The Reason.com Podcast

When Joseph Olear opened his renovated Three Point Bowling Center in south Orlando last May he didn’t anticipate Wachovia taking an ax to his line of credit. Yet three months later the bank cut Olear’s access to credit by almost 15 percent. “I opened up my statement and whack!” he says. “I thought, I should still have [more credit] to draw on. Nope.” Did Wachovia slash Olear’s credit because his business was failing? On the contrary, since opening his renovated facility, profits are up 25 percent. “In a down economy, an inexpensive sport like bowling becomes popular,” Olear says. “Instead of groups doing Sea World or a golf outing, we’re seeing them come here.” The reason Olear can’t secure enough credit for his small business stems from issues far beyond the warmth and sun of central Florida. Credit is sparse nationwide, as banks hold their cash tight in a very uncertain economy. From OutloudOpinion - For Podcasts of IBDeditorials, The New Republic, and Over 30 Syndicated Columnists, go to www.outloudopinion.com