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Since last October, I have been repeatedly suggesting that the U.S. would be better off creating new banks rather than putting capital into zombie banks -- whose financial toxic waste prevents them from lending. This is the fifth time I have made the suggestion -- I previously posted on it here, here, here, and here. Until today, I had no idea whether anyone was listening. Now I have a hunch that at least one person might have gotten wind of the idea -- maybe he listened to this radio interview last month on KCRW.
That one person is none other than Paul Romer, an economist at Stanford's Institute for Economic Policy Research. Yesterday Romer wrote in the Wall Street Journal that the U.S. needs banks that can lend and that it would be easier for that to happen if we put TARP money into new banks rather than trying to use the money to revive the zombie ones.
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