"Your columns are great, stay the course!" -bowney
Read More Testimonials»

Our Reducing Debt Experts

Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

Shared by First30Days View Profile»
Scott Bilker

Scott Bilker

Author and creator of DebtSmart.com

Shared by First30Days View Profile»
Liz  Pulliam Weston

Liz Pulliam Weston

MSN Money columnist and author

Shared by First30Days View Profile»

Meet all of our Finances Experts»

Got a Question?


If you have questions about this change, you're in the right place. Our editors, experts, and community of change optimists have answers!


Question:Could you have predicted the current economic crisis?

The Huffington Post recently ran an "economic honor roll" with a list of all of the economists who predicted many of our current economic woes. The list includes Warren Buffet and Paul Krugman. But do you think we average citizens could have predicted that the lopsided mortgage trend was going to bust?

Asked by NicoO2000 on 10/14/08 5 Answers»


Absolutely. I am proud to be an American, but we are known for being greedy, living beyond our means and all the while being completely ignorant to the absolute fact that we are swimming in debt.

You cannot spend trillions of dollars on the war in Iraq and completely ignore our economy, and not expect to see repercussions -- disastrous ones.

I have faith that because we are the United States of America we can pull ourselves out of this one. But it is going to take a lot of change and effort -- and in the mean time the American people will continue suffering.

Answered by: carolineshannon on 10/29/08


It wasn't that hard to see this one coming. Too many people borrowing far too much money to buy ridiculously overpriced houses.

"The things you own, wind up owning you"
- Tyler Durden

Answered by: joepierce on 10/19/08


Yeah, it has been predicted by Robert Kiyosaki in his book Prophecy, and there's more coming. It was printed in 2002, and he even shows how to take advantage of it. anytime we have people who invest money so far separated from those who earn it, there's trouble. And so many who earn it have no idea what it means to invest (and potentially lose) their retirement.

Answered by: patternweaver on 10/15/08


Victoria, I actually heard that increasing rents have slowed down, and in some neighborhoods are decreasing (by like 3%, but still, that's something)! Apparently the city is too expensive for a lot of recent grads who don't want to try their hands at getting jobs in this economic climate. Who knows where they could go from here. But to answer your question Nico, I don't think a lot of people saw this coming...

Answered by: Karadc on 10/15/08


I think when I started to hear that it wasn't enough to be a millionaire anymore, that billionaire was now the standard--and watched CEO pay get so out of whack with companies so highly overvalued--many times more than what profits would justify, I got a sense the order of things had gone awry.

That's why this seems more like a correction to me than a crisis.

(Now, if it would only trickle down to New York rents!)

Answered by: VictoriaB on 10/14/08
Got an Answer?