by Bill McBride on 12/01/2008 09:16:00 AM
Monday, December 01, 2008
Note: I'll post a compendium of Tanta's posts soon, plus a charity of her choosing. The services will be private.
From Reuters: Credit card industry may cut $2 trillion of lines: analyst
The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.This would be a stunning reduction in available credit.
"In other words, we expect available consumer liquidity in the form or credit-card lines to decline by 45 percent."
Posted by Bill McBride on 12/01/2008 09:16:00 AM