Execs: Monday’s Downturn Affects Entire Economy

Sep 17, 2008  •  Post A Comment

Executives from General Motors, Qwest Communications and Domino’s Pizza are saying Wall Street’s meltdown and the credit crunch it instigated are affecting all aspects of the U.S. economy, Bloomberg.com reports. The crisis involving Lehman Brothers’ bankruptcy, Merrill Lynch’s takeover by Bank of America and AIG’s government takeover has further tightened lending this week. “Lending has come to about a screeching halt as the industry itself is trying to sort this out,” said David Brandon, CEO of Domino’s Pizza. Among those watching this crunch is Comcast head Michael Angelakis. “We’re very concerned about the ripple effect that that may have in the consumer market,” he said.
—Christopher Perez

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