As U.S. economy slows, credit card crunch begins

IHT - First came the mortgage crisis. Now comes the credit card crunch. After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both just as an eroding economy squeezes consumers.

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Time to face down the myth that banks always know best

Guardian - I asked two bankers involved in the negotiations if the government has demanded details of how they lend now compared with last year. No, they said, they haven’t had to provide those accounts. Labour needs to clear a quick path through this thicket to make sure the funds made available really [...]

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Cost of crash: $2,800,000,000,000

Guardian - Autumn’s market mayhem has left the world’s financial institutions nursing losses of $2.8tn, the Bank of England said today, as it called for fundamental reform of the global banking system to prevent a repeat of turmoil “arguably” unprecedented since the outbreak of the first world war.

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