All this at a time when entrepreneurship had reached its cultural apex and was widely viewed as the sole sizzling ember in an otherwise cooling economy. (inc.com)
The absence of explosive growth and problematic inflation meant the Federal Reserve didn't have to step in with aggressive rate hikes aimed at cooling the economy down. (money.cnn.com)
A similar pace of increases between 2003 and 2006 most certainly did cool the economy, and the rise in short - term rates (and the effects of Fed policy on funding costs in global markets) may have precipitated the early days of the subprime ARM crisis, when rates were being adjusted sharply upward, causing payment shock for borrowers. (hsh.com)