QotD: Credit Crunches are a Thing of the Past

Almost too good to be true, this quote from a 2004 paper by Glenn Hubbard and William Dudley:

…“credit crunches” of the sort that periodically shut off the supply of funds to home buyers, and crushed the homebuilding industry between 1966 and 1982, are a thing of the past.

via The Physics of Finance: Dudley and Hubbard: Some Greatest Hits.

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