Wray, L. Randall (contributor) - 2008
(ratherthantheirconsolidation),andpolicythatwas
biasedtowardmarketsegmentation.
Wemustreturntoamoresensiblemodel,withenhancedoversightof
financial institutions,saysWray.Monetary policy should …(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 …