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The U.S. has experienced various industry bubbles and bursts over the past six decades, including the 1990s dot.com bubble, and the housing bubble of the 2000s. A third bubble finally just burst in 2025, after growing for 60 years – immigration to America.

Multiple reports show that the U.S. experienced negative net migration in 2025 for the first time since the 1970s. This course correction is long overdue and needs to continue.

The factors that led to these bubbles and bursts in three different industries are surprisingly similar.

The tech bubble grew following the commercialization of the World Wide Web, during a period of rapid internet adoption and technology startups. It was a time of low interest rates and economic optimism. A speculative market frenzy in tech stocks caused the tech-heavy Nasdaq Composite Index to rise from under 1,000 in 1995 to its peak of over 5,000 in March 2000.

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By October 2002, the Nasdaq had fallen to just over 1,000 again, wiping out trillions in market value. The reasons for the bubble bursting were speculation of overhyped emerging technologies and unsustainable business models. This should have been a cautionary tale for the housing bubble.

In the late 1990s, housing prices started rising rapidly and accelerated in the early 2000s. Annual appreciation rates reached 15–17% in 2004 and 2005. Meanwhile, the Federal Reserve lowered interest rates from 6.5% in 2000 to 1% by 2003, which encouraged borrowing and home purchases. Banks and lenders lowered standards, offered subprime mortgages to borrowers with poor credit and often required little or no down payment.

Texas Department of Public Safety troopers apprehended 12 illegal immigrants who........

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