[Travis McGee]

The writing is on the wall, for those who can read.

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

-~~Ludwig Von Mises

[dbz77]

The crisis was a credit expansion crisis, not a credit contraction crisis.