Word: crediteers
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...sure, all lending hasn't been wiped off the face of the planet. Community banks, credit unions and firms that lend money against receivables are in many cases booming. Sterling National Bank, a regional player in the Northeast, has taken out newspaper advertisements asking "What Credit Crunch?" and highlighting loans it has recently made - a $5 million revolving line of credit to fund sales growth, $4 million worth of credit and lease-financing to buy IT systems and software...
...more. Now suppliers, loath to extend credit even to longtime partners, are insisting on cash as quickly as possible, sometimes in as little as 15 days - which strains Mitternight's ability to manage his cash flow. "They're concerned things could go wrong," he says. So is he. Which is why he's decided to keep a tight cap on spending instead of expanding his business. That means $35,000 less juicing of the economy when Mitternight doesn't buy a truck. And it means one fewer job created for an HVAC technician...
...That illustrates an important point: the line between the problem's being a credit crunch and the problem's being an economic slowdown is blurring. In late September, BDO Seidman, an accounting and consulting firm, surveyed chief financial officers at 100 large retailers and found that 41% had experienced a tightening of credit by their lenders. That finding was set right next to another: that 37% of retailers planned to reduce inventory purchases for the rest of the year. Sounds like Jane Huelle's Dog Shop all over again...
...difficult to articulate what a credit crunch feels like. A recession, on the other hand, most people can explain...
...central promise - that God will "make a way" for poor people to enjoy the better things in life - had developed an additional, dangerous expression during the subprime-lending boom. Walton says that this encouraged congregants who got dicey mortgages to believe "God caused the bank to ignore my credit score and blessed me with my first house." The results, he says, "were disastrous, because they pretty much turned parishioners into prey for greedy brokers...