by Calculated Risk on 12/01/2008 09:16:00 AM

Note: I'll post a compendium of Tanta's posts soon, plus a charity of her choosing. The services will be private.

From Reuters: Credit card industry may cut $2 trillion of lines: analyst

The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
...
"In other words, we expect available consumer liquidity in the form or credit-card lines to decline by 45 percent."

This would be a stunning reduction in available credit.