Word: crunch
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Some banks throttled their lending down so sharply that Government leaders began to fear a full-fledged credit crunch. In a candid statement released May 18, the Federal Reserve said concern about the scarcity of credit had contributed to the central bank's decision at a policy meeting last March not to raise interest rates, despite worries about inflation. Federal Reserve Chairman Alan Greenspan and other top regulators later urged banks during an extraordinary May 10 session in Washington to continue making loans to credit- worthy customers. Said Greenspan at the meeting: "If you have zero loan losses, then...
Small companies are particularly vulnerable to a credit crunch. Unlike major corporations, which can sell bonds or borrow on Wall Street, smaller firms rely on banks for most of their loans. Yet such companies may lack the well- established credit records or other evidence of reliability that increasingly nervous lenders demand...
...recent Government effort to persuade banks to make more loans is an encouraging sign that the credit crunch will not be allowed to strangle the U.S. economy. In Washington last week a conference of New England lawmakers, lenders and economists cited the May 10 meeting between regulators and bankers as evidence that the credit crisis in the Northeast may be easing up. Nonetheless, the experts said the region's economy has been so weakened by the scarcity of credit and other problems that it is likely to remain sluggish for the next 18 months...
Beset by new regulations and bad old loans, lenders cut back and customers feel the crunch. -- Attacking the lucrative drug-accessory trade. -- Andrew Tobias dissects a savings plan...
...year 2005, such an announcement could greet the passengers crammed into the slim fuselage of the last Concorde in service. But frequent Concorde flyers will be happy to learn that the crunch may never come. Last week British Aerospace and Aerospatiale of France said they will spend $36 million over the next five years to study the feasibility of a second-generation supersonic jetliner. It is a high-flying ambition. The current Concorde, operated by British Airways and Air France, has a range of 4,000 miles and a payload of just 100 passengers. Concorde II would fly twice...