The Housing Boom and Bust

The Housing Boom and Bust

Book - 2009
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Explains 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 "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Published: New York : Basic Books, 2009.
ISBN: 9780465018802
0465018807
Branch Call Number: 332.7209 SOW
Characteristics: vii, 184 p. ;,25 cm.

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baldand
Apr 24, 2011

Thomas Sowell has written a wonderful book on the great US housing bubble. Sowell's account is simple without being simple-minded or simplistic. His great talent for exposition makes even the description of the complicated new mortgage products that contributed substantially to the bubble readily understandable to the average reader.

Sowell shows how irresponsible government meddling in the housing and mortgage markets lead to housing bubbles in a relatively few cities, including San Francisco, Tucson, Miami and Washington, but this was enough to bring down the American and later the Canadian economies.

Readers interested in monetary policy should be warned that Sowell pretty much ignores the US Federal Reserve System's contribution to the bubble, except for a few choice (and damning) quotes from Allan Greenspan. For this side of the US housing bubble they should go to the book by Sowell's Stanford University colleague, John Taylor.

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