From the interview with Steve Keen at ACEMAXX-ANALYTICS. Keen says:
In my opinion this tendency to more and more Ponzi financing would have reached a natural peak in 1987 and led to a mild Depression then, were it not for the interventions of the Federal Reserve, which encouraged the Ponzi behaviour to recommence in a new sector. So once lending to commercial real estate failed in the 1980s, lending shifted to the Savings and Loans; then from there to the DotComs; and from there to the Subprimes. Each time it was a continuation of the capacity of the financial system to endogenously expand credit leading it to give credit to whichever social group it could entice to take it on, with them being seduced into debt by the prospect of leveraged gains.
Commercial real estate... Savings and Loans... DotComs... Subprimes...
Credit expansion, if we don't pay it off, becomes debt accumulation.
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