Another path to recovery: higher incomes
Posted May 4, 2009 - 12:59 by Philip Brewer
Preventing a collapse of the financial system is part of preventing a depression. However, the shorthand term for this--getting the banks able and willing to lend--is misleading. There are plenty of banks that can lend. The problem is the borrowers: Those that could be counted on to repay their debts are mostly uninterested in borrowing, and those who want to borrow probably can't afford to take on more debt. That's the truth about the fix we're in. There are, however, two ways to fix it.
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