George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)



Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 4: Going Into Debt

Chapter 4: Going Into Debt explains the nature of financial intermediation and examines the relationship between the deregulation of our financial system and the resulting increase in debt that has occurred since 1980. The way in which ideological beliefs came to dominate policy making in the United Sates over the past forty years is discussed along with the way in which the deregulation of our financial system led to the housing bubble in the 2000s, its bursting in 2006, and the financial crisis that began in 2007 just as the lack of financial regulation led to the housing and stock-market bubbles of the 1920s, the Crash of 1929, and the financial meltdown that began in 1930.

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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