Further fallout feared as dust begins to settle on Wall Street - al.com Andreas Rauterkus, an assistant professor of finance at the University of Alabama at Birmingham, said Wall Street as it existed last week has changed dramatically.
'We woke up this morning and only two of the country's investment banks are still standing,' he said, referring to Morgan Stanley and Goldman Sachs.
Rauterkus said the collapse of Lehman Brothers and Merrill Lynch could furtherstrain a financial market still absorbing Bear Stearns' federal government-aided sale to JP Morgan earlier this year.
'The credit crunch could get worse,' Rauterkus said Monday. 'Banks will be less likely to make loans unless you have good credit.'
Tuesday, September 16, 2008
Further fallout feared as dust begins to settle on Wall Street - al.com
Good credit is good to have.
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John K: Correct me if I am wrong here, but aren't banks supposed to only make loans to people with good credit. Could be me, but I am not in the habit of making loans to people who can't repay. But, hey, that is just me.
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