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PrintMay 01, 2009
By Michael Cembalest, Chief Investment Officer, J.P. Morgan Global Wealth Management
There have been extraordinary changes in credit markets, in terms of both availability and pricing, since the onset of the credit crunch in 2007. Changes in credit are often thought to have been wrought by banks. But a simple exercise in forensics reveals that not to be the case: the rise and fall of securitized loan markets have a much larger impact. Bank lending has remained stable throughout, while securitized markets collapsed. Any dialogue, government program or legislation dealing with the future of banking and credit needs to take this crucial distinction into account.
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