For banks, what credit crunch?

  • Article by: MIKE MEYERS , Star Tribune
  • Updated: November 2, 2008 - 10:36 PM

Banks continue to lend to businesses, despite anecdotes to the contrary. Loan data rebut tales of "frozen" lending.

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markkallNov. 3, 08 2:39 AM

Oh, you must be kidding.

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pastabirdNov. 3, 08 5:29 AM

OMG we have been lied to again. Must be Bush's fault.

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paulsworkshopNov. 3, 08 6:40 AM

the only thing that needed to be fixed was commerical paper shortages.

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mahoneytNov. 3, 08 8:15 AM

are merely looking to point the finger at banks and play the blame game when their $750 Billion bail out imminently fails. At commercial banks it is business as usual.

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ELYMANNov. 3, 08 8:37 AM

If the figures do not support their case, then the real reason is just the last looting of the public treasury for the friends of George Bush -another giveaway to, this time, billionaire bankers - with no controls, payback or rationale. We need a real Main Street plan for the economy, not more permutations of a Wall Street Plan. Trickle Up!

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smallfryguyNov. 3, 08 8:54 AM

I think it is fairly obvious that the supporters of Sen. Barack Obama have created this false crisis to take over in Washington. They may get away with it, but at what cost?

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MNgolfnutNov. 3, 08 9:04 AM

Here at the community bank level we have been seeing business as usual also. No credit crunch with us as far as our qualified customers have been concerned. I agree with your comment about finger pointing. When the failure of this give-away bill becomes more widely known, Bernanke and Paulson will try to do the old Potomac two-step.

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st3minnNov. 3, 08 9:23 AM

Are we really shocked that the media is trumping up a "crisis" in the midst of a presidential election in order to prop up their candidate of choice? The media is so in the bag for Obama, that they will do anything to make sure the news fits the Obama talking points. The media on the economy: "Worst since the great depression." One the war in Iraq: I don't have a quote here, because things have been going well in Iraq, and therefore the media doesn't report it. When things weren't going well, however, it lead the front pages almost on a daily basis. On polls: Only reported when its good news for Obama (e.g., "Obama surges..." "Obama leads by a big margin..."). Have you seen any reportage on the fact that the polls have been tightnening? Nope. I, for one, am not surprised.

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allarson73Nov. 3, 0810:47 AM

If it proves true you can point the finger at the executive branch for sounding the alarm. This article seems to suggest that a little more data from the Treasury, the Federal Reserve or the President would be helpful. Relax st3minn, not everyone agrees with your paranoid assessment. Seriously, take a deep breath.

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striberNov. 3, 0811:27 AM

It is a fact, however, that large money center banks, down to and including the size of Wells Fargo, have been at least less willing to purchase even very short term commercial paper or make interbank loans while they wait to assess the extent of mortgage backed securities underlying these loans and purchases. Purportedly the $700 billion bailout plan allocates first $150 billion to the largest banks as direct investment, i.e. preferred stock. Second, $150 billion to direct investment in regional banks. The remaining $350 billion is earmarked for the purchase of mortgages, either individual or, more likely, mortgage backed securities.

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