Magazine September 10, 2018, Issue

Rethinking the Recession

(PW Illustration/Getty)
Blame the Fed’s monetary policy.

Everyone knows that the collapse of a housing bubble led to a financial crisis and a severe recession ten years ago. There is, to be sure, some disagreement concerning important details of what happened. The dominant understanding, favored by liberals, emphasizes predatory mortgage lenders, reckless Wall Street bankers, and see-no-evil regulators. Conservatives have sought to place government subsidies for imprudent lending and borrowing in the housing market at the center of the story. Everyone agrees, though, that a boom and bust in housing was the central event from which disaster rippled.

But what if everyone is wrong? What if instead mistakes

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Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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