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Report: Credit Crunch? What Credit Crunch?

Fri Dec 12, 2008 5:17 pm

Quote:
Credit crunch? What credit crunch?

By Brian Love

PARIS (Reuters) - The credit crunch is not nearly as severe as the U.S. authorities appear to believe and public data actually suggest world credit markets are functioning remarkably well, a report released on Thursday says.

As a result, governments are pumping masses of public money into the economy across the world because of the difficulties of a few big, vocal banks and industries such as car manufacturing, which would be in difficulty anyway, according to the report published by Celent, a financial services consultancy.

. . .

The report, much of which is based on U.S. Federal Reserve data, challenges a long list of assumptions one by one, arguing that there is indeed a financial crisis but that, on aggregate, the problems of a few are by no means those of the many when it comes to obtaining credit.

. . .

Regarding U.S. business access to credit, the report says:

*Overall U.S. bank lending is at its highest level ever and has grown during the current financial crisies.

*U.S. commercial bank lending is at record highs and growing particularly fast since May 2007.

*Corporate bond issuance has declined but increased commercial lending has compensated for this.

http://www.reuters.com/article/email/idUSTRE4BA47420081211


Not saying they are completely right, but I know the credit card applications haven't stopped coming in.

[Edited 2008-12-12 09:23:31]
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