Word: debts
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...Some predict Japan will fare marginally better in its recession than the U.S. or the Eurozone. The Organization for Economic Co-Operation and Development (OECD) projects that 2009 GDP will grow 0.1% in Japan, compared with 0.9% in the U.S. and 0.5% across the Eurozone. "Financial-debt-to-GDP ratio is an advantage, and debt in the private sector has not increased, unlike in the U.S. and European countries," says Hiromichi Shirakawa, chief economist at Credit Suisse Japan. "The economy is less vulnerable." Nevertheless, he says, Japan is not an island: nothing points to an economic recovery in Japan unless...
...moves don't go far enough. The GOP is asking for assurances that the taxpayers will be repaid - like the assurances given by the banking industry - and for a commission to ensure that the money is spent wisely, especially since all three companies are already so deep in debt (GM alone owes $48 billion). To that end, the GOP wants a change in leadership at all three companies. "I have yet to see any semblance of a plan for General Motors to become viable," Senator Arlen Specter, a Pennsylvania Republican, said on the Senate floor. "General Motors and the auto...
...statement saying it would not seek retribution, but few are buying it, least of all the police and Tel Aviv's other crime families. An officer was quoted by YnetNews, an Internet wire service, as saying, "[The Alperons] have to retaliate - besides the fact that they have a moral debt to their brother, if they do nothing, the Alperon name, which is the most important thing they have, will be worthless...
...Treasury Department says nothing has been finalized, but reportedly Paulson and his advisers are looking into using TARP funds along with some money from outside investors to buy up credit card, auto loans and other, non-mortgage consumers debt. The financing mechanism for that type of debt, often called securitization, has stalled like much of the rest of the banking sector. Paulson is hoping that buying up debts directly will be a better way of stimulating lending than just purchasing banks' shares and trying to force the firms to extend loans...
...some economists wonder why buying up credit card and auto loan debt is any better or easier to do than buying up mortgage bonds. In fact, when it comes to credit card debt it could be riskier way to use taxpayer money. That's because credit card debt unlike mortgages is unsecured. If a borrower defaults, there is no house to repossess. What's more, credit card debt, unlike a mortgage, can be wiped away in bankruptcy. (Read "Four Steps to Ending the Foreclosure Crisis...