culminates in a crash

James Kwak:

I think it’s hard to argue against the idea that a huge debt-financed bubble was a bad, bad thing. I still think, as you might predict, that the nature of our particular financial system both made the bubble larger than it might otherwise have been, and made its collapse more spectacular than it had to be.

An important chart to remind us precisely about the whom and when of ‘huge debt’.

Chart: Growth of Federal Debt