{"id":197423,"date":"2008-02-05T18:00:00","date_gmt":"2008-02-05T23:00:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/02\/05\/economics-update-528\/"},"modified":"2008-02-05T18:00:00","modified_gmt":"2008-02-05T23:00:00","slug":"economics-update-528","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/02\/05\/economics-update-528\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>It turns out that <a href=\"http:\/\/money.cnn.com\/2008\/02\/04\/news\/economy\/fed_survey.ap\/index.htm?postversion=2008020414\">banks are closing the barn door<\/a> after the cow has gone, and they are tightening credit standards&#8230;a lot.<\/p>\n<p>In fact, it&#8217;s the worst since they started keeping records, as <a href=\"http:\/\/krugman.blogs.nytimes.com\/2008\/02\/04\/credit-crunch\/\">Paul Krugman notes<\/a>, and he provides has a good graph of just how tight it has become:<br \/><img decoding=\"async\" src=\"http:\/\/pic60.picturetrail.com\/VOL1689\/10590113\/18913141\/302560700.jpg\" \/><br \/>He correctly calls it &#8220;grim&#8221;<\/p>\n<p>Additionally, we have the <a href=\"http:\/\/bloomberg.com\/apps\/news?pid=20601087&amp;sid=aGaC.HuMjA7w&amp;refer=home\">Institute for Supply Management&#8217;s non-manufacturing index<\/a>, which accounts for around 9\/10 of the economy, dropping.  See also <a href=\"http:\/\/www.marketwatch.com\/news\/story\/us-ism-services-sector-index-plunges\/story.aspx?guid=%7B9EBD8850-57D9-45F2-BC02-E40E3E828A57%7D\">here<\/a>.<\/p>\n<p>Krugman has <a href=\"http:\/\/krugman.blogs.nytimes.com\/2008\/02\/05\/services-take-a-plunge\/\">another graph<\/a> to illustrate this:<br \/><img decoding=\"async\" src=\"http:\/\/pic60.picturetrail.com\/VOL1689\/10590113\/18913141\/302536872.jpg\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It turns out that banks are closing the barn door after the cow has gone, and they are tightening credit standards&#8230;a lot. In fact, it&#8217;s the worst since they started keeping records, as Paul Krugman notes, and he provides has a good graph of just how tight it has become:He correctly calls it &#8220;grim&#8221; Additionally, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1004],"tags":[],"class_list":["post-197423","post","type-post","status-publish","format-standard","hentry","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197423"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=197423"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197423\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}