Thursday, February 25, 2010
First of the Day: "Epic" decline in bank lending
Besides registering their biggest full-year decline in total loans outstanding in 67 years, U.S. banks set a number of grim milestones. According to the FDIC, the number of U.S. banks at risk of failing hit a 16-year high at 702. More than 5% of all loans were at least three months past due, the highest level recorded in the 26 years the data have been collected.
Nothing to see here, folks. Economists have declared the U.S. out of recession. Just move along now.
The Depression Chronicles – 1: Bankruptcies