Direct Treasury to Consumer loans, the remedy for no-lending banks and their toadies at the Fed.
We are going through absurd hoops simply to avoid disintermediating the banks and the federal reserve (which is owned by them).
We build in all this vigorish, supposedly to compensate the banks for rationalizing the credit markets, and then when they respond to deleveraging forces in several orders of magnitude by bringing "velocity" down to zero, we are surprized, chagrined, nonplussed, and broke.
Fine.
Let Andrew Jackson rest in peace, it's time for the Postal Savings Bank of America. (European TPMers will know what I mean, the rest of you, look it up.)
