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

To Read the Full Story
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.

In This Issue

Articles

Features

Books, Arts & Manners

Sections

Poetry

Poetry

“Last night, the winds went wild at war, their gusts and gales made chaos swarm, and then . . . they weren’t there anymore.”

Recommended

The Latest