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Development of the Housing and Credit Bubbles

In: The Financial Crisis and Federal Reserve Policy

Author

Listed:
  • Lloyd B. Thomas

Abstract

The U.S. economic downturn that began in December 2007 was the lengthiest and most severe recession since the Great Depression of the early 1930s. It cost the country more than 8 million jobs and some $2,000 billion of income ($6,500 per person, on average) over the course of 2008 and 2009 alone. Plummeting tax revenues forced states and localities throughout the nation to fire teachers, allow roads and bridges to deteriorate, and eliminate essential services for its most vulnerable citizens. The Great Recession of 2007–2009 and the fiscal measures implemented to combat it pushed the already tenuous federal budget deficit well into the danger zone. And these costs diminished only slowly after the recession. If we hope to prevent a crisis of such magnitude from recurring, it is important to think about the development of the forces that caused this economic disaster.

Suggested Citation

  • Lloyd B. Thomas, 2013. "Development of the Housing and Credit Bubbles," Palgrave Macmillan Books, in: The Financial Crisis and Federal Reserve Policy, edition 0, chapter 0, pages 41-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-40122-9_4
    DOI: 10.1057/9781137401229_4
    as

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