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Micro Risks and Macro Disturbances

In: Disorganized Crimes

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  • Bernard E. Munk

Abstract

Posing an intimate connection between the Credit Crisis of 2007–08 and the failures of our corporate governance system might not seem obvious because boom–bust scenarios typically are thought to be strictly macroeconomic events. The housing bubble was a significant part – perhaps the main part – of the credit boom, while much of the focus on the credit boom indicates that the underlying monetary policies of the US were an essential precursor to the housing bubble.2 There is no doubt that the easy credit conditions that followed from the Fed’s fear of deflation during 2001–04 were a huge stimulus to the housing market. Credit is like sunshine. Crops grow in sunshine, but so do weeds.

Suggested Citation

  • Bernard E. Munk, 2013. "Micro Risks and Macro Disturbances," Palgrave Macmillan Books, in: Disorganized Crimes, chapter 0, pages 137-149, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33027-7_10
    DOI: 10.1057/9781137330277_10
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