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Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
When the calamity we feared is already arrived, or when the expectation of it is so certain as to shut out hope, there seems to be a principle within us by which we look with misanthropic composure on the state to which we are reduced, and the heart sullenly contracts and accommodates itself to what it most abhorred.
Even leaving aside government policy, whole industries are already making expensive changes around the perceived need to 'go green.' Al Gore and countless other prophets of global catastrophe are making megamillions pushing these expensive solutions. Schoolchildren around the globe are being frightened by tales of impending calamity.
There are always signs that a reign is ending, and they are usually spotted not in the king himself but in his court. In the inner circle, latent jealousies between advisers spill into open conflict, as they angrily debate who is to blame for the calamity, chewing over each other's past errors and pointing the finger at old and nascent enemies.
