It's getting messy in the credit world. What we're going to see is:
• Bank Credit Growth near multi-year lows - banks are simply not lending!
• Sector credit data shows a big drop in industrial credit growth
• Lending to Commercial Real Estate has collapsed -
• Home loans for "higher cost" housing continue to grow and feed the bubble
• We think this is bad news for banks (who get less income) and bad news for the economy (slowing growth)