I warned about an economic crash years before the 2008 crisis, but the people in power wouldn't listen. Now I'm seeing serious warning signs in the economy again  and I'm calling on regulators and Congress to act before another crisis costs America's families their homes, jobs, and savings.

I've spent most of my career getting to the bottom of what's happening to working families in America. And when I saw the seeds of the 2008 crisis growing, I rang the alarm as loud as I could.

In 2003, I called out subprime lenders for tricking unsuspecting families  especially families of color  into refinancing into overpriced subprime mortgages. In 2004 and 2005, I 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. In 2006, I flagged that foreclosure rates were starting to go up, but that the mortgage lenders were still churning out loans because they had passed on the risk of defaults to investors in the form of mortgage-backed securities. Those trends  shady subprime lending, rising household debt, a mortgage market where lenders didn't bear the risk of their loans  set the stage for the 2008 crisis.

But the people with the power to stop the crisis didn't listen  not enough of them anyway. Not the banks, not Alan Greenspan or other federal regulators, not Congress. And when the crisis hit in 2008, working families lost it all while the big banks that broke the economy got a fat taxpayer bailout.

When I look at the economy today, I see a lot to worry about again. I see a manufacturing sector in recession. I see a precarious economy that is built on debt  both household debt and corporate debt  and that is vulnerable to shocks. And I see a number of serious shocks on the horizon that could cause our economy's shaky foundation to crumble. (snip)