AvlGuy

Finance, Credit Cards, and the Fed

Kudos on your first point. I too believe that the babying of the nascent credit bubble and its subsequent deflation has given a black eye, in the eyes of pro-market supporters overseas as well as domestically, to not just finance but also global credit markets and, to a degree, the very concept of credit, as unfair as that may be. When I couple your 1st point with your 3rd, you make a case for my other concern: complex financial systems require strong democratic institutions that engage critical components of their nations. The US and UK's recent stumbling & fumbling weaken the juggernaut argument connecting democracy and economic growth that we preach to other nations.