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...true that credit standards for business lending haven't tightened, as illustrated by the Federal Reserve's monthly loan-officer survey. And as Fed governor Elizabeth Duke pointed out in a speech on Feb. 26, those tougher standards could be having a disproportionate effect on small businesses. "Credit conditions may be particularly tight for small businesses because their finances are, in many instances, very closely intertwined with the personal finances of their owners," she said. For example, the owner of a small business who also owns a house may see a lower home price weigh down the creditworthiness...
...civilian casualties caused by the NATO assault. They also demanded that he build schools and hospitals and provide jobs. "They had some very legitimate complaints - very, very legitimate," Karzai said soberly as he left the mosque. "They felt as though they were abandoned, which in many cases is true...
NAFTA is another reason. The "giant sucking sound" Ross Perot warned about has worked in reverse: since NAFTA took effect in 1994, it has drawn Mexico ever more tightly to the U.S. and Canada. That's been especially true under Calderón's more conservative National Action Party (PAN), which has ruled Mexico since 2000 and whose voter base resides in the country's more U.S.-friendly north. And then, perhaps most important, Mexico for the past decade has been waging an increasingly horrific war against its drug cartels, whose narcoinsurgency has afforded the government little time and energy...
...same is true on the worker side of the equation. If the key characteristics of the American economy are flexibility and forward motion, then we would all be better off if people felt more support - both financial and social - to invest in their education, switch jobs and industries and venture out to start new firms...
...businesses, has also been a major policy push - and a tricky one to size up. The efficient reallocation of capital is key to any economy but especially to one like the U.S.'s, which counts on dynamism as a competitive advantage. Lending to businesses is down; that much is true. But is that because banks are overly cautious and asset-impaired or because businesses are uncertain about the future - or just aren't creditworthy borrowers? A recent survey by the National Federation of Independent Business found that companies that couldn't borrow typically had declining sales or depressed real estate...