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October 22, 2007

All Business: U.S. credit crisis is far from over

  • If big banks thought conditions were about to improve, why would they be gathering for a group hug?
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — The facts speak for themselves: The credit crisis is getting even scarier.

    The first evidence was the announcement by the nation's biggest banks that they are banding together with the government's blessing to try to bail out institutional customers — and maybe themselves — stuck with illiquid asset-backed investments. That's a clear indication that there has been little relaxation in the paralysis gripping debt markets in recent months.


     
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