This document summarizes the causes of the global credit crisis and economic downturn. Excessive borrowing driven by greed, temptation, and competitive pressures inflated an unsustainable asset bubble. When the bubble burst and credit markets seized up, widespread economic pain ensued as home and stock values declined. The author argues for a return to more ethical and sustainable local economies based on innovation, productivity, and meeting community needs rather than endless growth and consumption fueled by debt.

2. But… Weren’t we making money? Yes.

4. A Bigger Pie.

7. Same old sins. Asset bubble. Debt binge. Wall Street. With no more suckers at the bottom of the pyramid…

15. We drank the Kool Aid…

17. Not workers. Jobs, offshore.

21. The Torah & Koran have something to say about ethics too.

25. Economic policy is just a theory that hasn’t failed. Yet. Or… not too badly. Speaking of which, this is Milton Friedman. So, Milton. How do you feel now?