Word: stockings
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...most interesting things is, we don't know who's going to suffer," says Karl Case, a housing economist at Wellesley College. "Obviously, the people who get foreclosed against suffer. That goes without saying. But who bears the losses ultimately is really complex." We can start with the stock markets around the world, which have surrendered $3 trillion in value over the past month, thanks in large part to the mortgage monster beginning to come undone...
...rout begins. Banks tighten credit, raising the cost of financing corporate and private-equity deals. Other investors then want to reduce their risk. Stock prices fall, and bond prices rise. With global markets so closely linked, fear spreads rapidly around the globe...
...that this phenomenon is limited to Europe. South Korean and Taiwanese banks got hammered on their respective stock exchanges last week because of fear - based, again, on a lack of knowledge - that they had bought a lot of paper tied to the subprime debt market. And in Hong Kong, Goldman Sachs issued a warning recently that some of the biggest mainland Chinese banks that trade on the Hong Kong exchange - including the Bank of China - were also exposed. In early August a spokesman for the BOC had said its first-half losses tied to subprime investments were "minimal...
...coworkers can calculate revenue from dividends on a stock over the past 18 years in six minutes, but would be incapable of getting from Point A to Point B if the two weren’t connected by miles of underground track. In New York, though, this isn’t an indication of incompetence. Instead, it carries the cachet of never having lived outside the sophisticated metropolis...
...January he made headlines when left his job as Home Depot's CEO with a $210 million goodbye package, despite a mixed record of higher profits but flat stock price...