This is an interesting article. As I have always said, banks are not lending and they are not in any position to do so. What are we to do? From a business perspective there are many ways to get around needing a bank loan and I have many clients to prove it. Some would say that I am like a Dave Ramsey in that I create systems for business owners that remove the reliance on business loans.
As for consumers, I just don’t know. Listen to Dave Ramsey for that.
Read this article and watch the video.
Posted Mar 08, 2010 12:55pm EST by Heesun Wee
Forget the unemployment rate, durable goods orders or the Baltic Freight Index. Veteran market watcher Richard Suttmeier says the FDIC quarterly banking profile is “the single most important leading indicator for the U.S. economy.”
Released about 55 days after the end of each quarter, the FDIC report offers a bird’s eye view of lending activity in America, especially among smaller Main Street lenders and small businesses. “It’s a balance sheet of our economy,” says Suttmeier, chief market strategist at Niagara International Capital and ValueEngine.com.
Based on the latest quarterly profile, for fourth-quarter 2009, the state of the banking system is “not as good as Wall Street is saying. Particularly when you get beyond the ‘too big to fail’ banks,” Suttmeier tells Aaron in the accompanying clip.
More at YahooFinance.com