They missed that part:
The private sector is unwilling to lend and the credit crunch persists. In the third quarter, net
private sector lending fell $2.3 trillion, after significant declines in the first and second quarters
(see chart 1). On an annual basis, the reduction in lending in 2009 will make the history books
without doubt as the first drop in net lending in the private financial sector. This financial sector
setback justifies expectations of a subdued economic recovery.
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