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- Jun 3, 2009
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- Very Conservative
No one ever thought it would keep lending as it was. There was lending that was outright fraudulent. Do you want that to continue. The American household is way overleveraged, do you want that to continue. You are wrong in saying that lending was expected to stay the same.
I don't want that, but policymakers wanted that.
On your last point I am not sure who you are saying we rewarded in a perverse way. Most of the banks that really failed went out of business, the leaders lost many millions. I do not feel bad for them but that is a fact that no one wants to acknowledge.
Many other banks should have gone under, and many other lending institutions as well. The muck should have been cleared. We, in effect, rewarded their bad business decisions, as companies that engaged in good practices were not granted access to that money.