The document discusses the growth of the global capital market and its attractions for borrowers through increased supply of funds and lower costs of capital. It notes the rapid growth in cross-border bank loans, bonds, and equity offerings between 1990 and 2006. However, it also discusses the recurring issues of "manias" like the dotcom boom, followed by crashes as problems emerge. It specifically outlines the mid-2000s mania in lending and investing fueled by deregulation and excess savings, leading to the subprime mortgage crisis and Crash of 2008, forcing government intervention through lending to banks and bank takeovers.