Word: debts
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...then there were the complete non sequiturs. Casino operator MGM Mirage closed at $2.87, up 23%, on the same day Moody's put it on its "Bottom Rung" list. The members of that list are the companies the ratings agency thinks are the most likely to default on their debt...
...report, called "Crisis Reveals Growing Finance Gaps for Developing Countries", the organization makes three critically important points. The first is that as developed nations like the U.S. go into the debt markets to finance deficits, they crowd out smaller nations which have much worse debt ratings, effectively denying them access to the capital markets. The next problem is that poor nations will need to depend more on richer ones for items that are essential such as food and medical supplies. The last point is that global industrial production could be down as much as 15% by the middle of this...
...only immediate solution to this crisis would appear to be a form of global socialism where some portion of the money available though the debt markets to countries like the U.S. and Japan would be funneled to nations like Cambodia and Ukraine. But, recessions have tended to move nations toward Darwinism and away from generosity to those outside their own borders...
...Minneapolis Star Tribune has filed for Chapter 11. The paper may not make money this year, even without the costs of debt coverage. The company said it made $26 million last year, about half of what it made in 2007. The odds are that the Star Tribune will lose money this year if its ad revenue drops another 20%. There is no point for creditors to keep the paper open if it cannot generate cash. It could become an all-digital property, as supporting a daily circulation of more than 300,000 is too much of a burden. It could...
...thing Dodd has done of late is tack hard to populism. He has held hearings on credit-card abuses and introduced stringent legislation to prevent companies from luring consumers into dangerous amounts of debt. Last October, Senate majority leader Harry Reid took the unusual move of overriding a Democratic hold on a bill after Dodd tried to block an extension of President George W. Bush's warrantless wiretapping powers over concerns from the left about granting telecom giants retroactive immunity for working with the Administration. Most notably, Dodd, against the wishes of the White House, slipped into the stimulus bill...