FINANCIAL TIMES: On Wall St: Sentiment remains fragile. “One chart that makes for particularly sober reading comes from JPMorgan’s Eye on the Markets dated September 23, which shows bank lending growth has collapsed to a fifty-year low. It makes sense on an individual basis for banks to rebuild their capital. But their (belated) search for more stability and safety comes with certain costs. Until the banks begin lending again, the sense of fragility is bound to increase.” The story kind of makes it sound like it’s a Potemkin recovery led by government spending.