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Bursting of the Twin Bubbles

In: The Financial Crisis and Federal Reserve Policy

Author

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  • Lloyd B. Thomas

Abstract

The previous chapter examined the interplay of forces that produced the twin bubbles in house prices and the volume of credit. This chapter looks at the events that transpired as these bubbles deflated rapidly in 2007 and 2008 as house prices fell and the process of deleveraging commenced. The following chapter examines the ways in which the popping of the twin bubbles spilled over to create the lengthiest and most severe U.S. economic contraction since the 1930s.

Suggested Citation

  • Lloyd B. Thomas, 2011. "Bursting of the Twin Bubbles," Palgrave Macmillan Books, in: The Financial Crisis and Federal Reserve Policy, chapter 0, pages 69-91, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11807-2_5
    DOI: 10.1057/9780230118072_5
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