A lot of consumers are frustrated that interest rates are incredibly low. But it's harder than ever to qualify for a loan or a refinancing.

So what good are low rates? This is a problem for the economy of course. But it's a problem for banks specifically. The lack of loan growth will crimp the bottom line.

According to a recent Goldman Sachs report, "Loans were down 1 percent this quarter, with chargeoffs remaining a big source of shrinkage, notes ZeroHedge. "We analyze the economic factors driving loan growth and conclude that year-over-year growth will not turn positive until 2011. Run-off portfolios which account for 10 percent of system wide loans will drive a further 3 percent shrinkage in 2011."

The analyst thus cut his stock price target and his earnings target on big banks 7 percent for 2011. His larger point is that we might be looking at another decade-long Japanese-style debacle, a depressing thought to be sure.

"When it comes to loan growth, the U.S. and Japanese experience look remarkably similar," he wrote in ZeroHedge. Yet the analyst remains somewhat bullish: "That being said, the size of the policy response, faster loss recognition and subsequent recapitalization should help US banks avoid a Japan-like scenario." We can only hope.

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