After the mid-1990s, there was hardly a technical distinction to be made anymore between high-risk borrowers and everybody else in the casino atmosph… - James Howard Kunstler

In America, after the crash of 1929, the loss of faith in various forms of credit represented by abstract instruments of finance translated into a persistent lack of money—that is, a means of exchange— and the institutions devised to create it stood in disrepute. People could buy very little. Business stagnated. Companies would not hire workers when there was so little demand for products. It was a vicious cycle and it had vicious side effects. Another way of looking at the financial debacle of the 1930s is an ecological view such as ’s metaphor of the industrial economy as a “detritus ecosystem.”
Catton argues that the human race living off the “drawdown” of nonrenewable fossil fuel resources is the equivalent of the algae in a pond enjoying a temporary rush of nutrients in one brief season. Catton’s analogy can be applied and extended to clarify the Great Depression in the context of ecological economics. After the crash of 1929, something… definitely changed in America. But the puzzling part is that the “nutrients in the form of cheap oil—the plenty” Roosevelt spoke of—still flowed. So why did the economic environment become so intractably unhealthy? From an ecological view, the Great Depression represented the effects of severe socioeconomic pollution” produced by the oil-fueled boom of the 1920s, and this “pollution” had the effect of “poisoning the financial ecosystem and consequently killing off financial “organs” that people had come to depend on in order to “thrive” (i.e., to grow wealthy and reproduce). Specifically, the “pollution” killed off the organs that generated credit and turned it into money. This systemic “pollution” of the financial ecosystem harmed the industrial environment enough to temporarily quash any further exuberant “growth.” There was no human die-off but there was a die-off of expectations and a reduction in [the] carrying capacity of the U.S. economy.
Is it fair to say that the by-product of zealous oil use literally converts into such an abstract form of "pollution" capable of poisoning what amounts to a social consensus? This must return us to the idea of entropy. Entropy is the spending down of energy and its translation into negative by-products. […] Air pollution is one expression of entropy. But so is social disorder. So is [the] institutional breakdown. Bodily death is another. These negative by-products of entropy can become interchangeable as entropy progresses, depending on any combination of variable conditions and circumstances. A careful reading of twentieth-century history would bear this out. In the modern era, entropy has been expressed in conditions as seemingly unrelated as war, industrial pollution, pornography, mass political murder, the shattering of a consensus about the value of money, and incompetent parenting. The introduction of high entropy into a given system is profoundly destabilizing in many ways.

The free-market part of the equation referred to the putative benefit of unrestrained economic competition between individuals, and because corporations enjoyed the legal status of persons, they were assumed to be on an equal footing with other persons in a given locality. Thus, Wal-Mart was considered the theoretical equal of Bob the appliance store owner, and if Bob happened to lose in the retail competition because he couldn't order 50,000 coffeemakers at a crack from a factory 12,000 miles away in , and receive a deep discount for being such an important customer, well, it wasn't as though he hadn't been given the chance.

After air conditioning became widely affordable, southerners hardly went outside anymore, unless it was in a motor vehicle. Anything about southern vernacular architecture that once had been graceful in adapting to the climate was cast aside for the pleasures of air conditioning and [the] cheapness of construction.