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The Real Reason Banks Aren?t Lending

By Implode-Explode Heavy Industries

",,,credit growth follows creditworthiness, which can only be achieved through sustaining job growth and incomes. That means embracing stimulatory fiscal policy, not ?credit-enhancing? measures per se, such as quantitative easing, which will not work. QE is based on the erroneous belief that the banks need reserves before they can lend and that this process provides those reserves. But as Professor Scott Fullwiler has pointed out on numerous occasions, that is a major misrepresentation of the way the banking system actually operates"

Full post as published by Mortgage Lender Implode-o-Meter on August 05, 2010 (boomark / email).