> But beginning in the mid-nineties, banks began to discover that other markets provided easier and cheaper sources of funding, like the commercial paper or tre

> But beginning in the mid-nineties, banks began to discover that other markets provided easier and cheaper sources of funding, like the commercial paper or treasury repurchase markets. Trading between banks fell off. The continuous easy money policies have prevented the markets to price credit risks for a long time. This has manifested itself in a series of bubbles. Weaning off will be difficult. Not weaning off will ensure collision with a brick wall eventually.