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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (103665)	2/9/2009 8:47:06 PM
From: Sam	Read Replies (1) \| Respond to of 542004

Back in December, I think it was, people were complaining about credit freezing. That doesn't mean that there were no loans, but it was a sharp enough contraction to qualify as "freezing." Or at least being described as freezing.

To: TimF who wrote (103665)	2/11/2009 3:00:46 AM
From: Cogito	Respond to of 542004

>>Credit didn't and won't freeze. It sharply contracted. That contraction is a painful adjustment, but perhaps a necessary one.<< Tim - My cousin owns a used car dealership in Arizona. He has been in business for over twenty years, buying and selling hundreds of cars per year. He regularly borrows money for short periods of time to finance the purchases of automobiles at auctions. His credit rating is excellent, and he has a good balance sheet. But he is having trouble getting credit now. Just one anecdote, but I think you are underestimating the problem that our economy is facing. Job losses are not the only metric. - Allen