Credit Crisis - Is a Myth - GoFuckYourself.com

spunkmaster · 12-22-2008, 05:50 PM

New Celent report on flawed assumptions about the credit crisis

New York, Dec. 15, 2008 -- US policymakers have implemented an unprecedented range of tools to fight the credit crisis. However, it appears that many of their assumptions regarding the nature of the crisis are not supported, or even flatly contradicted, by the available data. Many measures of lending have actually increased during the crisis and are even at record levels.

This reports examines some key assumptions being made by leading US policymakers regarding the credit crisis. In particular, comments made by the two leading policymakers, the chairman of the Federal Reserve, Ben Bernanke, as well as the secretary of the US Treasury Department, Henry Paulson, are compared with publicly available data.

In many cases, it appears that these policymakers' assumptions regarding the credit crisis are incorrect. Far from seeing a tightening of credit, a number of measures show that credit has expanded, and Celent finds that the lending markets are in surprisingly good health. Data published (in most cases by the Federal Reserve itself) show that:

Overall lending by US banks is at a record high and has increased during the credit crisis.
Interbank lending is at record highs and has increased during the credit crisis. Consumer credit is at record highs and has increased during the credit crisis.
Commercial paper markets are operating within their historical norms.
Lending by banks to businesses is at record highs and has been growing rapidly.
Municipal bond markets are operating within their historical norms.
Deposits at banks have shown a substantial increase since the start of the credit crisis.
"It appears that policymakers are making a variety of mistakes regarding the current financial crisis. If that is the case, the policy tools that they are employing may very well be the wrong ones," Octavio Marenzi, head of Celent and author of the report.

tony286 · 12-22-2008, 05:52 PM

I doubt that and where did you get this info? url please

skrinkladoo · 12-22-2008, 05:55 PM

Quote:

Originally Posted by tony404

I doubt that and where did you get this info? url please

- no shit

F-U-Jimmy · 12-22-2008, 05:56 PM

Thats all BS

Rochard · 12-22-2008, 06:00 PM

Well, they surely aren't buying houses in my neck of the woods....

Ayla_SquareTurtle · 12-22-2008, 06:02 PM

This seems to be the source: http://www.celent.com/PressReleases/...editCrisis.asp

It's the intro to a 30 page report available for members.

tony286 · 12-22-2008, 06:04 PM

Quote:

Originally Posted by Rochard

Well, they surely aren't buying houses in my neck of the woods....

yep and toyota reported over a billion dollar loss because people are just buying up cars

Barefootsies · 12-22-2008, 07:48 PM

Quote:

Originally Posted by tony404

I doubt that and where did you get this info? url please

aGREED.

mynameisjim · 12-22-2008, 07:56 PM

Source seems a bit fishy.

But I don't doubt the real nature of the crisis was overblown so the banks could get their money faster. Seems like a pretty normal thing to do.

Also don't forget, before the "credit crisis" credit was soooooooooooo easy that even returning to normal would seem like a crisis. Many of these firms couldn't have operated on normal credit lines so while it may have been a crisis for them, it may not have been so bad by normal measures.

James124 · 12-22-2008, 08:40 PM

http://www.reuters.com/article/email...081211?sp=true

tony286 · 12-22-2008, 08:48 PM

Quote:

Originally Posted by James124

http://www.reuters.com/article/email...081211?sp=true

based on the same bullshit report.Toyota is losing a billion dollars because people cant get credit to buy cars. Amex is cutting good customers lines left and right.

tony286 · 12-22-2008, 09:03 PM

http://www.bizjournals.com/seattle/s...15/focus2.html
http://www.bloomberg.com/apps/news?p...xxA&refer=home
http://uk.reuters.com/article/oilRpt...NA275120081222
http://www.mercurynews.com/business/ci_11273180
http://www.reuters.com/article/gc04/...4BF6ZQ20081216

spunkmaster · 12-22-2008, 11:51 PM

Quote:

Originally Posted by tony404

I doubt that and where did you get this info? url please

Here's the article from American Banker

http://www.americanbanker.com/usb_ar...0812158UB27A7C

Darkland · 12-23-2008, 12:16 AM

I don't know if this data they are talking about is false, old or simply disinformation. What I DO know is that I have neighbors trying to sell their homes and can't because no one is getting loans approved. Not only that, several cards I have raised the APR and are getting stingy. I have a card I paid about a week late recently and they were on my ass like that fucking paper boy in that "Better Off Dead" movie. One of my other cards got lowered. This is just what I have seen personally, there is more going on out there.

It is just fucking logic. With any economic crisis, there will always be a tightening of sphincters. Add on top of that record levels of unemployment. The people with the most to lose are those in Credit/Lending. When people can't make a buck, can't find a job or just lost one, who is gonna pay the bills? You're gonna see credit lenders with a whole heap full of nothing.

The average Joe losing his job and suffering the most financially does'nt have a savings or a nest egg to rely on. These are the credit lenders bread and butter, the buy now pay later crowd. Look where it has got us. This whole thing IS about credit. I don't understand why people can't see that.

Who knows, maybe I got it all wrong...

12-22-2008, 05:50 PM	#1
spunkmaster Confirmed User Join Date: Jan 2004 Posts: 2,052	Credit Crisis - Is a Myth New Celent report on flawed assumptions about the credit crisis New York, Dec. 15, 2008 -- US policymakers have implemented an unprecedented range of tools to fight the credit crisis. However, it appears that many of their assumptions regarding the nature of the crisis are not supported, or even flatly contradicted, by the available data. Many measures of lending have actually increased during the crisis and are even at record levels. This reports examines some key assumptions being made by leading US policymakers regarding the credit crisis. In particular, comments made by the two leading policymakers, the chairman of the Federal Reserve, Ben Bernanke, as well as the secretary of the US Treasury Department, Henry Paulson, are compared with publicly available data. In many cases, it appears that these policymakers' assumptions regarding the credit crisis are incorrect. Far from seeing a tightening of credit, a number of measures show that credit has expanded, and Celent finds that the lending markets are in surprisingly good health. Data published (in most cases by the Federal Reserve itself) show that: Overall lending by US banks is at a record high and has increased during the credit crisis. Interbank lending is at record highs and has increased during the credit crisis. Consumer credit is at record highs and has increased during the credit crisis. Commercial paper markets are operating within their historical norms. Lending by banks to businesses is at record highs and has been growing rapidly. Municipal bond markets are operating within their historical norms. Deposits at banks have shown a substantial increase since the start of the credit crisis. "It appears that policymakers are making a variety of mistakes regarding the current financial crisis. If that is the case, the policy tools that they are employing may very well be the wrong ones," Octavio Marenzi, head of Celent and author of the report. __________________

12-22-2008, 05:56 PM	#4
F-U-Jimmy Confirmed User Industry Role: Join Date: Apr 2006 Location: Visiting a city near you soon ! Posts: 6,853	Thats all BS __________________ icq. 176240424 44.years as a pornographer !!!!!!!!!!!

12-22-2008, 06:00 PM	#5
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 73,443	Well, they surely aren't buying houses in my neck of the woods.... __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

12-22-2008, 06:02 PM	#6
Ayla_SquareTurtle Confirmed User Industry Role: Join Date: Sep 2005 Location: 5000 full paysite reviews and counting Posts: 3,550	This seems to be the source: http://www.celent.com/PressReleases/...editCrisis.asp It's the intro to a 30 page report available for members. __________________ gone. long gone. aylasquareturtle .."a"t".. gmail dawt com

12-22-2008, 07:56 PM	#9
mynameisjim Confirmed User Join Date: Aug 2007 Posts: 2,985	Source seems a bit fishy. But I don't doubt the real nature of the crisis was overblown so the banks could get their money faster. Seems like a pretty normal thing to do. Also don't forget, before the "credit crisis" credit was soooooooooooo easy that even returning to normal would seem like a crisis. Many of these firms couldn't have operated on normal credit lines so while it may have been a crisis for them, it may not have been so bad by normal measures. __________________ jim (at) amateursconvert . com Amateurs Convert

12-22-2008, 05:52 PM	#2
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	I doubt that and where did you get this info? url please

12-22-2008, 08:40 PM	#10
James124 So Fucking Banned Join Date: Jun 2006 Posts: 261	http://www.reuters.com/article/email...081211?sp=true

12-22-2008, 09:03 PM	#12
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	http://www.bizjournals.com/seattle/s...15/focus2.html http://www.bloomberg.com/apps/news?p...xxA&refer=home http://uk.reuters.com/article/oilRpt...NA275120081222 http://www.mercurynews.com/business/ci_11273180 http://www.reuters.com/article/gc04/...4BF6ZQ20081216

12-23-2008, 12:16 AM	#14
Darkland Confirmed User Join Date: May 2002 Posts: 1,488	I don't know if this data they are talking about is false, old or simply disinformation. What I DO know is that I have neighbors trying to sell their homes and can't because no one is getting loans approved. Not only that, several cards I have raised the APR and are getting stingy. I have a card I paid about a week late recently and they were on my ass like that fucking paper boy in that "Better Off Dead" movie. One of my other cards got lowered. This is just what I have seen personally, there is more going on out there. It is just fucking logic. With any economic crisis, there will always be a tightening of sphincters. Add on top of that record levels of unemployment. The people with the most to lose are those in Credit/Lending. When people can't make a buck, can't find a job or just lost one, who is gonna pay the bills? You're gonna see credit lenders with a whole heap full of nothing. The average Joe losing his job and suffering the most financially does'nt have a savings or a nest egg to rely on. These are the credit lenders bread and butter, the buy now pay later crowd. Look where it has got us. This whole thing IS about credit. I don't understand why people can't see that. Who knows, maybe I got it all wrong... __________________ "The towers are gone now, reduced to bloody rubble, along with all hopes for Peace in Our Time, in the United States or any other country. Make no mistake about it: We are At War now -- with somebody -- and we will stay At War with that mysterious Enemy for the rest of our lives." H.S.T. 09/12/01