Word: crunchings
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Dates: during 2000-2009
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...What They're Drinking in Russia: Russians have had a taste for vodka since the Czars, but consumers are cutting back amid the global financial crunch. Even though manufacturers slashed vodka production 15% because of slumping demand, stores are saddled with some 22 million gallons of unsold spirits--six times their inventory of a year ago, according to an industry group. Meanwhile, alcohol-poisoning fatalities are on the rise, reportedly as drinkers turn to cheap, homemade liquor instead...
...year). That's on par with Harvard, where tuition accounts for about 20% of the school's revenue - but there, a multibillion-dollar endowment makes up the difference. On average, tuition covers about half of total educational costs at public universities. (Read about colleges getting hit by the credit crunch...
...deterioration of the global economy in the wake of the ongoing U.S. housing bust and subsequent credit crunch is accelerating at a frightening pace. In the U.S., nothing captures the concussive force of the downturn better than the Consumer Price Index released Wednesday, which showed prices falling 1% in October after being flat in September. Suddenly, the prospect of outright deflation in the U.S. - and all the risks that entails - is a clear and present danger. "With the unemployment lines growing ever longer, there is a genuine risk that the U.S. economy could fall into a corrosive deflationary phase," says...
...been left largely unimpressed by Detroit's cries for help. All week long, Senators and Representatives from both parties have lamented the decades of bad management that have put the auto industry in its current predicament: investing in SUVs when the rest of the world, eyeing the future oil crunch, was betting on smaller, more fuel-efficient cars; spending millions lobbying Congress to avoid regulation that would force tougher environmental standards; and giving its union unsustainably generous deals on salary and benefits that hobbled its ability to compete with Japanese and European carmakers. And the answers to these criticisms from...
...Alan Mulally, who last year made a combined $37.4 million - also refused to give up their annual salaries. All the while, the trio, rounded out by Chrysler CEO Robert Nardelli, proclaimed their innocence for the mess their companies are in, laying the blame largely on an unprecedented credit crunch that has helped push car and truck sales to their lowest level in 25 years...