Word: meltdown
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...Moreover, while the subprime mortgage crisis may have initiated the current global credit meltdown, it has been eclipsed by the credit crunch it created. The $11 trillion mortgage market may be small potatoes compared with the problems in the $60 trillion market for credit default swaps. "The systematic issues have come to dominate the discussion because it is not about who is behind on their mortgage anymore," says Ann Rutledge, co-founder of R&R Consulting, which helps investment firms value complex mortgage securities. "What we are worried about is the viability of our financial system...
...Does the real estate meltdown in other parts of the world presage a price correction in paradise? Surely, as hedge-fund managers find themselves without fat end-of-year bonuses because of the recent market madness, they'll shy away from acquiring luxury second homes. Gallmann of Exotiq Real Estate acknowledges that the financial crisis will dent demand, particularly in Bali where the real estate volume is higher than in Phuket. But he isn't too worried. "Look, I've been involved with Bali for 20 years and through that time we've gone through more than you can imagine...
...area closed over summer, but things have hardly improved since then. Duque says most of the brick companies in La Sagra have suspended workers temporarily in a program that allows them to receive unemployment benefits for three months and then return to a guaranteed job. With the financial meltdown adding to Spain's troubles and the country now teetering on the edge of recession, Duque worries about what lies ahead. La Sagra's brick works employ about 2,600 workers directly, and another 10,000 indirectly. If the economy worsens, says Duque, "We're going to start seeing factories closing...
...rest easy knowing that everything I've saved all my life is gone?" asks a red-eyed advertising consultant dressed in a woolly cardigan and slippers as he sits in the food court. At age 61, he has lost almost all of his retirement savings in the banking meltdown. "It's a matter of pride as a man and an Icelander," he says, "and it was yanked out from under from...
...McCain used the market meltdown to advertise boldness, Obama used it to show steadiness. "Presidents are going to have to deal with more than one thing at a time," he said, dismissing McCain's back-to-Washington gambit as an inability to multitask. Since he hasn't nearly as much experience handling a crisis as McCain does, he's used his campaign itself as a stand-in, one long test of nerves. He resisted calls to take a hatchet to Hillary Clinton a year ago; as McCain gained ground in September, Democrats demanded that Obama get hotter and meaner...