Ill never NEVER understand how on gods green earth some fuck off economist conviced us that when rates are higher people "borrow less"
Did that dumbass think that people just stop needing houses and cars during economic hardships or did you think the 1.1 trillion in discretionary credit card debt is what goes up and down on these rate changes?
The government should provide loans to people directly and skip the stupid middle man of the private banks, if the banks financial policy is set at a state level then it should be treated as a state owned asset. Interest free loans to citizens with interest only being charged in situations of grossly delayed payment and even that will be calculated as a lump sum at the end, not tacked on to make repayment harder.
for all the shit I talk about communism, capitalism is coming off the motherfucking rails