As the 2008 crisis unfolded, I don’t believe a majority of Americans understood what the government was doing to be providing “competitive advantage”, but that’s what it was (among other things).
This does some heavy lifting.
“.. Banking policies help maintain what I call the “two-drunks model”.. banks are incented to lend to government an…
As the 2008 crisis unfolded, I don’t believe a majority of Americans understood what the government was doing to be providing “competitive advantage”, but that’s what it was (among other things).
This does some heavy lifting.
“.. Banking policies help maintain what I call the “two-drunks model”.. banks are incented to lend to government and government-favored sectors; and government gives banks competitive advantages, such as deposit insurance and bailouts.”
As the 2008 crisis unfolded, I don’t believe a majority of Americans understood what the government was doing to be providing “competitive advantage”, but that’s what it was (among other things).
This does some heavy lifting.
“.. Banking policies help maintain what I call the “two-drunks model”.. banks are incented to lend to government and government-favored sectors; and government gives banks competitive advantages, such as deposit insurance and bailouts.”