{"id":44546,"date":"2023-04-26T13:49:42","date_gmt":"2023-04-26T03:49:42","guid":{"rendered":"https:\/\/www.tomgrimshaw.com\/tomsblog\/?p=44546"},"modified":"2023-04-26T13:49:48","modified_gmt":"2023-04-26T03:49:48","slug":"the-credit-she-is-being-crunched","status":"publish","type":"post","link":"https:\/\/www.tomgrimshaw.com\/tomsblog\/?p=44546","title":{"rendered":"The Credit She Is Being Crunched"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-44547\" src=\"http:\/\/www.tomgrimshaw.com\/tomsblog\/wp-content\/uploads\/2023\/04\/Car_Dealership-300x200.jpg\" alt=\"Car Dealership\" width=\"968\" height=\"645\" srcset=\"https:\/\/www.tomgrimshaw.com\/tomsblog\/wp-content\/uploads\/2023\/04\/Car_Dealership-300x200.jpg 300w, https:\/\/www.tomgrimshaw.com\/tomsblog\/wp-content\/uploads\/2023\/04\/Car_Dealership.jpg 500w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/p>\n<p><strong>There is no possible way to spin \u201cthe steepest decline in lending on record\u201d to make it sound good.<\/strong><\/p>\n<p>Our economy runs on mortgages, auto loans and credit cards, and so a dramatic reduction in lending will inevitably lead to a dramatic reduction in economic activity.<\/p>\n<p>A lot of people are comparing this new crisis to what we went through in 2008 and 2009, because that is the only downturn in recent memory that is comparable.<\/p>\n<p><strong>Unfortunately, I am entirely convinced that this new crisis will eventually\u00a0<a href=\"https:\/\/www.amazon.com\/dp\/B0BL644Y14\">greatly surpass<\/a>\u00a0what we experienced during the Great Recession.<\/strong><\/p>\n<p>So I would encourage you to do whatever you need to do to get ready for harsh economic times, because what is ahead is not going to be pleasant for any of us.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/personal-finance\/i-had-find-out-if-was-true\">https:\/\/www.zerohedge.com\/personal-finance\/i-had-find-out-if-was-true<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is no possible way to spin \u201cthe steepest decline in lending on record\u201d to make it sound good. Our economy runs on mortgages, auto loans and credit cards, and so a dramatic reduction in lending will inevitably lead to a dramatic reduction in economic activity. A lot of people are comparing this new crisis &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.tomgrimshaw.com\/tomsblog\/?p=44546\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Credit She Is Being Crunched&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,10],"tags":[],"class_list":["post-44546","post","type-post","status-publish","format-standard","hentry","category-general-interest","category-wealth-tips"],"_links":{"self":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts\/44546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44546"}],"version-history":[{"count":2,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts\/44546\/revisions"}],"predecessor-version":[{"id":44549,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts\/44546\/revisions\/44549"}],"wp:attachment":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}