GaryD

New Bank Data: Latest Lending

Hmmm....based on this guys track record of getting just about everything wrong this post makes me think that the credit contraction is much worse than people are saying.

The St. Louis Fed data series cited only goes to the end of July...not exactly a reflection of what is going on in the markets right now. Our fine Doctor of Piled High and Deep is looking at lagging and outdated numbers when he should be looking at interest rate spreads to get an idea of what is happening. He clearly has no functioning knowledge of capital markets. Does he think that Washington Mutual just decided to close up shop for the hell of it?