Oct
06
2009
The Economy: Mike Whitney, “Dead Man Walking”
Posted by: in Home Mortgage Online, tags: Banks, Credit Expansion, Dead Man Walking, Economy, Excerpt, Mike Whitney, Pool, Random, Uk Telegraph, Worthy ApplicantsRandom Feed wrote an interesting post today on
Here’s a quick excerpt
“Dead Man Walking” by Mike Whitney “Credit is everything. Without credit expansion there’s no recovery because there’s no pick-up in overall demand. But credit growth is going backwards. The banks have tightened lending standards and the pool of credit-worthy applicants has vanished. Bank lending is off 14 per cent since October 2008. Private credit is presently decreasing at a 10.5 per cent annual rate. The situation is getting worse, not better. From the UK Telegraph: “Both bank credit
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