Word: fasted
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...just the banking-stock group that benefits by offloading its weaklings. A stock sector known as "consumer discretionary," which includes everything from automakers to fast-food retailers, is enjoying a more bullish earnings outlook too, thanks - you guessed it - to the dropping of GM stock, which had been a load of lead on the sector's profitability. As a result of offloading GM, earnings for the group are expected to rise...
That may sound like a cop-out. At least until you consider how many other economic forecasters got it wrong. Dozens of states have found themselves with budget shortfalls, some quite massive, partly because economists weren't ratcheting down expectations of tax revenue nearly fast enough. In late November, the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters indicated GDP would decline at an annual pace of 1.1% for the first three months of 2009. The economy proceeded to shrink at a pace of 5.5%. (See what to expect when the recession ends...
...from their earlier talk about "unilateral euroization" - using the single currency without going through the rigorous euro accession process - but once the economy settles, joining could be relatively straight-forward. Iceland's debt, deficit and inflation rates currently too high to fulfill the euro criteria - are expected to fall fast over the next few years to meet the entry demands. (See pictures of the Top 10 scared traders...
...nation's largest lenders to small businesses, CIT, said the government was unlikely to save it from bankruptcy. The company could still find a private investor to swoop in and rescue the firm. By some estimates, CIT has to find as much as $6 billion in new capital - and fast - to keep the lights on, and in this economy, most investors are betting that's not likely. CIT shares have fallen 90% this year, and traded around 40 cents on Thursday. A bankruptcy, some say, could come before the weekend. And that has many people for the first time...
...goes something like this: a poor kid is pushed into a sport he has little interest in, he brings a lackluster team in Shanghai to victory in the national championships, and he gets drafted by the Houston Rockets, where his offensive prowess earns him seven NBA All-Star awards. Fast-forward to the present and the 7-ft. 6-in. center faces bench time because of a foot injury that some speculate could end his career. What to do but follow the Chinese dream and become a successful businessman? On July 16, Yao's agent told China's state...