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 these mortgages to countries around the world, are part of the story of how a financial house of cards was built up and 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.
Sowell unravels the tangled threads of the situation and explores the implications to reveal some surprising and sobering lessons.
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Thomas Sowell Strikes Again!!!
This man is brilliant! I love his work! Everyone, in America; should read all of his books. This man, tells it, like it is. No bull. The part that I love the most: He writes well; and the syntax, of his writtings - is accessible to both laypersons and intellectuals. Thomas Sowell for POTUS in 2012!
Incredible Book - Definitely Recommend
I truly wish everyone in America would read, or listen, to this book. The most important issue today is the economy but the media never discusses how we got here. This book explains it very well in a straight-forward and easy to understand way. If we are ever to learn how not to repeat the same mistakes in the future we need to thoroughly study and correct our governmental policy mistakes. As one who believes strongly in the free-market capitalist system, I would also like to recommend John Stossel's "Give Me A Break."
An insightful and brilliant summary for what is often a complex subject matter
I couldn't be more impressed with Sowell's thorough explanation of the housing crisis and the preceding economic decisions leading up to it. Rarely is introspective economic analysis both candid and concise. Sowell delivers without being condescending or preachy.