Quote:
Originally Posted by Wookie
Does it affect Canada?
I just refinanced about $2.3 million of some guys debt Friday/today, and about $4.9 million Thursday, both expiring October 1st.
We just got an email from our head office saying we're not looking at any new deals for a minimum of a few days. If these guys had been slow, they could have been SOL!!
Now we're not in the business of f'ing people. So I'm sure it wouldn't have been that bad. But. . . It could have been. We could pull out of the market all together. I'm not sure yet...
Lack of credit is a serious, serious problem, it's pretty much the oil that runs the economy.
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I think Wookie illistruated this point pretty well, which would be my reply to peter12 but I was too lazy to repeat what CNN has been saying.
If credit is frozen, companies start dying, people stop buying things, jobs will be lost, rinse and repeat.
Its not about saving the stock market or getting stocks to rebound, its about having cash flow through credit.