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Paul Krugman on the economic progress made by the U.S. when banking was boring
04/10/2009
Krugman says the U.S. has gone through three periods for banking. The period between World War I and 1929 was a period when banking and debt made up a a large portion of the economy. The Great Depression changed this and banking returned to being boring with bankers paid only somewhat more than other professions. During the 1990's the restrictions on banking were lifted leading to the global financial crisis of 2008. The changes needed have not taken place and banking continues to operate much like before the crisis, says Krugman. A great deal of the economic progress made and rise in average incomes was accomplished in the postwar period when banking was boring.
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New York Times 04.10.2009
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