Word: debts
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...similarities are huge, except this time the opportunities seem to be on the debt side as opposed to the equity side," says Bob Bach, chief economist with Grubb & Ellis Co., a commercial real estate services and investment company...
...Adelson didn't hesitate, taking all he could get and building an entire mini-Vegas in Macao called the Cotai Strip, along with huge casinos in Singapore; he also doubled his Vegas space by adding the Palazzo to his Venetian hotel. In a short time, he has accumulated a debt-to-earnings ratio of 6.8 to 1 in the U.S. Then the loans stopped coming, and his stock price sank from $144 to $1.42 in March. (It now hovers at about $12.) That's his crane parked between the Venetian and the Palazzo resort, atop the St. Regis condominium...
...behind all that confidence, I figure, must be some hard lessons learned. This is the man who has been taught the main moral of this recession better than anyone else: you can't borrow more than you can afford to repay. His debt is going to be hard to dig out of even if things get better soon. So when I ask how long it will be before he'd even consider getting a loan for more expansion, I expect him to apologize for his recklessness and pledge to become a saver. Instead, he sits up, widens his eyes...
Despite investor worries about the U.S. debt, China's excesses and commercial real estate the world over, veteran global investor Barton Biggs says the global recovery now unfolding is going to be powerful. Biggs, who heads New York hedge fund Traxis Partners, spoke with TIME contributing editor John Curran on the outlook for world stock markets. (See 25 people to blame for the financial crisis...
...euro-zone motors of France and Germany manage to continue growing along with smaller economies like Greece and Portugal, Moec warns that broader European recovery will be a sluggish affair. Countries like the U.K., Spain, and Ireland - which each suffer from some combination of excessive household debt and structural over-reliance on real estate and financial industries - risk taking far longer to remedy their economic ailments, which would slow a regional rebound. Ditto Italy, whose consistent under-performance is rooted in competitive weaknesses that couldn't be cured even during good times. (Read: "In Hard Times, Olympic Plans...