It pains me a lot, Joseph, believe me. Attacking you, I mean. I read most of your papers, even your books! And Stiglitz and Weiss changed my life forever...
But I cannot let you go unpunished. In your last Project Syndicate article, you wrote:
Liberalization of deposit rates led to America’s savings and loan crisis in the 1980’s (link aqui)
This was cheap, boss. You see the irony of it, Joseph? In an article about China, you arguing against deposit rates liberalization? It was the chinese government´s decision to repress deposit rates that created the shadow banking problem, Joseph! Hey, wake up!
The 1980 crisis was due to MH, true. But you think it is welfare-improving to repress deposits, thus hindering competition amongst banks? Cant believe you think this is good -- and this is why I am really angry with you.