A top Wall Street market observer thinks the government is hurting the economic recovery by unfairly constraining banks and continuing bad policies.
David Kelly, chief global strategist at JPMorgan Funds, used housing as a prime example in a speech Thursday.
"The reason housing is still weak in the United States is because of the combined efforts of the federal government and Federal Reserve to help," Kelly said at the Morningstar ETF Conference in Chicago. "The federal government ... is on a witch hunt after the large banks because they decided to assign to the large banks all the blame for what happened in 2008."
The result, Kelly said, was an unnecessarily weak lending environment.