US BANK CREDIT

BANK CREDIT STILL CONTRACTING

As Rosemberg said : "The numbers for the first week of the year (to January 6th) were not pretty. Total bank lending slipped $18 billion to $6.697 trillion, and has now contracted a massive $642 billion or 9% from the peak of $7.339 trillion on November 14th, 2007. The decline last week was quite broad based – real estate credit -$8 billion; consumer credit -$6 billion; and commercial/industrial loans -$4 billion. Whoever said the credit contraction was over? " Certainly not Mckinsey !!!

WIZ