[fny]

This isn't the transfer mechanism.

When interest rates decrease, leverage is cheap and financial asset prices balloon, so the rich become far richer. The problem with crises is that the rich are often the only group with enough of a cash balance to take advantage of fire sales that happen. Banks also become far more restrictive in lending to those without hefty collateral buffers in a crisis.

[NewLogic]

This time the banks have learnt the govs of the world aren't willing to let anyone go under, so have been making out like bandits lending out cheap money.