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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (8075)	8/6/2007 12:45:54 AM
From: Jon Koplik	Read Replies (1) of 33421

GREAT comment by Jim Grant on financial panics ................................ This was in an otherwise "routine" 8/5/07 Floyd Norris NYT article about credit markets "tightening up" (lately). *************************************************************** The credit squeeze is coming at a time when the American economy seems to be growing, despite problems in the housing market, and the world economy is strong. “The underlying economy is very healthy,” said Henry Paulson, the Treasury secretary, as he visited China last week. But a good economy in no way precludes credit problems. In fact, it is during good economic times that credit standards are most likely to be so lax that bad loans are made. “Financial panics don’t happen during depressions,” said James Grant, the editor of Grant’s Interest Rate Observer. “They happen on the brink of depressions. The claim the world is prosperous is beside the point.” Copyright 2007 The New York Times Company.

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