Financial Crisis is Result of Credit Boom

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The Federal Reserve Board San Francisco (FRBSF) Economic Letter of August 23, 2010 highlights the adverse effect of strong credit growth. The express implication is that continual and rapid growth in credit, both personal and business, serves to presage severe economic downturns that take a long time to repair or restore.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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