WASHINGTON – There are still some economists who fear another crash. The latest is Eugene Steuerle of the Urban Institute, a liberal think tank in Washington. In a new article, he warns that the economy may be on the edge of a giant “wealth bubble” that will collapse with possibly-dire consequences.
Steuerle is especially worried by parallels between Americans’ present wealth — stocks, homes and private businesses — and the overvaluations of 2000 (the “tech bubble”) and of 2007 (the “housing bubble”). Suffering was widespread. In the 2007-2009 Great Recession, monthly unemployment peaked at 10 percent.
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