To illustrate the point, I would like to tell you of a man by the name of John Wesley Hyatt who invented the roller bearing for the axles of railroad freight cars. The railroads, however, were not ready for radical change; and Mr. Hyatt went bankrupt. Then Alfred Sloan, the man who later built General Motors, asked his father to buy Hyatt’s bankrupt business.
When asked if they had seen an increase in inquiries about new credit lines or increases in credit lines from potential business borrowers, the percentage of banks reporting increased inquiries rose to 18.2 percent in the April survey from 10.5 percent in the survey taken in October 2009, while the percentage of banks reporting decreased inquiries declined to 16.3 percent in April from 35.1 percent in October.