Quote of the Day, Economic Recovery Edition II

David Wessel goes to a familiar source:

One big reason is that his efforts have made borrowing easy for big companies, those that can sell bonds, but not for consumers or smaller firms that rely on banks to borrow. “If you’re a large corporation relying on capital markets, the Fed and Treasury saved you,” says Charles Calomiris, a Columbia University economist. “In the other economy, the real engine of job creation, the banks aren’t lending and bank capital is still very scarce.”

Stuffing pension funds with GE Commercial Paper has never been easier. Creating the next GE (a working model this time?): a lot more difficult.

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