Word: vicious
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...Milk was a young adult, gays were outlaws. The new movie begins with newsreel clips of men hiding their faces from the paparazzi's flashbulbs as police remove them from some furtive gay bar of the 1960s - the decade when practically every underclass of society but theirs got liberated. Vicious assaults of gays were common, and the law rarely pursued the perpetrators. If, as you watch Mad Men, you wonder why the gay art director is so timid about declaring his sexual needs to his colleagues, prospective lovers or, for that matter, himself, it's because he'd like...
...core of the mounting concerns about deflation is this: the global financial system is going through a vicious process of deleveraging. Financial institutions are reducing debt and raising capital, either directly from governments or from private-sector sources. By desperately trying to rebuild their battered balance sheets and regain some semblance of investor confidence, banks and investment banks are not doing much lending. Indeed, the definition of deleveraging is reducing debt relative to assets. Assets, for banks, are loans. And these days pretty much everyone is deleveraging...
...Merrill Lynch economist King argues, it's likely that the deflationary forces will intensify as the result of a vicious cycle. As economic conditions deteriorate, bank lending naturally declines because the number of credit-worthy borrowers - whether corporate or individual - shrinks. In other words, financial institutions that got into their current egregious situation by making bad loans aren't going to recover by making more bad loans. Thus a declining economy leads to contractions in lending, which further dampens demand...
...harder to securitize credit-card debt," says Arthur Wilmarth, finance professor at George Washington University Law School. Banks, forced to keep more debt on their books, are less willing to lend to anyone who doesn't have a high FICA, or credit quality, score. The result is a vicious cycle of borrowers being hit with higher interest rates, hair-trigger late fees and curtailed credit lines just when they need funds the most. Higher food and gas prices have contributed to that burden...
...stands at the cash register. "That's all my customers talk about." Nervous bankers are cutting back as well, by sharply curtailing domestic lending, especially to small companies. This paranoia at the banks can potentially make the coming downturn more severe. "They've created a vicious cycle," says Jones...