Credit is money of the mind.
Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold.
Progress is cumulative in science and engineering, but cyclical in finance.
I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.
The Fed can change how things look, not how things are
Growth at an exceptional rate is a red flag in banking. It is hard enough to manage an ordinary bank; to control a sprouting weed is well-nigh impossible. If loans are expanding too quickly, the lending officers have probably been saying 'yes' too frequently.