Simmons contends that traders were forced to liquidate oil contracts as credit dried up, causing prices to fall.
Markets plummeted, credit dried up, and jobs were vanishing by the hundreds of thousands each month.
Such debts became insupportable as margins fell and credit dried up.
Mortgages became less available, millions of credit cards were revoked, lines of credit dried up, and banks essentially abandoned the small business and student loan markets.
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Credit dried up and that had a real and definite effect on the growth of existing companies, the health of fragile new businesses, and the opportunities for entrepreneurs to start up new firms.
However, most small businesses have faced an especially challenging economic climate in recent years, as lenders exhibited widening interest rate spreads, and access to credit dried up almost entirely by the end of 2008.
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Credit has dried up, effective demand has shrivelled, the housebuilders are going bust.
After external credit had dried up, the government in July declared that it would at once eliminate its fiscal deficit.
Since that credit has dried up, employment has stopped growing.
Once the nation's credit shores dried up, there were few buyers who could reasonably afford the inflated prices, which quickly began dropping once inventory grew and buyers stayed home.
It was useful to have state-controlled lenders when credit from abroad dried up at the end of 2008.
Those events spooked credit investors, and the demand pretty much dried up by the middle of July.
But their reputation was tarnished in the credit crunch and demand for new CLOs has dried up.
And bank lending to companies is on the rise, though a good chunk of this is taking over from credit once supplied by capital markets, which have dried up.
Its traders pushed too far out on the ledge to make Merrill the leading bank in credit derivatives, a position that cost the firm dearly when the market dried up and Merrill got caught holding billions in securities with plummeting values.
They just want credit lines with fair interest rates and payback schedules, but that's something that has dried up during this crisis, and it's starving our small businesses.
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