Kurt Eren

David Harvey: Greed and crisis

Issue section: 

The interview with David Harvey was very interesting (Interview, Socialist Review, April 2009).

However, there is one area that was not fully explored: why, especially during Alan Greenspan's tenure as chair of the Federal Reserve, did the housing sector become the second largest sector in the economy, replacing the manufacturing sector?

Harvey exposed the financial sector's expansionist role in providing credit first to the builders who built an insane number of houses and then to the householders who purchased them. This obviously allowed the financial sector to further expand its power and wealth.

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