According to the most recent data from the Reuters/University of Michigan Survey of Consumers, consumer confidence is near a fifty-year low. Record rates of foreclosure, declining home values, and rising commodity prices are all driving a negative attitude about the economy. While these conditions cause concern in the United States,...

At this AEI event, Carmen M. Reinhart and Kenneth Rogoff discuss their new book, which probes an array of crises to show why the four most dangerous words in finance are "this time is different."