{"id":199248,"date":"2007-08-21T23:11:00","date_gmt":"2007-08-22T04:11:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/08\/21\/foreclosures-rise-and-business-cant-get-cash-to-run-or-expand\/"},"modified":"2007-08-21T23:11:00","modified_gmt":"2007-08-22T04:11:00","slug":"foreclosures-rise-and-business-cant-get-cash-to-run-or-expand","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/08\/21\/foreclosures-rise-and-business-cant-get-cash-to-run-or-expand\/","title":{"rendered":"Foreclosures Rise, and Business Can&#8217;t Get Cash to Run or Expand"},"content":{"rendered":"<p>Well, here&#8217;s a quick lowdown on financial news.<a href=\"http:\/\/biz.yahoo.com\/ap\/070821\/foreclosure_rates.html?.v=5\">Foreclosures in the US rise 9% June to July, and <span style=\"font-size:110;\"><span style=\"font-weight: bold;\">93%<\/span><\/span> YoY<\/a>.  House prices are no longer rising, so people cannot sell to get out from under.<\/p>\n<p>This has put a more general squeeze on credit, so <a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2007\/08\/19\/AR2007081901415.html\">companies are increasingly unable to get credit for expansion or even normal operations<\/a>.  Commercial paper, and the bond markets are moving less than George Bush after eating a pretzel, with results like this:<\/p>\n<ul>\n<li>Hertz isl struggling  to get low-rate loans for rental-fleet purchases.<\/li>\n<li>Deere is &#8220;putting the brakes&#8221; on production of construction vehicles.<\/li>\n<li>Countrywide Financial on Thursday had to tap its entire $11.3 billion emergency funding line.<\/li>\n<li>Home Depot is rethinking a plan to borrow money for a stock buyback, and the debt shutdown may stop the sale of its wholesale supply business.<\/li>\n<li>Media giant Quebecor canceled a $750 million debt offering.<\/li>\n<\/ul>\n<p>The money quote here is, &#8220;<span style=\"font-style: italic; color: rgb(0, 0, 153);\">The market for investment-grade bonds &#8212; or money lent to companies with great credit &#8212; has virtually stopped for the past few weeks<\/span>&#8220;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, here&#8217;s a quick lowdown on financial news.Foreclosures in the US rise 9% June to July, and 93% YoY. House prices are no longer rising, so people cannot sell to get out from under. This has put a more general squeeze on credit, so companies are increasingly unable to get credit for expansion or even &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973],"tags":[],"class_list":["post-199248","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199248"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=199248"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199248\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=199248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=199248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=199248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}