Word: spreading
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...spread of consumer finance such as car loans and home mortgages could be affected as a result of the expected shakeout, and some commercial projects are already being hit. Two leading developers, Sergei Polonsky - who is building Europe's tallest skyscraper in Moscow - and St. Petersburg - based Artur Kirilenko, recently announced a freeze on new projects...
SEPT. 23 Bans on Chinese milk products, including candy and ice cream, spread across Asia and Africa...
...caused by unexpectedly high rates of home loan defaults that tore through the economy and wiped out billions in capital. The downturn accelerated in recent months as lenders spooked by steep losses and high-profile bank failures have tightened their purse strings. Worried that recent high-profile failures could spread and freeze financial markets, Treasury Secretary Henry M. Paulson Jr. announced the plan now under consideration to bolster confidence in U.S. financial institutions. “PIMCO is ready to work for no fee in helping to manage a program that would assist in stabilizing the U.S. economy...
...long will the money last? The Bush Administration is proposing that the government's mortgage purchases be spread out over two years - while speed is of the essence, the Treasury needs time to set up a fair program to evaluate just what it's buying. There is a lot of paperwork to go through: about 10% of the nation's $11 trillion in mortgages are delinquent or in foreclosure. Uncle Sam would likely hang on to some of the mortgage securities it buys for far longer before reselling them to investors, in an attempt to minimize its losses and maybe...
...biggest problem Paulson faces, though, is that the American people don't seem to have understood that the crisis on Wall Street could spread to Main Street with very painful consequences. "We just haven't communicated as well as we need to," Paulson acknowelged this morning. "The average American looks at this as being about Wall Street, and they're angry, and I'm angry too. There have been huge excesses and flaws in the system, but the average American doesn't understand the implications this has for them: money needs to flow through the system so that every American...