People were struggling to pay the bills. Gas prices were up to $4+. That increases costs of not just gasoline, but shipping and other goods. Luxuries were not being bought, and credit cards were being maxed to pay for the essentials. Eventually, foreclosures kicked in with missed payments.
He’s partially right.
The housing market crashed from Clinton’s race quota loan demands which nullified bank qualification standards for loans.
Rick is, as usual, is out to lunch when to comes to understanding and explaining complex issues.