US spending funded by credit
Increased US consumer spending built on diminishing household savings, mortgage equity withdrawls, and increasing credit.
Immediately related elementsHow this works
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The Global Financial Crisis »The Global Financial Crisis
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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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US spending funded by credit
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Incomes didn't keep up with productivity »Incomes didn't keep up with productivity
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Financial innovation made credit cheaper and more widely available »Financial innovation made credit cheaper and more widely available
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Many assets bought with cheap credit weren't worth price paid »Many assets bought with cheap credit weren't worth price paid
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People encouraged to live beyond their means »People encouraged to live beyond their means
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Response of Bush Administration to 2001 recession »Response of Bush Administration to 2001 recession
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