Consumer indebtedness was rising and the U.S. savings rate was falling for a long period—going back to the 1980s—well in advance of the 1998-2003 housing price run-up and the subprime explosion, which coincides with the sustained current account deficit story and complicates accounts that focus narrowly on housing policy in the late 1990s.

factualpending

Speaker

Russ Roberts

Evidence Quote

consumer indebtedness was growing and the savings rate was falling for a very long period in advance of that

Source

Carmen Reinhart on Financial Crises 11/23/2009EconTalk
Created: 6/15/2026, 9:20:19 AM

My Notes

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