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“For smaller firms access to longer term debt and equity is likely to be very limited, making recovery without access to short term debt much more difficult.” Absolutely, and their access to bank credit is made so much more difficult by current regulations which, in times of the extremely scarce bank capital that resulted from the not-risky gone risky, force the banks to cut regulatory capital intensive loans, like to smaller firms, in order to lend these funds to less regulatory capital intensive borrowers, like to the US government… and so that it can, in its turns, make loans to the risky Solyndras of this world!!!