Re: Credit Crisis! Credit Crisis!! Credit Crisis!!!

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Lew, unfortunately, people buy into this spurious “crisis” because they hear the bobbing heads in the media say it. I hear it mentioned on Bloomberg, all day every day: consumers and small businesses can’t get loans, and something has to be done about it. Yesterday I talked to a gal at a new gym that just opened in my area. She oversees the admin functions of the business, after making a career change. She worked for many years at one of the large, local credit unions as a loan officer. She, and most of the loan department, were laid off. She said that the entire loan department sat around, day after day, twiddling their thumbs with no one coming in, no one calling, no one wanting a loan. She said they were desperate to loan dough – house, car, personal loans, anything – but people have been frightened away from debt.

2:22 pm on November 22, 2008