calculatedrisk.blogspot.com - 12/1/2008
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Note: I'll post a compendium of Tanta's posts soon, plus a charity of her choosing. The services will be private. From Reuters: Credit card industry may cut $2 trillion of lines: analyst The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to ...
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NBER dates recession to december 2007
Decline and Fall of Western Civilization —
... appears to feel the same, which is why various versions of direct government lending and quasi- as well as real bail-outs have been announced. Certainly, credit was extended to unworthy borrowers, but the baby is now being thrown out with the bath water. I expect more broad-based credit contractions but, specifically, more than $2,000bn in credit lines to be cut in reaction to risk aversion, constrained capital and regulatory change. that would be, as calculated risk noted, a 45% reduction in outstanding consumer credit card availability. joe ...
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