The Picture of a Credit Crunch |
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The Picture of a Credit Crunch Not to belabor the point I have made in recent commentaries, but last Friday afternoon’s report from the Fed of assets and liabilities of commercial banks in the U.S. showed the sharpest 13-week contraction in bank credit – loans and investments – in the history of the series, which dates back to January 3, 1973. In the 13 weeks ended June 18, bank credit contracted at an annualized rate of 9.14% (see Chart 1 below). Because of current or expected capital
Filed under: Fundamental
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