"It may be well again to stress the all-important point that the Federal Reserve has it in its power to change interest rates downward any time it sees fit to do so and thus to stimulate business."

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Financial World (April 10, 1929)


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Consumers' borrowing is one of the most conspicuous danger points in the secondary phenomena of prosperity, and consumers' debts are among the most conspicuous weak spots in recession and depression.

In other words, we shall readily understand why the load of debt thus light heartedly incurred by people who foresaw nothing but booms should become a serious matter whenever incomes fell, and that construction would then contribute, directly and through the effects on the credit structure of impaired values of real estate, as much to a depression as it had contributed to the preceding booms. Nothing is so likely to produce cumulative depressive processes as such commitments of a vast number of households to an overhead financed to a great extent by commercial banks.

>von.......
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>da kommt keiner drauf!

Oder?


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Was geht in Greenspans Kopf bloß vor?

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Der Stil samt Inhalt sprechen für Greenspan

Preisgeld gell?


>Consumers' borrowing is one of the most conspicuous danger points in the secondary phenomena of prosperity, and consumers' debts are among the most conspicuous weak spots in recession and depression.
>In other words, we shall readily understand why the load of debt thus light heartedly incurred by people who foresaw nothing but booms should become a serious matter whenever incomes fell, and that construction would then contribute, directly and through the effects on the credit structure of impaired values of real estate, as much to a depression as it had contributed to the preceding booms. Nothing is so likely to produce cumulative depressive processes as such commitments of a vast number of households to an overhead financed to a great extent by commercial banks.
>>von.......
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>>da kommt keiner drauf!
>Oder?


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>Was geht in Greenspans Kopf bloß vor?

Schade, dann eben so: klick und dann ganz nach unten blättern.


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>Der Stil samt Inhalt sprechen für Greenspan
>Preisgeld gell?

Ok, aber der war´s nicht ;-)

-------> Joseph A. Schumpeter -- Business Cycles, 1939

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