The New York Times has an interesting story in today’s business section on the credit crisis spreading to small and midsize banks. The article highlights that the banks were unprepared for the residential downturn. The banks were also highly exposed to a commercial real estate downturn. This mushroom cloud spreads to small banks.
Mushroom Cloud Spreads to Small Banks
The take away I get from this story is that… The Fed’s are going to be tightening credit underwriting on all the banks, not just the ones in trouble. This credit squeeze will affect everyone!
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