Georgia State University Law Review Volume 26 Article 7 Issue 4 Summer 2010 March 2012 The Great Credit Contraction: Who, What, When, Where and Why Alvin C. Harrell Follow this and additional works at: https://readingroom.law.gsu.edu/gsulr Part of the Law Commons Recommended Citation Alvin C. Harrell, The Great Credit Contraction: Who, What, When, Where and Why, 26 Ga. St. U. L. Rev. (2012). Available at: https://readingroom.law.gsu.edu/gsulr/vol26/iss4/7 This Article is brought to you for free and open access by the Publications at Reading Room. It has been accepted for inclusion in Georgia State University Law Review by an authorized editor of Reading Room. For more information, please contact
[email protected]. Harrell: The Great Credit Contraction: Who, What, When, Where and Why THE GREAT CREDIT CONTRACTION: WHO, WHAT, WHEN, WHERE AND WHY Alvin C. Harrell·Harrell* INTRODUCTION By now nearly everyone knows that the heart of the current problems in our economy is too little credit, not too much.much.' I A salient feature of our current economic crisis is the transition from the credit boom years of 1993-2006,1993-2006, to the credit bust beginning in roughly 2007 and continuing to the present, a period referred to here as the "Great Credit Contraction.,,2Contraction."2 This stands in contrast to much of the * Professor of Law, Oklahoma City University School of Law. Professor Harrell is the Editor of the Consumer Finance Law Quarterly Report. I.1. See Michael R. Crittenden & Marshall Eckblad, Lending Falls at Epic Pace, WALL ST.