from Zero Hedge:
The US Ministry of Truth has been hard at work the last month and nowhere is that more evident than in the blatant “tap on the shoulder” that The National Association of Credit Managers must have got this week… to revise their catastrophic indicators back to ‘stable’…
Two weeks ago we highlighted what was a stunningly clear indication of the looming recessionary environment (that The Atlanta Fed is now also seemingly suggesting and is consistent with the worst collapse in macro data since 2008). The largest spike in ‘credit application rejections’ indicated a credit crunch and “serious financial stress manifesting in the data and this does not bode well for the growth of the economy going forward.”
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