The Root of the Problem

It isn't tax cuts, or the lack thereof. It isn't stimulus, or the lack thereof. It isn't monetary policy that's either too loose or too tight. It's the balance sheets of the major banks, which, like the novels of Stephen King, are both fictional and horrifying. Bloomberg's Jonathan Weil delved into one of these tomes recently and lived to tell the tale: The problem for anyone trying to analyze Bank of America’s $2.3 trillion balance sheet is that it’s largely impenetrable. Some portions, though, are so delusional that they invite laughter. Consider, for instance, the way the company continues to account
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