Some of the data reveal a sudden surge in lending after the bailout was approved. Perhaps this injection of liquidity resulted, to some extent, in additional lending. But, an unprecedented “credit crunch”? The data indicate it simply NEVER EXISTED! PERIOD!
My fellow Americans, we’ve been HAD!
Click here for my previous commentary on this $700 billion bailout.
Today, 9/24/08, the talk at the Senate Banking Committee was mostly about the so-called “Credit Crunch”.
Again, lots of allegations and anecdotes flew. Again, there was NO HARD DATA presented!
Again, the data which I have access to does NOT support the thesis that a $700 Billion Bailout is needed!
WHERE is the Credit Crunch? Why are present circumstances, in the words of Paulson, “unprecedented”? If Secretary Paulson has more recent data than I have access to, PRESENT IT! The following is the most recent data which I have access to:
(Through the end of December)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Consumer (Individual) Loans at All Commercial Banks
(Through January 1st)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Commercial and Industrial Loans of Weekly Reporting Large Commercial Banks
(Through February 4th)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Total Commercial and Industrial Loans Including Foreign Related Institutions
(Through February 4th)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Commercial and Industrial Loans at All Commercial Banks
(Through January 1st)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Real Estate Loans at All Commercial Banks
(Through January 1st)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Total Loans and Leases of Commercial Banks
(Through February 4th)
Click the image to enlarge & view the source:
Sorry Paulson, nothing “unprecedented” here!
Click here for a broader view of the same metric.
Click here and here for the latest data on each chart.
Secretary Paulson - WHERE is the
“unprecedented” Credit Crunch?
Was it the “TED Spread” that spooked you?
Please Register Your Opinion -
Please contact your representatives and tell them you oppose this bailout!
From the above link, I suggest you copy and paste the following into the form:
I oppose the $700 billion dollar mortgage bailout because the data do not support the thesis:
http://sbvor.blogspot.com/2008/09/700-billion-dollar-bailout-for-what.html
http://sbvor.blogspot.com/2008/09/700-billion-dollar-bailout-credit.html
Act NOW! Congress will probably vote in just a few days (at MOST)!
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