How The Next Financial Crisis Won't Happen

I have been writing about the dangers of too much debt for a long time. In my first book, High Rollers: Inside the S&L Debacle, published in 1991, I wondered whether America's apparent 1980s prosperity had only been borrowed and would implode as the S&Ls had done. (No, that did not happen.) I wrote about the subject again in the 1990s in several American Banker pieces where I praised the theory of Islamic finance and the benefits of equity versus debt finance. And in 2009, my book on the GFC was called Debt Spiral: How Credit Failed Capitalism, and the cover has a lurid tornado devouring everything in its path. Thus my anti-debt credentials are in order.