Few people complain about high interest rates or having trouble finding credit during periods of sustained growth.
Wages rise, assets increase in value, and capital is abundant.
The last time we heard all the fallacious arguments about inflation not being that bad and low interest rates being essential for growth was in the early 1990s, when central banks in North America were trying to hold down general price increases under the influence of monetarist ideas. For a decade, the calls for easy money and cheap credit remained subdued. It's become impossible to read any financial news without someone or other calling for the Fed, the Bank of Canada, or other central banks to lower interest rates and rescue us from the coming downturn. It isn't just credit-starved investors on the verge of bankruptcy, either. Even serious commentators in business publications are affected by this craze.