The Washington Post reported that the largest decline in bank lending year over year since the 1940′s occurred in 2009. Bank lending declined 7.5% over 2008 to $587 billion.
Other asset quality indicators worsened in the 4th quarter including Net Chargeoffs (accounts considered uncollectible) up 37% over ’08. This rate represents the highest rate for NetChargeoffs in the 26 yrs that statistics have been kept on the figure.
The worst of it may be over but it still seems pretty far from over.
Stu
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