Last year as we watched the decline of the mortgage market we suspected the problem was deeper than that. Mortgage blues spread around the world. Now the problem is well beyond mortgages. Credit deterioration is beginning to spread outside of residential real estate into commercial loans and credit cards, BMO Capital Markets analyst Peter Winter said.
“You can really see the evidence of it this quarter,” Winter said. One of our own writers said the same by last winter. Her analysis and foresight is uncanny and we respect her opinions. What troubles us is lack of focus and lack of action to steer the United States out of a problem created by greed and easy credit.