Wray, L. Randall (contributor) - 2008
to fight inflation
caused problems for commercial banks and thrifts that were subject to
Regulation Q interest rate …(reservesarenonearningassets)andthecostsofservicingcustomers.
By contrast, financial markets can operate with much lower spreads pre …
astructureinwhichthereisalargeweighttounitsengagedinspec-
ulativeandPonzifinance.
—HymanP.Minsky(1992)
Financial markets, and particularly the big players within them …