Monday, November 30, 2009

HAVING PROBLEMS BORROWING MONEY? YOU ARE NOT THE ONLY ONE.

Quarterly decline in bank lending is largest since 1984

Banks cut back the amount of money loaned to customers by $210.4 billion in the third quarter, the Federal Deposit Insurance Corp. said. The 2.8% reduction marks the sharpest drop since at least 1984. The biggest banks, which received billions of dollars in taxpayer bailouts, accounted for a disproportionately large part of the drop. "We need to see banks making more loans to their business customers," said Sheila Bair, the FDIC's chairwoman. The Washington Post (11/25) , CNNMoney.com/Fortune (11/24)

No comments: