Word: loaned
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Dates: during 1990-1999
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Consider this: though the economic recovery is now 27 months old, not a single net new dollar has been lent to business by banks in all that time. Last week the Federal Reserve reported that the amount of loans the nation's largest banks have made to businesses fell an additional $2.4 billion in the week ending June 9, to $274.8 billion. Fearful that the scarcity of bank credit might sabotage the fragile economy, the White House and federal agencies are working feverishly to encourage banks to open their lending windows. In the past two weeks, government regulators have introduced...
...government's concern fully justified? Who really needs banks these days? Hardly anyone, it turns out. While banks once dominated business lending, today nearly 80% of all such loans come from nonbank lenders like life insurers, brokerage firms and finance companies. Banks used to be the only source of money in town. Now businesses and individuals can write checks on their insurance companies, get a loan from a pension fund, and deposit paychecks in a money-market account with a brokerage firm. "It is possible for banks to die and still have a vibrant economy," says Edward Furash, a Washington...
...banks lost most of their blue-chip corporate clients years ago to Wall Street's capital markets, they still retained another profitable part of banking: the small and mid-size business borrower. But that has changed in the past few years. The spread of computer technology and sophisticated new loan strategies slashed both the risk and cost of lending to small business owners. Soon financial giants such as Merrill Lynch and John Hancock, as well as smaller finance companies like Access Capital, went after the banks' last domain of business borrowers...
...Fulton Computer Products in Rockville Centre, New York. "Even if you bank with someone for 25 years, that still doesn't amount to a hill of beans." Sales at Weinstein's company jumped from $900,000 in 1988 to $18.5 million last year. Yet when Weinstein applied for a loan with 12 banks over a period of 24 months, all turned him down, even though he was never late in repaying his previous debts. He eventually borrowed $1 million from Access Capital, a fast-growing finance company based in New York...
Elsi is only the beginning of a long, paper-filled maze of agencies. Sallie Mae, the Student Loan Marketing Association, is the real culprit. Sallie Mae is no Madonna, but she probably makes more money in a year from poor saps like me than Madonna will make in her whole career. Sallie Mae and Madonna do, however, have one thing in common: bondage. One temptress' whips and chains are another's default notices...