Word: debt
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...already stalled the planned sale of the Chicago Cubs, and owner Sam Zell, CEO of the Tribune Company, should expect a less appealing bid. "This downturn makes deals harder to get done," says Sal Galatioto, president of Galatioto Sports Partners, a consulting firm. "It's more difficult to get debt to purchase a team, and that debt is more expensive...
...ByDesign Financial Solutions, a debt-counseling service in Modesto, Calif., they're working overtime these days. "Our call volume went up 97% in the past five weeks, which has left us scrambling," says Martha Lucey, president of the nonprofit agency. "[The callers] are close to the max on their credit cards, and they just can't figure out how to manage. We've seen credit-card companies decreasing lines of credit, and the [debtors] don't have any room left. They just can't juggle things like they used...
...Leverage was the mother's milk of Wall Street - and of Main Street - for the past 20 years. Leverage meant debt, specifically the number of dollars you could borrow for every dollar of wealth you had. It meant borrowing other people's money to invest in something you wanted to invest in, or to buy something you wanted to buy. On Wall Street, debt funded investments in pretty much everything a financial firm could bet on, including the toxic mortgage-backed securities that led the way into this crisis. On Main Street, it meant borrowing to buy a house...
...debt binge was fueled by easy money and the belief that prices of assets - those of houses in particular - never went down; only interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our history: the great deleveraging of America. On Wall Street, the largest financial institutions on the planet are reducing their debt and trying to build up capital, which once upon a time was the seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like...
...growth for the past 20 years is not going to be there for the next 20. That was consumer spending. Basically, we turbocharged this economy based on cheap credit." But the days of easy credit are over, Obama said, "because there is too much deleveraging taking place, too much debt." A new economic turbocharger is going to have to be found, and "there is no better potential driver that pervades all aspects of our economy than a new energy economy ... That's going to be my No. 1 priority when I get into office...