Word: banking
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...sure, all lending hasn't been wiped off the face of the planet. Community banks, credit unions and firms that lend money against receivables are in many cases booming. Sterling National Bank, a regional player in the Northeast, has taken out newspaper advertisements asking "What Credit Crunch?" and highlighting loans it has recently made - a $5 million revolving line of credit to fund sales growth, $4 million worth of credit and lease-financing to buy IT systems and software...
...extreme - some people (Congressmen included) have suggested that companies might even be at risk of not being able to pay workers. So far, there's little, if any, evidence of that. Automatic Data Processing, which handles paychecks for 400,000 small businesses, dips into its clients' bank accounts to pay their employees. There has been a slight uptick in the number of times there haven't been ready funds, but at this point, that pattern isn't any different from what ADP has observed in previous economic slowdowns...
...realized that Prosperity's central promise - that God will "make a way" for poor people to enjoy the better things in life - had developed an additional, dangerous expression during the subprime-lending boom. Walton says that this encouraged congregants who got dicey mortgages to believe "God caused the bank to ignore my credit score and blessed me with my first house." The results, he says, "were disastrous, because they pretty much turned parishioners into prey for greedy brokers...
...table when you could have lived it up. There are no pockets in a shroud, as the saying goes. We once saved about 15% of our income. By the roaring '80s the rate was 4%; now we're in negative numbers. Bob Hope liked to joke that "a bank is a place that will lend you money if you can prove that you don't need it." But that too changed as easy credit bloomed and usury became another of those vices that had somehow lost its juice. The average American has nine credit cards with a total...
...banned word on Capitol Hill now - the uncomfortable spotlight is once again focused on Boehner's ability to deliver enough Republicans. The sweeteners added to the basic plan - including an extension of popular energy and business tax cuts and an increase to $250,000 in the amount in individual bank accounts that the FDIC will insure - should help. But if Boehner is once again unable to deliver the necessary votes, it could cost him his leadership job and further damage McCain's chances of winning the presidency...