It sounds an awful lot like 2007.
It's like deja vu all over again.
As an article published at The Conversation pointed out, there were two key problems lurking below the surface in the mid-2000s that few people paid any attention two. Those same two factors exist today. And once again, few people are paying much attention.
Excessive household debt
A housing bubble
Looking back at the mid 'oos, the economy seemed to be chugging along. But inflation-adjusted household incomes were lower than they were in the late 1990s. To maintain their standard of living, people took on more debt. At the time, it wasn't a problem. Interest rates were still low thanks to the Federal Reserve's monetary policy in the wake of the dot-com bust. Underwriting standards were also low. Banks and credit card companies were happy to loan money, even to people with marginal creditworthiness.