I listened as some lenders on CNBC a month or so said their banks were lending. Hogwash. The below is reality.

From The New York Times Quotation of the Day:

"The credit pendulum is stuck at ‘stupid.’ I am turning down loans every day that my grandfather in his Ponca City, Okla., savings and loan in 1935 would have been happy to make. And he was tough."

LOU S. BARNES, an owner of a Colorado mortgage bank.