunk those prices just as quickly, with oil now dipping below $95 a barrel. That makes renewable energy projects like wind and solar, which have to compete with fossil fuels on straight cost until a carbon price is passed, less attractive. Michael Liebreich, the chairman of the research group New Energy Finance, argued...
...fund day-to-day operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4%. Central banks are trying to pump liquidity into financial markets to avert a credit crunch. India on Monday cut the amount of cash that banks must deposit with the central bank in an attempt to loosen credit. "Credit markets are quite global," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong. "It is inescapable, if the credit crisis continues to worsen...
...future risks for China, most analysts believe, are tied more to the second-order effects - the global macroeconomic fallout from the crisis - than to the subprime credit crunch itself. "China's exposure comes from its concentrated bet on the dollar and the risk that the U.S. policy response to a slowing economy and investors' aversion to U.S. debt will combine to put pressure on the dollar going forward," says Brad Setser, a former U.S. Treasury Department official now at the Council on Foreign Relations. That would mean further upward pressure on China's currency, the renminbi, at a time when...