10 Oct 2008

Credit Crunch Bogus? Yea and Nay

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For the first time today, I actually thought that maybe this “credit crunch” isn’t a pure invention* of Paulson and a few (other) investment bankers. Here’s a news story saying that grain is piling up in Canadian ports, because exporters don’t trust the banks backing up their foreign buyers.

On the other hand, “English Bob” emailed me and said he just got an offer in the mail for a mortgage, and I replied that I still see the ads on my screen when I check my Yahoo! account, showing a bunch of people gyrating because mortgage rates are so low.

* Newcomers should note that I am slightly exaggerating. My actual views are laid out here.

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