The adjustment of banks’ portfolios is the mechanism that allows for a smooth flow of liquidity (and credit) into and out of the banking system (and the economy).
What’s needed right now is a reminder that every time a major, security-related national trauma takes place, the public demands Congress “do something” in response, and that congressional response is almost always something the nation regrets later.
Does the ideal of American exceptionalism demand anything? That is, how can the U.S. be exceptional without people working to make it that way? Historian Anthony Comegna talks about the myths that surround the notion of American exceptionalism.
