Emerging South

So you tought things are not that bad?  Just a small hiccup in the economy? Wel, have a look to the Mountain-dew fresh results of the Federal Reserve senior loan survey.   The current credit crunch which stiull hasn't reached it's momentum is worse than the Savings & Loans crisis in the early 90s, much worse than the crunch when the Long Term Management Capital Management blew up and far beyond the crunch of the dotcom bust.  Paul Krugman made the below graph for you.

Looking pretty grim for a crisis which is just starting.