Word: slowes
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...That makes it harder for me to sell cars, because I'm giving people fewer choices." The dealership's owners were planning this summer to spend millions of dollars on a complete renovation and expansion of the façade, showroom and service area. Rising credit costs, combined with slow truck and SUV sales, forced the dealership to shelve the entire project. "Customers are still coming in, but they're walking away without a car," says Helton. "And it's largely because of credit...
...predicted that the U.S. economy will grow just 0.1% next year, its worst showing in 18 years. Europe is expected to fare no better, and China, India and other emerging economies that have been critical drivers of global economic growth over the past five years are also expected to slow markedly. That means nobody will be able to take over for the U.S. as the locomotive of the world economy, and everyone will drag down everyone else. Overall, the IMF expects world economic growth to slow to 3% in 2009, from 5% in 2007, and it warns, "The world economy...
...Indeed, at that time, Orleans was right. Duke was an abysmal 0-12 in 2006, Northwestern went 4-8, and Stanford finished 1-11. But with the slow redistribution of talent taking place in college football, those teams appear to be on the rise; Stanford is 3-3 this year and upset No. 1 Southern California last season, Northwestern is 5-0 and ranked No. 22 in the nation, and Duke is 3-2. Vanderbilt, another highly regarded academic institution, is 5-0 and ranked No. 13 in the nation despite playing in what is regarded as the most difficult...
...China's markets, of course, have a long way to go before they are as open and accessible to global capital flows as those in New York, London or Tokyo. But Chinese regulators believe the slow, deliberate pace of reform has helped insulate the country from the worst of the current market turmoil. Consider China's banks. Five years ago, by all accounts, they were a disaster area, plagued by bad loans, lack of capital and poor management. In 2003 nonperforming loans made up 17.9% of their total portfolios, according to government figures. By the end of last year, that...
...risks for China, most analysts believe, are tied more to the second-order effects - the global macroeconomic fallout from the crisis - than to the subprime credit crunch itself. "China's exposure comes from its concentrated bet on the dollar and the risk that the U.S. policy response to a slowing economy and investors' aversion to U.S. debt will combine to put pressure on the dollar going forward," says Brad Setser, a former U.S. Treasury Department official now at the Council on Foreign Relations. That would mean further upward pressure on China's currency, the renminbi, at a time when...