I feel like 9/11 was the inflection point. The great recession was just another symptom of the problem. Banks can’t get overwhelmed by underwater mortgages if people aren’t underwater in the first place.
You could be right about that. I was going to say that they caused the problem with subprime lending, but I think that subprime lending would probably never have been attractive enough to not laugh the guy out of the room what proposed it if most people weren’t already in a bad financial position with low economic mobility.
I feel like 9/11 was the inflection point. The great recession was just another symptom of the problem. Banks can’t get overwhelmed by underwater mortgages if people aren’t underwater in the first place.
https://wtfhappenedin1971.com/
https://en.wikipedia.org/wiki/1973_oil_crisis
Going by the presented graphs, something happened in 1960.
I don’t know the root cause but that’s about when the events of Confessions of an Economic Hitman started.
You could be right about that. I was going to say that they caused the problem with subprime lending, but I think that subprime lending would probably never have been attractive enough to not laugh the guy out of the room what proposed it if most people weren’t already in a bad financial position with low economic mobility.