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CNBC News Associate
The credit problem right now is not just the availability, but the standards, said Jim Chanos, president and founder of Kynikos Associates.
“In every recovery that we’ve experienced, credit was pretty easily available coming right out of the cycle,” Chanos told CNBC.
“But here, it’s a sea change across the spectrum of credit availability and credit demand and that’s going to be something to keep an eye on. It’s going to be a tougher slog to come out of.” (Watch the interview to learn more.)
He said the stricter standards from lenders are creating difficulties amongst people who are most in need of credit.
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“Perhaps they should have not qualified in [previous years]. But standards were lower or incomes were forged, and I think we’re hitting this in reality and it’s what concerns me about the recovery.”
In the meantime, Chanos said getting into new banks right now is “a pretty good business.”
“You can get a clean bank without the legacy or toxic assets,” he said. “Spreads are great and they’re going to be good for now."
On the other hand, he said, "Credit cards might not be such a good business…”
Disclosure:
No immediate information was available for Chanos or his firm.
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