Word: creditably
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...know what to make of it all. Chari said he didn't know - he hadn't looked at the data. Policymakers kept talking about how banks weren't lending to businesses or to individuals or even to each other, so Chari pulled numbers to see just how badly the credit markets were frozen. He was surprised: he didn't see much of anything wrong...
...there a credit crunch? Was there ever? Those questions may seem absurd. Throughout the autumn, the interest rate banks charge each other broke one record after another as trust between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
...during all of that, there was also persistent anecdotal evidence that lending to credit-worthy borrowers was doing just fine - it seemed every other day some community bank CEO was on CNBC talking about how many loans his institution was making to small businesses and people who wanted to buy cars or houses. As the story of Chari, his surprise realization, and the academic dialogue that followed make clear, understanding what is happening in the economy - let alone how to fix it - is an incredibly difficult task, even for people who have built their entire careers around doing just that...
...Still, most southerners champion their region's low-tax, non-union style of economic development, which they credit for luring overseas car companies like BMW and Kia to build major plants from Kentucky to South Carolina to Texas. More important, after spending the 20th century as America's industrial backwater - and after watching the conservative Reagan revolution they once led fade away in last month's presidential election - they hail the idea that the South is rising again in the 21st century. "The sense of confidence is palpable," says Jim Cashman, a management professor at the University of Alabama...
...month compared with a normal 15-18 a week. But December's numbers are solid, he said, thanks in part to his deep roots in the community and solid ties to bankers. Compared to many dealers, Overland Park Jeep Dodge hasn't been troubled by lack of consumer credit. All of his 70 employees have safe jobs, Thompson declared...