Total Bank Loans and Leases Reach New Record
According to banking data from the Federal Reserve that was updated today, Total Loans and Leases of Commercial Banks in the U.S. continue to grow, and have doubled from $3.5 trillion in 1999 to $7 trillion in 2008. On a monthly basis, Total Bank Loans and Leases exceeded $7 trillion for the first time in September 2008, and reached $7.258 trillion by the first week of October.
We keep hearing news reports that describe U.S. credit markets as being "tight," "frozen," "seized-up," "ultra-tight," "drum tight," etc. Why isn't that much-publicized credit tightness showing up in commercial bank loan data, which keeps setting record highs, and is now more than $7 trillion?