See Henry Kaufman (1991), "Credit Crunches: The Deregulators Were Wrong," Wall Street Journal, October 9. See also Albert Wojnilower (1980), "The Central Role of Credit Crunches in Recent Financial History," Brookings Papers on Economic Activity, vol. 2, pp. 277-326. 3  Council of Economic Advisers (1992), Economic Report of the President (Washington: Government Printing Office), p. 46.
2  BIS Review 40/2009  in the fourth quarter for the first time in more than 50 years. The recent decline in mortgage debt was likely partly driven by weaker demand for housing amid rising unemployment and rapidly falling home prices. It is equally likely that supply-side considerations have played a role.