March 23rd, 2009
The credit flow metaphor implies that people came flocking to the new-car showrooms last November and were turned away because there were no loans to be had. This is not true—what happened was that people stopped coming in. And they stopped coming in because, suddenly, they felt poor.
No Return to Normal - James K. Galbraith

∞09:24 am, by drj  Comments
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Notes