"They have forgotten that episodic downturns –aka creative destruction –are precisely what the economy requires every so often in order to replace bad businesses with good ones."
I respect Joye, have done for years since he almost single handedly embarrassed the uber bears to tears during 2008-2013...including big name like Sayce, Keen and Grantham.
For the first time, I still agree with him about risks of over leverage, except, I think he;s got this part wrong, bad business has already been squeezed for years, as he forgets whilst real estate loans for residential property have fallen substantially, credit cards and business finance virtually remain unchanged at average 20% and 11-12% respectively.
The biggest failure of policy and banks, is there hobbling of business loans to SMEs
hail the crowd funding model to go ballistic, I can't wait when the big four and co wake up and start to shite themselves.
