Norbert Walter, chief economist at Deutsche Bank, likes straight talk. MADE IN GERMANY joins him in taking stock of economic expectations for 2010.DW-TV: Well, let’s hear it now straight from the horse's mouth. Norbert Walter is chief economist at Deutsche Bank for some 20 years now. Thank you so much for joining us on our edition of the old year. Now, what's your take on this so-called credit crunch? Does it exist and how dangerous is it? Norbert Walter: I believe it's exaggerated for now, because much of it has to do with a decline in demand. Investment is at a very low key. And I guess that in the future it will be more difficult to get hold of loans - particularly because some of the old loans are not serviced, because of weaknesses in the other sectors. I'm thinking, for example, of car-supplying industries that are in bad shape — or shipping.  DW-TV: So we haven't seen the worst yet, according to you. Yet the ECB, the European Central Bank, has kept its key interest rate at a record low for quite some time now. Why do banks not pass this benefit on to their customers? Norbert Walter: This benefit is passed on for those who can provide a lot of collateral for a loan. They indeed have the lowest interest rate ever. For example, a mortgage has a yield of only four percent. When I bought a house I had to pay 13 percent for a mortgage. This was in the '70s. DW-TV: Ok. So we know now that you have a house. We also know that you speak your mind clearly - that's partly why you are very popular with the media. And very often what you say is absolutely right. You were one of the first to predict an economic slump for 2009. And as we all know now, German GDP -- after years of constant growth -- really took a plunge. So, what can we expect for 2010? Give us your prediction! Norbert Walter: There is cheap money. And there is fiscal stimulus, that factually has its main impact in 2010. And Asia is already beginning to pull again, and Germany will be...