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Crash Course — the TAC Guide to the Crisis

Five years ago, TAC contributor Robertson Morrow predicted the economic downturn to follow the bursting of the mortgage bubble: The imprudent will suffer. Debt will become harder to assume, housing costs will fall, and consumer spending will sag. Those who refinanced to extract cash, took out a second mortgage, bought more house than they could […]

Five years ago, TAC contributor Robertson Morrow predicted the economic downturn to follow the bursting of the mortgage bubble:

The imprudent will suffer. Debt will become harder to assume, housing costs will fall, and consumer spending will sag. Those who refinanced to extract cash, took out a second mortgage, bought more house than they could afford, or failed to save, risk deep financial pain when the housing bubble bursts. Homebuyers depend on their jobs to make their mortgage payments, and the economic contraction caused by a squeeze on consumer spending will put those jobs in jeopardy. Even the prudent will suffer due to the irresponsibility of others: one’s financial mistakes are not solely one’s own business.

That piece, together with 25 other American Conservative articles–from 2002 to our latest issue–on the sources of the present crisis, can now be found in our online “Crash Course.” And you can stay lightyears ahead of the curve by signing up for a free, three-month trial subscription The American Conservative today.

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