Towards the Precipice
Robert Brenner: The Continuing Collapse of the US Economy, 6 February 2003
“... and profits. An orgy of household borrowing, largely against the collateral represented by private homes, enabled the ‘almighty consumer’ temporarily to save the day. But this binge came at the cost of a new bubble in the housing market, and is likely to have only a brief half-life. Justified by 9/11 and a faltering economy – not to mention the failure ... ”