Great article in the Wall Street Journal on the economic theories of Mr. Minsky,
(my neighbors Father) — our current condition has been coined a Minsky Moment as it parallels the economic models and theories of Mr. Minsky.

“At its core, the Minsky view was straightforward: When times are good, investors take on risk; the longer times stay good, the more risk they take on, until they’ve taken on too much. Eventually, they reach a point where the cash generated by their assets no longer is sufficient to pay off the mountains of debt they took on to acquire them. Losses on such speculative assets prompt lenders to call in their loans. ‘This is likely to lead to a collapse of asset values,’ Mr. Minsky wrote.”