It’s the banking system, stupid – Part XXXVIII
Five months after Lehman Brothers collapsed in 2008, yours truly wrote a piece headlined “It’s the banking system, stupid.”
Three years later, the same argument
One can throw Keynesian government spending at our current economic problems. One can advocate Supply-side tax cuts. Others can push for deficit reduction or higher taxes on the rich. But it all ain’t going to matter much as long as the big banks aren’t lending.