Appeared on December 4, 2008
Call it the Philadelphia region’s credit crisis conundrum.All through this credit crisis, we’ve been told that the credit markets are frozen or, at the very least, not functioning normally. Banks, they say, are hoarding cash, not lending.One semi-regular publication that describes lending activity is the Federal Reserve’s “Beige Book” report on current economic conditions its its 13 districts. The version released yesterday says “business and consumer lending activity continued to slow in most districts.”