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From this anti-Depression policy has come a stream of costly policy errors that could ultimately prolong the current recession. The Fed's Dec. 16 decision to drop the target federal-funds rate to a record low of 0% to 0.25% is but the most recent of these. With rates already effectively trading near zero despite the Fed's previous target of 1%, the decision does not actually change rates and only sends a negative message about the state of the economy. That worsens confidence. And now the target rate has nowhere else to go, so the Fed will have...
...Silva - who is the head of Brazil's Workers Party and supposedly the Castros' leftist soulmate - is perhaps Latin America's most acclaimed capitalist leader. Capitalism's excesses get deservedly excoriated for causing today's global catastrophe. But even Venezuela, which helps prop up Cuba's economy with cut-rate oil, has made it clear in recent elections that it's not the socialist hotbed that its left-wing President Hugo Chávez dreams of. Yes, the hypocritical drill among Latin leaders is that they censure Washington publicly but Havana privately. Still, most of them believe Cuba...
Sales and gaming taxes fill up about two-thirds of the state's coffers. In the past few years, tax revenues for Nevada had been gaining at a double-digit rate. Now they are forecast to shrink 9% in 2009. The state is probably going to have to cut in places like education and social services - and get creative with some new taxes on business. Even the Chamber of Commerce, usually an ardent opponent of business taxes, has discussed raising taxes for the first time...
...Freitag, despite Steve Wynn's recent announcement that he will lower room rates, thinks the picture may not be all gloomy. "If you look at the hotel occupancy rate of 83.5%, well, people in other cities would be ecstatic," says Freitag. "But it's just in Las Vegas, the benchmark is 90%." And while there are reports of some struggling hotels offering free rooms to visitors who gamble as little as $100 at the tables, Scott D. Berman of PricewaterhouseCoopers says the better properties are doing relatively well, at least on weekends. "It's a segmented market," says Berman. "What...
...Here in the industrial town of Dagang, just south of Tianjin, instead of spending more to spur the country's GDP, the Gongs are actually tightening up their wallets for a rainy day. The Chinese have been hardy savers even in the best of times, scoring the highest saving rate among all major countries. Now, more than ever, their money is sitting in banks, unspent. "Call it old-school if you will, but I think putting cash in a bank really is the safest form to keep money right now," says Gong. "And a lot of my colleagues would agree...