> - A government and a system that propped up an insolvent banking system that likely extended the downturn significantly
Very true. "Extend and pretend" was the rule of thumb on debt. By failing to let firms go bankrupt, you ended up with tremendous capital (and labor) resources in enterprises which do not create value.
Very true. "Extend and pretend" was the rule of thumb on debt. By failing to let firms go bankrupt, you ended up with tremendous capital (and labor) resources in enterprises which do not create value.