- Joined
- Aug 29, 2007
- Messages
- 35
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. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan"
"...I believe that we are only in the early stages of the second half of this credit cycle. I expect another $1.5 trillion of credit-card lines to be removed from the system by the end of 2010"
Read the full article here - http://online.wsj.com/article/SB1000142405...0989162030.html
"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. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan"
"...I believe that we are only in the early stages of the second half of this credit cycle. I expect another $1.5 trillion of credit-card lines to be removed from the system by the end of 2010"
Read the full article here - http://online.wsj.com/article/SB1000142405...0989162030.html