David Stockman on Ben Bernanke’s Risible Prize

by David Stockman, International Man: Oh, puleese! Ben Bernanke got the Nobel Prize for his early 1980s work on, well, why banks exist! That’s right. What all students of banking knew 100 years ago—-that banks are inherently risky because they lend long and borrow short—got gussied up into a fancy theory of “maturity transformation”, and […]