The pre-2008 financial crisis credit bubble was not primarily an asset price bubble but rather a symptom of an underlying credit bubble caused by an elastic financial system capable of meeting unlimited credit demand at the central bank's target interest rates.
causalpending
Speaker
William WhiteEvidence Quote
“It wasn't sort of an asset bubble as such... the real problem was a financial system that had basically got too much what they call in the jargon elasticity.”
Created: 8/11/2026, 7:24:53 AM
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