The Housing Boom and Bust
Scary headlines and scarier statistics tell the story of a financial crisis on a scale not seen in decades. Financial institutions on both sides of the Atlantic have either collapsed or have been saved from collapse by government bailouts, as a result of buying securities based on American housing values that eroded or evaporated. The Housing Boom and Bust is designed to unravel the tangled threads of that story. It also attempts to determine whether what is being done to deal with the problem is more likely to make things better or worse.
Thomas Sowell discusses how an economic disaster developed out of the economics and politics of a housing boom and bust.
The Housing Boom and Bust contemplates the greatest expansion of government power in a generation, which was itself occasioned by the greatest economic crisis in a generation.
Sowell also offers an assessment of the economic and political reasons behind the rise and decline of the housing market during the last decade.
“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.”
— American Spectator
“Sowell's account qualifies the standard story that greedy investment bankers and mortgage brokers caused the whole crisis.”
— Newsweek.com
“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.”
— The Washington Times