US bank lending falls at fastest rate in history

Did a quick Search and found nothing posted so i thought i would post it for you guys:

Bank lending in the US has contracted so far this year at the fastest rate in recorded history, raising concerns that the Federal Reserve may have jumped the gun by withdrawing emergency stimulus.

Link


Now this dated two-ish weeks ago but i do think it is important news. I do think the long awaited collapse is coming, The Fed birthed it, it shall take it away. I am all for it.

[edit on 4-3-2010 by UnitedSatesofFreemasons]

Hmm? Faster than 2008? That was the fastest ever, and the economy ground to a halt.. I have a hard time believing we have seen that level of lending contraction in the economy, as the signs of such a move would be nearly instantaneous.

Interesting nonetheless.. I hadn't even seen anything about this on the news.

At the very least people like Stiglitz are saying very high unemployment in the US.

Now he also claims that he may have been able to stop or at least lessen the recession. So he may be a bit big for his briches.

[exJoseph Stiglitz is an American economist and a member of Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Prize in Economics (2001).www.charlierose.com...


He is very much in favour of a European system being used for America as well as in favour of a world currency as expressed by China.

Lending and housing prices will continue to fall.

"considerable repercussions for mortgage rates and home prices"
www.ft.com...

Global banks warn on rates and house prices

By Tom Braithwaite in Washington

Published: March 3 2010 23:26 | Last updated: March 3 2010 23:26

Mortgage rates will rise, home prices will fall and the supply of credit will diminish when the US Federal Reserve and other central banks wind down emergency programmes, a group of global banks warned on Wednesday.

In a stark prediction for the fallout of the end to the Fed’s programme of purchasing mortgage-backed securities, the Institute of International Finance’s Market Monitoring Group cautioned that there would be “considerable repercussions for mortgage rates and home prices”.
...

If the this is true you will not be hearing about it in the main stream media. They are all green shoots, rainbows and sunshine when it comes to economic forecasts.
Just look at how they are playing down the dismal jobs data that is coming out tomorrow. Its going to look real bad but they are all saying no, no, no that’s because of the lousy weather we’ve been having.
I’m not buying it.
Jobs report comes out at 8:30 AM eastern time tomorrow.