Lending Declines as Bank Jitters Persist

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Hello dear list members,

 

Problems continue to afflict the banking industry and its ability to support the recovery with new loans is being hampered.

 

 

Lending Declines as Bank Jitters Persist

U.S. lenders saw loans fall by the largest amount since the government began tracking such data, suggesting that nervousness among banks continues to hamper economic recovery. Total loan balances fell by $210.4 billion, or 3%, in the third quarter, the biggest decline since data collection began in 1984, according to a report released Tuesday by the Federal Deposit Insurance Corp. The FDIC also said its fund to backstop deposits fell into negative territory for just the second time in its history, pushed down by a wave of bank failures. The decline in total loans showed how banks remain reluctant to lend, despite the hundreds of billions of dollars the government has spent to prop up ailing banks and jump-start lending. The issue has taken on greater urgency with the U.S. unemployment rate hitting 10.2% in October, even as the economy appears to

be stabilizing. "There is no question that credit availability is an important issue for the economic recovery," FDIC Chairman Sheila Bair told reporters Tuesday. "We need to see banks making more loans to their business customers." She said large banks -- which account for 56% of industry assets and received a large share of the government's bailout funds -- accounted for 75% of the decline.

http://online.wsj.com/article/SB125907631604662501.html?mod=WSJ_hpp_MIDDLTopStories

 

The report comes at a time when 6th lord Jupiter is debilitated in transit and afflicted by natal 8th lord Saturn, as sub-period lord. Transit Sun has also recently been afflicted by transit Jupiter* and transit Saturn. Jupiter is the general indicator of expansion and Sun is the general indicator of trust. Together, these two planets, Jupiter and Sun, are the general indicators of banking.

 

Thor

 

*) When transit 6th lord was stationary afflicting natal Sun in the 7th house in the SAMVA USA chart, it was concerns over the US debt, especially foreign debt, that was raising the alarm over the US currency.