As I write this, the Dow Jones Industrial Average is down almost 600 points (5.8%) since the start of trading this morning. Market analysts are saying it is because investors aren’t convinced the $700 billion economic bailout plan will work to loosen up the global credit market and make it easier for businesses to get the credit they need to do business.
The scrapbook industry has always run on credit. Merchandise is created on credit by manufacturers and then bought on credit by retailers. It’s often purchased by end consumers using credit. A credit crunch hits this industry particularly hard because of its number of cash-poor small businesses at every level: manufacturer and retail.
So, that leads us to this week’s poll question: has the credit crunch affected your business?