Ben Bernanke’s Risible Prize

Oh, puleese! Ben Bernanke got the Nobel Prize for his early 1980s work on, well, why banks exist! That’s right. What all students of banking knew 100 years ago—-that banks are inherently risky because they lend long and borrow short—got gussied up into a fancy theory of “maturity transformation”, and a further claim that the […]
You must be a Stockman's Corner member in order to view this post, subscribe to Monthly Subscription, Quarterly Subscription or Annual Subscription.