What credit crunch?
January 2, 2009 | alternatives, industry, personal finance | Comments (0)The numbers don’t add up according to Barbara Kiviat at Time magazine:
“Policymakers had made three very specific claims,” says {Economist V.V.} Chari. “That banks were not lending to non-financial businesses and households, that banks were not lending to each other, and that the ability of non-financial businesses to access the commercial paper market had declined very sharply.” When he and his colleagues plotted Federal Reserve data through mid-October, they found no dramatic decline in any of those categories. Most measures of lending were holding steady; some were even increasing.
Does this mean we’re not really in a recession?
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