Abstract

Editorials
Kunstler, William M. | March 25, 1991 issue

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A few weeks ago, Wall Street wits were circulating this analysis of U.S.-Kuwaiti intimacy: a banking system without a country for a country without a banking system. The Federal Reserve is trying every stimulant in its armamentarium to jolt a fading economy back to life. Financial crises are largely a reflection of problems in the real economy. Households, for example, turned to borrowing because their incomes badly lagged behind their expenses. Similar things can be said about corporate borrowing. So when new loans dry up, the old loans turn sour.

See Also:

FINANCIAL crises; BANKS & banking -- United States; UNITED States. Federal Reserve Board; BUSINESS cycles; ECONOMICS -- United States; UNITED States
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