Elizabeth Warren again sees “serious warning signs” of a “coming economic crash.”
Several years before the Great Recession began in 2008, a Harvard Law professor predicted that reckless home-mortgage lending could lead to a banking crisis. Now, as a senator and Democratic presidential candidate,
Then in 2004, she “warned that families were getting deeper into debt and hanging on only by borrowing against their homes, which put them in a vulnerable position if costs rose or a family member lost a job.” The median down payment for first-time home buyers was just 3 percent of the purchase price, she noted. She “flagged that foreclosure rates were starting to go up but that the mortgage lenders were still churning out loans.
Warren said high corporate and household debt and a decline in the U.S. manufacturing industry left the nation vulnerable to “serious shocks on the horizon that could cause our economy’s shaky foundation to crumble.” Lastly, the Democratic candidate criticized President Trump as she addressed the manufacturing recession while brandishing her “Green Manufacturing plan” to invest $2 trillion in green research, manufacturing and exporting over the next decade.
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