Re: [Pen-l] "Has Barack Obama's presidency already failed?"

[Waistline2@xxxxxxx]

Because debt is an _expression_ of credit - lending, rather than the other way around.

 

WL.

 

 

In a message dated 2/13/2009 12:05:50 P.M. Eastern Standard Time, cbcox@xxxxxxxxx writes:

Considering that the recession began over a year ago, rather _before_
lending drie up, how do we know that the problem is refusal to lend
rather than refusal to borrow -- their not being anything promising to
spend/invest the borrwoed money on?

Carrol

 

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