I think they're worried about making loans and having inflation burn up any potential profits. If they loan somebody $50,000 for a car over seven years, by the end of the loan term the same car might be $50,000,000.
21% on credit card balances might not even keep up with inflation. When Carter was in office, I bought TIGRs (treasury investment growth receipts) that were paying 16% I think. A wee bit better than Chase is paying at 0.01% now.
The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell
Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner. Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner. My Man Godfrey (1936)