Word: debts
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...that mortgage modifications are a challenging way to put a floor under housing prices is that this assumes that people who cannot afford a $500 a month mortgage payment can afford a payment of only $350. But in most cases this does not matter. As people turn away from debt and toward savings, a house is no longer a good mattress in which to store cash. Perhaps more to the point, with joblessness on the rise and many middle class household budgets built around two people working full-time, it does not take much bad luck to undermine a perfectly...
...investor psychology close to where it needs to be at for something explosive to happen? The most outstanding feature of this crisis compared to any other that I've been through or studied is not that we have debt problems or not that the stock market's come down. The most outstanding feature to me is the level of fear this financial crisis has created - the panic, the sheer loss of confidence. I certainly have not been through one like this. Even the '82 market one wasn't this bad from a fear perspective...
...another maelstrom. The global economic crisis has hit countries like Latvia, Hungary and Poland particularly hard. Eastern Europe's boom over the past few years was fueled in part by heavy borrowing from Western banks and easy access to foreign currency denominated loans. Now, with credit dried up, huge debt loads to pay and Eastern European currencies in free fall, the good times are truly over...
...resign after massive street protests triggered by government austerity measures. Latvia's GDP dropped 10.5% in January alone. There is talk of countries such as Germany having to bail out their smaller eastern neighbors. But rescue prospects are complicated. Western European governments are battling recession themselves and the debt they have taken on to finance domestic recovery packages may make them unable, or unwilling, to aid their Eastern European counterparts. (See pictures of printing money in Germany...
...Some even say the setbacks may provide a valuable learning experience. During the boom years, Indian companies sought legitimacy through the acquisition of overseas trophies, without paying enough attention to the long-term viability of the companies being acquired, according to a senior analyst with Crisil, an Indian debt-rating agency. Differences in culture, managerial norms and regulatory environments were improperly understood. "The past few months reflect that [India] became overconfident," the analyst says. "The Indian story became the gospel truth and vulnerabilities were not recognized." Those vulnerabilities are readily apparent...