- Herbert Spaul
- 1 week, 4 days ago
Stability breeds instability – this was economist Hyman Minsky‘s lasting contribution to the craft. The Minsky Moment , popularized during the 07-09 US housing crisis, basically suggests breeding animal spirits too long creates systemic problems. Essentially, the ongoing rises in asset prices creates the sense of a new paradigm, that the elevated activity was safe, and home prices couldn’t fall.. that didn't end well.