Over the weekend we reported that the credit crunch had entered the crash phase when we showed that in the last two weeks of April, a record $105 billion in commercial bank loans and leases were either sold, discharged or otherwise transferred from bank balance sheets… … and we followed that up by showing that the bulk of loan declines was due to Small bank real estate loans, a clear indicator that the commercial real estate collapse was starting to impact bank solvency (something we warned about one month ago ). Yet while credit was clearly collapsing at the fastest pace in years, until we get the Fed’s next SLOOS report it would be very difficult to answer the next key question: was this credit plunge the result of falling demand, or supply… or both?
It was therefore a stroke of luck that today’s NFIB’s latest Small Business Optimism report […]
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