When Housing Bubbles Burst

Tuesday, 31 March 2009 19:00

The global crisis started with the bursting of a U.S. housing bubble in 2007 — the same as the panic of 1857.

Inflated prices and excessive debt lead to a 19th-century, three-year global recession. A principal difference now is that impoverished speculators no longer face the prospect of debtors' prison.

Read an inside account of the bursting of an Ontario real estate bubble 150 years ago in the accompanying Old News Issue No. 11.