Word: jannings
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Dates: during 2000-2009
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...clear that mild and short is what the U.S. will get. Merrill Lynch & Co. put out a chilling forecast on Jan. 22, saying that the U.S. housing debacle has a long way to run. According to Merrill, nationwide home prices could fall 25 to 30 percent from present levels, which, if true, would put U.S. consumption on ice for a prolonged period...
...what you will about today's global economy, it ain't dull. In a cascade of worry on a single trading day, Jan. 21, Hong Kong's Hang Seng index plunged 8.6%, Tokyo's Nikkei 5.7% and Mumbai's Sensex 12.9%. It was a worldwide mini-meltdown, and the Federal Reserve Board wasn't about to let that go unanswered. Before the U.S. markets had even opened, Fed Chairman Ben Bernanke - not a man known for dramatic gestures - slashed a key interest rate three-quarters of a percentage point. The surprise move arrested the rout, and the markets have since...
...financial system. It's certainly the worst in home loans, but the troubles in mortgage markets have caused investors to look at other securities a little more skeptically. There's no telling exactly what set off the sell-off in global stock markets, but a possible candidate was the Jan. 18 downgrading by Fitch Ratings of U.S. bond insurer Ambac. The insurer allows cities and other bond issuers to pay lower interest rates because their insured bonds are deemed virtually risk free. But now markets are beginning to question whether Ambac and other bond insurers are really solid enough...
...capable of steering the economy between the twin risks of a painfully deep recession and yet another bout of unsustainable, debt-fueled consumer spending. There seems to be little controversy over whether the Fed should ease rates, but there's lots of controversy over when and how much. The Jan. 22 rate cut came as a shock, but it did seem to calm the markets, if not buoy them...
...loss since Sept. 11, 2001. India's benchmark shed 7.4%. In Europe, Britain fell 5.5%, France 6.8%, and Germany 7.2%. Brazilian stocks dropped 6.6% and Canada's main index lost 4.8%. In the U.S., markets were closed for the Martin Luther King Jr. holiday, but when they reopened on Jan. 22, the Dow industrials promptly shed 300 points, joining the sell-off that continued overseas, forcing trading to be suspended in India and South Korea...