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In their book, House of Debt: How They (And You) Caused The Great Recession And How We Can Prevent It From Happening Again, Sufi and Atif Mian argue that the buildup of household debt is the single most important driver of severe recessions. This is counter to the traditional argument that the breakdown of financial institutions causes recessions.
The Great Recession (2007-2008) started a year before the financial institution failures.

See Quick Credit And The Hidden Cost To The Economy : Hidden Brain : NPR


last updated 8 July 2020