Which ones were the bankrupt, bad banks? Did anybody actually know at the time? No, they didn't, and they still don't have a great way of knowing that. Although

Which ones were the bankrupt, bad banks? Did anybody actually know at the time? No, they didn't, and they still don't have a great way of knowing that. Although if you have any ideas they are all ears. On siphoning - from experience, there's much more of a continuum than you think. You don't have a major actor supporting banks, you have a major actor supporting the economy by attempting to set a rate that does, in fact, have to be set (it's mechanically how these things work), by somebody. All they're doing is trying to follow the natural rate of interest, which is influenced by demand and demographics more than anything (see: Global Savings Glut; Secular Stagnation Hypothesis). So if that benefits the banks, it's only a side effect of the economy not collapsing. The banks are how we, as a society, allocate resources to each other. Why do you want that wiped out, and replaced by some post-crash phantom example? An economic crash in a nuclear age might not yield the companies you're hoping for. No, I don't need correction on who is wealthy. I'm talking about the UHNWI with net worth over $50 million, who still would be making more money if rates were higher, hence why they advocate for this. You do wholesale buy shitty securities from rubbish banks because the alternative is worse. Please point me to an economic collapse in the modern age where people were left off better for it, or where business conditions actually improved? Furthermore, you're not distinguishing demand-driven recessions from supply-side ones. We hadn't had a recession of this nature since the Great Depression. If you read what Bernanke openly puts on the internet about his decision making, his legacy way more depends on: 1. Understanding and anticipating the drivers of the natural rate of interest, including demand and the effects on demand of financial system shocks 2. Keeping the Fed Funds Rate as close to their estimate of the Natural Rate as possible. That's what his legacy depends on. If that calls for lower rates now, fine.