'Warning'

Before the housing bubble burst in 2007, a few people recognized the signs and tried to warn the nation. Unfortunately, they were ridiculed as "Chicken Littles" by those reveling in the prosperity. The economy was booming, stock markets were hitting record highs, and it was largely coming from the housing market. Few wanted to believe that a bubble was about to pop, but Dean Baker was one of the naysayers who foresaw what was coming. In August 2004, he wrote in The Nation that the economy was a house of cards and that the housing market was unsustainable. His warning was ignored. Similarly, Peter Schiff began sounding the alarm nearly two years before the crash, but he too faced ridicule from economists on CNBC, and his predictions were also dismissed. Others also recognized the impending collapse, but all were ignored. Why were these voices ignored, and is there a chance the crash was planned? Join the conversation and get answers to these questions and more on According2Sam episode #250.