Bank regulators fret about reckless lending and risks to the banks. But when this doozie pops, it will hit sales, production, services, railroads…. It won’t go away quietly.
We’ve spent our entire life in a credit expansion. We began life when the cork came out of the credit jug. We’ve all been pulling hard on it ever since. Heck, we’ve lived on it. “Hey, we’ll pay you later,” we said. But what if “later” is now?
