I buy your basic argument that the shadow banking system is largely a no-man's land as far as regulation is concerned. I buy your basic argument that the banks have moved in. Lending is up in the banking sector, in part because the non-banking sector has abandoned the field. But the irony of the whole thing is that the cost of credit is going up for a lot of people.
On March 24th, 2009. See this statement in context.