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
Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
US spending funded by credit
Incomes didn't keep up with productivity »Incomes didn't keep up with productivity
Financial innovation made credit cheaper and more widely available »Financial innovation made credit cheaper and more widely available
Many assets bought with cheap credit weren't worth price paid »Many assets bought with cheap credit weren't worth price paid
People encouraged to live beyond their means »People encouraged to live beyond their means
Response of Bush Administration to 2001 recession »Response of Bush Administration to 2001 recession
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