We're Battening Down the Hatches, Not More

Bankers themselves were telling the Fed and anybody who paid attention to the SLU survey numbers that they were taking risk off the table in April. This was after bear sterns. And as Janet Yellen correctly identified, that was going to have an enormous impact on both large and small business throughout the entire economy. The storm is still in front of us. Even though we see some modest financial improvements in certain places, some spreads have come down.

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