Tag Archives | Great Depression

Interesting Quotes (2)

Credit market problems intensified last week, even though stock markets rallied strongly until Wednesday. I thought you might like to see some more comments on what is going on, from people close to the action. ‘Trust was shaken today (Wednesday). Credit depends on trust. If trust disappears, then credit disappears, and you have a systemic […]

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Every mania has its illusion

All the world’s media are now carrying accounts of the ‘liar loans’ and fraud that has accompanied the growth in US mortgage lending in recent years. How did this come about? All manias gain their strength from a widely believed ‘fact’ that turns out to have been an illusion. With subprime mortgage loans, the ‘fact’ […]

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