Anna Schwartz was one of the greatest economists of the twentieth century. She spent all of her 70-year career at the National Bureau of Economic Research in New York City. I first met Anna in 1970 when I was at the Bureau on a Visiting Fellowship. Milton Friedman, my dissertation adviser at the University of Chicago, had arranged it for me to help me finish my dissertation in U.S. Monetary History. He wanted me to have access to her expertise first hand.
It took three decades for the amount of speculative-grade debt to reach $1 trillion. It took about seven years to reach $2 trillion as investors sought relief from the financial repression brought on by near-zero interest rates.