Just a minute
I really am going to post here again.
“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 [from Celent consulting] released on Thursday says…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.”It is startling that many of (Federal Reserve) Chairman (Ben) Bernanke and (Treasury) Secretary (Henry) Paulson’s remarks are not supported or are flatly contradicted by the data provided by the very organizations they lead,” said the report.
Regarding U.S. business access to credit, the report says: Overall U.S. bank lending is at its highest level ever; 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; [Interbank] Lending hit its highest level ever in September 2008 and remained high in October and that overall interbank lending is up 22 percent; The cost of interbank lending…dropped to its lowest level ever in early November and remains at very low levels; [consumer credit] was at a record high in September; and local government bond issuance had continued at similar levels to those before the credit crisis, while bank lending for real estate reached a record level in October 2008, it says.”
What everyone seems too polite to point out is that this essentially makes Bernanke and Paulson (at least) criminally ‘negligent.’ It is at any rate clear that neither of these people, nor anyone associated with them and their policies, has the interests in mind of anyone you are statistically likely to care about.
(another incomplete history for the forgetful)