Goodbye expansion; hello recession !

November 13 2007 MarketWatch.com The value of people's two biggest assets, their homes and their investments, are falling. Many households have little or no savings to fall back on, having spent more than they have earned for at least the past two years. As for borrowing, forget about it! The credit squeeze has made banks increasingly wary of lending money - not just to consumers, but to businesses as well. The credit market crisis is slowly but surely choking off the flow of funds to borrowers. If consumers and businesses can't get the loans they need, they will reduce their outlays.

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