David Haggith is the publisher/editor-in-chief of The Great Recession Blog.
Seeing the Great Recession Before it Hit
My path to writing this blog began as a personal journey. Back in 2007, my (now ex) wife had a family home that was an inheritance from her mother, which she and her brother had been holding onto for several years because real-estate was always appreciating. I worked as a resort property manager back then, and I was certain from my own observations in the industry and from my readings that the U.S. housing market was on the verge of catastrophic collapse. Even though real-estate agents I talked to thought I was nuts, I urged my wife to press her brothers to sell the family home before prices collapsed. They eventually complied and sold the home just three months before Bear-Stearns made it obvious some deep financial troubles were brewing, taking the U.S. housing market down for the tumble. Her family sold near the peak of the market. I realized, then, the value of urging people to take actions based on what I believed would happen.
Why should I have known the housing market and banks would crash when Al Greenspan, Ben Bernanke and the Federal Reserve board members clearly did not?
Liked it? Take a second to support David Haggith on Patreon!