The economic miracle
Yes, you got it, collectively the country borrowed it's way to success (sic) by almost doubling the amount of household debt and not giving a thought to having to repay it.
Much of this was mortgages, as bigger and better houses were guaranteed to give you a bigger and better windfall until someone saw that the emperor had no clothes, and the whole circus crashed to a halt.
And who presided over this cycle of 'growth' - both personal and corporate - and is now reaping the whirlwind he created...?
1 comment:
True, of course, on all counts, but graphs like this shouldn't start at 80%. Makes it look even worse than it was.
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