Show Menu

Our Financial House of Cards and How to Start Replacing It With Solid Gold

By

March 26, 2008

DIGG THIS

A credit crisis has been spreading through the economic system.[1] It began with the collapse of the housing bubble, which was the result of years of Federal-Reserve-sponsored credit expansion. This credit expansion poured hundreds of billions of dollars into the purchase of homes largely by sub-prime borrowers who never had a realistic capability of repaying their mortgage debts in the first place. And, not surprisingly, large numbers of them in fact stopped making the payments required by their mortgages.

The Best of George Reisman

Tags: 

$post_author: WP_User Object
(
    [data] => stdClass Object
        (
            [ID] => 331
            [user_login] => george-reisman
            [user_pass] => 65acdd20ba457e3bdc335768cd148f37
            [user_nicename] => george-reisman
            [user_email] => [email protected]
            [user_url] => 
            [user_registered] => 2012-07-26 21:07:28
            [user_activation_key] => 
            [user_status] => 0
            [display_name] => George Reisman
            [type] => wpuser
        )

    [ID] => 331
    [caps] => Array
        (
            [contributor] => 1
        )

    [cap_key] => wp_capabilities
    [roles] => Array
        (
            [0] => contributor
        )

    [allcaps] => Array
        (
            [edit_posts] => 1
            [read] => 1
            [level_1] => 1
            [level_0] => 1
            [delete_posts] => 1
            [email_single_user] => 1
            [contributor] => 1
        )

    [filter] => 
    [site_id:WP_User:private] => 1
)

get_the_author_meta: 
$bio: George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of 
Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996). His website is www.capitalism.net and his blog is www.georgereismansblog.blogspot.com. Follow him on Twitter.
$bios: Array
(
    [0] => George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of 
Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996). His website is www.capitalism.net and his blog is www.georgereismansblog.blogspot.com. Follow him on Twitter.
)
George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996). His website is www.capitalism.net and his blog is www.georgereismansblog.blogspot.com. Follow him on Twitter.

Previous article by George Reisman:

Political Theatre

LRC Blog

LRC Podcasts

    creativecommons.org