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Credit

By "Trading David"

I have to give Spindini credit. I find the food solid but not the haute cuisine indicated by the pricing. I had the Elfo's special which consisted of a lightly sauced shrimp pasta dish for $24.00. The place still is always busy with a great atmosphere.

Businesses survive on credit and not just the word of mouth kind. My father's business carried over ten million in accounts receivable and inventory on credit during the 1980's and 1990's. Like many businesses which operate in high capital business, if the bank was ever paid off they'd be rich. Until then, credit kept everything afloat.

If the bank had changed the lending requirement and upped the collateral required, we would have been out on the street no matter how profitable a business model my family's business had.

It's true that when a mom and pop business fails they go out of business, but if banks fail they can take tens of thousands of mom and pop businesses with them.

I have to give the congressional leadership of both parties credit for sponsoring the bailout bill. It?s a sad day when you can't muster a majority support for a bill that could have prevented productive economic assets from being auctioned off for pennies on the dollar.

But we can at least give credit to Pearl's Oyster house for some killer char-grilled, even if no one's going to have the cash to buy some. Pearl's does take credit.

Full post as published by My Memphis Attorney! on October 23, 2008 (boomark / email).