Word: loaned
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...floor of the economy are getting nervous too. In an average month, 260 customers walk through the doors of Boyland Acura in Cleveland. That total dropped to 80 in August, says general sales manager Clayton Hrabik. The few remaining shoppers find that it's getting harder to secure a loan. "Once we get down to the meat and potatoes of their credit worthiness," Hrabik says, "they just can't afford...
...Maldonado cannot afford that. So she begs relatives for rides. "I hate it, but there's nothing else I can do," says Maldonado, 49. With interest rates rising, "I'm so afraid to go to a car dealer because what happens if one month I can't afford my loan payment...
...economy is flush or bust, remain steady. Sales dropped slightly last month at Halleen Kia in North Olmsted, a Cleveland suburb. But so far in October they're back to normal, even as credit tightens, says general manager Eric Halleen. "People who might have qualified for an 84-month loan this summer are getting cut back to 62 months," Halleen says, "but we're still able to get deals done...
...indefatigable Paulson, along with Federal Reserve Chairman Ben Bernanke, this week unveiled a slew of new initiatives to try and restore confidence in the markets. On Tuesday, Bernanke unveiled a plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited amounts of money three months at a time, sometimes with little or no collateral, a move unseen since the Great Depression. And at the Treasury, Paulson appointed a 35-year-old former Goldman Sachs banker as temporary head of the agency charged with using the $700 billion to lift bad loans...
Will the moves work? Not even Paulson and Bernanke know. And what is most worrisome about the current crisis, and the latest moves it has necessitated, is that it shows how badly the shadow banking system has managed to undermine the traditional banking system by incentivizing those bad loans. Fueled by the shadow system's demand for loan-based derivatives, enough regular banks issued lousy loans that now they too are failing, hence the fate of Washington Mutual and Wachovia. In the worst case of an unchecked, full-blown panic, even banks that operated cautiously within the post-1929 safeguards...