Credit tighter for certain

Opinion

2007 came in like a lamb but exited like a lion, as credit conditions abruptly began to tighten last summer and continued to deteriorate through year-end. The economy seemed to be weathering the credit storm reasonably well into autumn, but GDP growth screeched to a halt late in the year.

There was some hope that credit conditions would begin to improve once the calendar turned to 2008, and funding pressures did, for a time, abate, aided by the Federal Reserve's decision to create the term auctio

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