Word: superlow
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...what point do these superlow prices become a buyers' market? At Goldman Sachs, chief investment strategist David Kostin opined last week that stocks would finish the year higher than they are today - perhaps as much as 20% higher - but he also noted that the S&P 500 could bottom well below today's levels...
...very shallowness of the last recession is part of what's causing worry now. In 2001 most businesses cut back sharply on spending. Thanks to the superlow interest rates set by the Fed, though, households plowed on, and for the first time ever, consumer spending kept rising during a recession. It continued rising afterward, much faster than incomes, with Americans paying for the difference by taking on more and more debt. That debt spiral is now unraveling, and the ensuing credit crunch could crimp spending for years...
...course, the "core problem" is the U.S. property market, says Han de Jong, chief economist for ABN Amro in Amsterdam. "In hindsight, the housing market in the U.S. was a bubble." The cause? Superlow interest rates that encouraged lenders to offer loans to virtually anyone, even those with bad credit. Those loans were then bundled together into exotic derivatives and sold off to financial institutions worldwide; when borrowers began to default on their mortgages, money managers from São Paulo to Seoul suffered huge losses...
...superlow, though. To the best hotels, jewelry shops and fashion houses, the Russians are coming--and very welcome too. Wendy Lewis, a cosmetic-surgery consultant with lots of Russian clients, says, "I have one client, each time I see her, the fur that walks in the door costs more than my house." London boasts four Russian-language newspapers and a glossy Russian-language magazine, New Style, that advertises fat diamonds and kitchens in "walnut, white and platinum" and runs articles comparing the virtues of cars costing more than $200,000. Russians bought one-quarter of the central-London properties priced...
...Demo versions of album highlight “Sofa King” featured a soulful organ groove, replaced on the album by a denser and more exciting soundscape of shimmering violins and flutes, over classic breakbeats and superlow bass...