Word: autos
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...Greenspan doesn't dictate long-term rates. So while his efforts have shaved a percentage point or so off the cost of auto loans and credit cards, they have done nothing to ease the burden of fixed-rate mortgages, the mother of all household debt. Even though housing sales have otherwise been a bright spot, stubbornly high mortgage rates put off many buyers and preclude millions from refinancing, which could save them hundreds each month. If you think a one-time tax rebate of $300 is tonic for an ailing economy, just think about what a monthly mortgage rebate would...
...Mortgage rates followed, as they do, and the housing boom was on. Some consumers - in record numbers, in fact - refinanced their homes at the lower rates, freeing up spending money that apparently went straight to the mall or the auto dealership. Others simply looked at the sweet mortgage deals and simply bought a new home. Demand for housing went up, prices followed - according to the National Association of Realtors, the price of homes in metropolitan areas is up 10 percent so far this year, compared to 3.9 percent in the ?80s and ?90s - and suddenly everybody with a roof over...
...Retail sales are expected to fall a tolerable 0.2 percent in July, led by declining auto sales, and while that?s not good, it?s still a July number, which will make it possible for Wall Street to continue to wait for those rebate checks to lift all our boats. Wal-Mart and Home Depot should both deliver good news, but we knew they would, and most Wall Street forecasters expect Rummy to make decent progress with the Russians by explaining the urgent post-Cold-War need for the world?s lone superpower to deploy a massive network of space...
...simple block of carved wood, sometimes afloat on a green sea of dollar bills, with the tiny dorsal fins of sharks implacably circling it. Death Ship Runover by a '66 Lincoln Continental, 1966, refers not to World War II but to Vietnam, a war Westermann hated and opposed. The auto that has just run over the ship (and, by implication, its men) with an inked tire tread is the same model that belonged to Westermann's father-in-law; it was also a favorite limo of American politicians at the time...
While Green says the Gateway group never bribed anyone, it did find it helpful to include in the deal a Mexico City business partner with strong political contacts: Jose Antonio Garcia Contreras, an oil and auto magnate. The Gateway group met with dozens of candidates before choosing Garcia. "The real decision makers in Mexico are a relatively small group," Green says. "It is truly a club, in the same way the U.S. was during the 1900s when Morgan and Rockefeller ruled American business. They're wealthy men who went to the same schools, belong to the same clubs...