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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Sunny Jim who wrote (84683)9/7/2008 12:09:19 AM
From: Little Joe6 Recommendations   of 116555
 
Sunny:

I have had two clients with successful and profitable businesses who were advised this week that their lines of credit will be revoked in 60 days. These are great businesses with strong growth. Year over year profits in excess of 20% for the last 5 years. Banks are getting orders from on high to close down credit. They could take us all down before this is over.

Think about how many people bought properties using conventional mortgages putting down 20%, who now have lost all of the equity in their homes and may be under water. There are probably a lot.

Little joe
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