The Global Financial Crisis

median wage growth in the United States from 1979 to the present has been 0% and so for most people their wages have actually been stagnating in real terms if not falling. So one question then becomes well how do you actually increase demand and among other things the big answer was credit because credit is a really pivotal kind of instrument for this thing. This also had a larger kind of structural dynamic at play a particular between China and the U.S. that allowed China to export lots of goods it also allowed the u.s. to run huge deficits, he says.