Bank analyst Meredith Whitney shared a dim but pragmatic view on the prospects for economic recovery in a Wall Street Journal article last week:
“Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace….small businesses…have never had a harder time getting a loan.”
“Banks…want to lend only to those that don't want to borrow…I believe that we are only in the early stages of the second half of this credit cycle…”
Read the whole article here: WSJ: The credit crunch continues, for a sobering reminder of how important credit is to small business and how important small business is to jobs and stability in our economy.
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