The National Bureau of Economic Research has published a new paper analyzing 138 years of economic history in 14 advanced economies, which proves that high levels of private debt cause severe recessions.
Money As Debt
posted by infini
on Sep 10, 2012 -
The talks between President Obama and House Speaker John Boehner "collapsed"
Friday with little more than a week to go before the United States may effectively default on its debt. The two parties have been in ongoing negotiations for months over GOP refusal to raise the legal limit on national debt unless tied to a significant package of spending cuts - with some members and activists opposed to any increase whatsoever [more inside]
posted by crayz
on Jul 24, 2011 -
A government stimulus can overwhelm the impact of a credit crunch, and the innate dynamic of a productive economy can re-assert itself after such a crisis, leading to renewed growth. But this not merely a crisis of liquidity. It is one of excessive private debt, on a scale that is also unprecedented.
Economist Steve Keen
on the global debt bubble
. [more inside]
posted by HP LaserJet P10006
on Sep 20, 2009 -
Ted Rall says that college loans are killing America.
I'm inclined to agree. At just $14,736, I'm on the lighter-side of college loan debt, but being a single father, I have a hard time making a dent. Ted makes some salient points about young adults who are struggling to make money in a recession. They don't work for the Peace Corps, they don't volunteer, etc. Even China criticizes America on our insistence that students endebt themselves to corporations just for education.(via fark
posted by taumeson
on Feb 11, 2003 -
The House has passed the bankruptcy reform bill
that Clinton vetoed at the end of the last session. I'm mildly optimistic that it won't pass the Senate, given that the Democratic vote in the House was split. But should we be worried at all? At first glance
, it doesn't seem like a bad idea. But so many consumer groups are against it, and it seems to benefit credit card companies while hurting individuals, so I'm inclined to think we should leave things as-is. Especially since personal bankruptcies are down and credit card issuers' profits are up. Anyone know more about this?
posted by aaron
on Mar 1, 2001 -