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Monday, November 03, 2008
Fed Survey Shows Massive Credit Tightening Continues
Rex Nutting
MarketWatch Pulse
WASHINGTON - Banks doing business in the United States have made it much tougher over the past three months for their customers to borrow money, the Federal Reserve reported Monday, strong evidence that the credit freeze is hitting Main Street hard. Most banks were clamping down on credit due to fears about a weaker economy, not because of frozen credit markets. A record 85% of banks said they had tightened standards for commercial and industrial loans to large or medium-sized companies, up from 60% in the previous survey.
Copyright © 2008 MarketWatch, Inc.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
