Saturday, Oct 10, 2009

Running on fumes

MarketWatch: Banks cutting back on loans to businesses

U.S. banks are reducing their lending at the fastest rate on record, tightening the credit squeeze and threatening to leave many otherwise viable businesses unable to borrow money to expand their businesses, meet their payroll or refinance their maturing debts.
Despite more than a trillion dollars from the Fed and from the Troubled Asset Relief Program, "the banking system has still not fully recovered," New York Fed President Bill Dudley said in a speech this week.

Posted by devo @ 09:28 AM (998 views)
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5 Comments

1. alan said...

Not to worry, lots of cash is coming in from China - they're buying the Humvee.

I guess its fair to assume they are buying in (recently deflated) dollars?

Saturday, October 10, 2009 09:50AM Report Comment
 

2. fallingbuzzard said...

Its also fairly safe to assume that the manufacturing is going to be transferred to China

Saturday, October 10, 2009 09:57AM Report Comment
 

3. crunchy said...

2. fallingbuzzard

That was planned years ago. Carbon tax free zone. Wait and see. : )

Saturday, October 10, 2009 11:15AM Report Comment
 

4. crunchy said...

Brown's bounce back in the economy seems to be at odds with the US banks.

That makes as much sense as Obama getting the Nobel Peace Prize. Go figure!

Saturday, October 10, 2009 11:19AM Report Comment
 

5. fallingbuzzard said...

Imagine the headline "Brown pessimist on economy. Hard times ahead."

Didn't he tell us that we need to tighten our belts back in 2008?

Saturday, October 10, 2009 11:44AM Report Comment
 

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