Krugman. The second one.
Forget Krugman's sweet takedown of Uncle Miltie's crackpot notion that monetary policy caused the Great Depression, and look at chart 2: Where'd the money go? Because it sure isn't being loaned out again. So, where is it?
UPDATE I tried to ask the same question on Krugman's blog, but I didn't make it through moderation. OK, it's a dumb question, then, but why?