The Housing Boom and Bust
By Thomas Sowell
(Basic Books, Hardcover, 9780465018802, 192pp.)
Publication Date: May 2009
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This is a plain-English explanation of how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The creative” financing of home mortgages and the even more creative” marketing of financial securities based on American mortgages to countries around the world, are part of the story of how a financial house of cards was built upand then suddenly collapsed.
The politics behind all this is another story full of strange twists. No punches are pulled when discussing politicians of either party, the financial dangers they created, or the distractions they created later to escape their own responsibility for what happened when the financial house of cards in the financial markets collapsed.
What to do, now that we are in the midst of an economic disaster, is yet another storyone whose ending we do not yet know, but one whose outlines and implications are explored to reveal some surprising and sobering lessons.
Thomas Sowell has taught economics at Cornell, UCLA, Amherst and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals in such popular media as the Wall Street Journal, Forbes magazine and Fortune, and writes a syndicated column that appears in newspapers across the country.
“An economic primer on the housing bubble, but more importantly, it is an examination of the ruling class's inability to leave well enough alone.”
“Sowell's account qualifies the standard story that greedy investment bankers and mortgage brokers caused the whole crisis.”
The Washington Times
“For anyone looking for a straightforward and honest discussion of the origins of our current crisis, informed by a deep understanding of both economics and politics, The Housing Boom and Bust is required reading.”