Where's the Credit Crunch?It's Sure Not in the Data
Total commercial bank credit at an all-time high of $10 trillion ($10,000,000,000,000)Total Consumer Credit at an all-time high of $2.6 trillion:
SF Chronicle: Automakers have been hit hard by the economic downturn as consumers put off purchases of big-ticket items, and the credit crunch has made it difficult for would-be buyers to get car loans. UK Telegraph: The credit crunch has dried up the car loan business. AP: Instead, Gettelfinger blamed the problems the auto industry is suffering from on things beyond its control — the housing slump, the credit crunch that has made financing a vehicle tough and the 1.2 million jobs that have been lost in the past year. WSJ: "This industry is in a crisis situation not of its own making," UAW President Mr. Gettelfinger said, blaming the mortgage crisis, credit crunch and financial-sector meltdown for the auto sector's condition.