Left to their own devicies with the investment opportunity set now available the banks will earn their way out of the hole over a period of years. Miserably run as the banks are, this is preferable to handing a nationalized system over to the Harvard geeks. As I’ve said in the past, the prospect of bank nationalization fills me with mixed feelings. I would love to see the bankers get their come-uppance, if it did not mean that we actually would be governed by the late Willam F. Buckley’s nightmare regime, the faculty of Harvard University.
But, based on experience, I don’t see any relief any time soon. If ever, in this Republic. We are simply too addicted to Ivy League pap.