Word: creditably
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...June prices were down 16% compared with a year earlier. In some cities - like Phoenix and Miami - they have fallen by as much as a third from their peaks. The U.S. real estate market hasn't faced anything like this since the Depression. And the pain is not over. Credit Suisse predicts that 13% of U.S. homeowners with mortgages could end up losing their homes...
...billion in new capital. The trouble is that the net loss of $99 billion implies that they will need to shrink their balance sheets by 10 times that figure - almost a trillion dollars - to maintain a constant ratio between their assets and capital. That suggests a drastic reduction of credit, since a bank's assets are its loans. Fewer loans mean tighter business conditions on Main Street. Your local car dealer won't be able to get the credit he needs to maintain his inventory of automobiles. To survive, he'll have to lay off some of his employees. Expect...
...underlying cause of the Great Depression - as Milton Friedman and Anna Jacobson Schwartz argued in their seminal book A Monetary History of the United States: 1867-1960, published in 1963 - was not the stock-market crash but a "great contraction" of credit due to an epidemic of bank failures...
...small-business owner, Freeborough has already felt the pinch of a tightened credit market. She'd like to expand her service department from four bays to 10. But her lender was a tad leery a few months ago about extending her credit. "I had so much else going on at that time, I held off," she says. "Now I'm thinking I should have just done it then. I am worried I won't be able to get a loan for it, and that will pull my business back." She says that even if car sales slump further, people still...
...worst for small businesses is the freezing of credit markets, says Pat Convery, president of the Howell Area Chamber of Commerce. "There's a lot of angst and confusion," she says. "People are almost afraid to turn on the radio or TV. No one knows what's coming next." - By Maggie Sieger / Grand Rapids...