According to the Permanent Income Hypothesis, Why Did Consumption and Borrowings

According to the permanent income hypothesis, why did consumption and borrowings grow substantially in the late 1990s and 2000s?

A) The late 1990s and 2000s was a period of sustained and historically low interest rates.
B) The government enacted income tax cuts for a year beginning in 1990.
C) The prices of assets like property were continually falling in the late 1990s and 2000s.
D) In the late 1990s and 2000s, the level of consumer confidence was low as employment