Wednesday, October 22, 2008

The mythical credit crunch

The notion of a credit crunch is unsupported by the data. Where is the media on this? Shouldn't they be getting the message out? Or are they too busy rummaging through the garbage of Joe the Plumber?

Update: I discussed this matter with a friend of mine who works for Global Insight and his take was that the only reason the bottom hasn't fallen out is due to the largest government intervention in capital markets since the Depression. It is unsustainable and has only postponed the inevitable reckoning. He might be right.

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