Publisher Description
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.
Download and start listening now!
“This was a quick read, but very helpful to me in explaining what happened in the housing market and lending institutions. I felt sick to my stomach as I finished the last chapter, because I do feel like our country is going down the wrong path and I can’t understand why our leaders seem so eager to rush headlong into disaster. Sowell talks about the current administration’s desire to rush legislation through without allowing for thoughtful discussion: “From the standpoint of those who seek to remake the economic institutions of America, the worst case scenario would be to have the economy begin visibly recovering on its own before they can get their blueprint for salvation enacted into law.” I’d love to think these were words of paranoid conspiracy theorists, but they sure look true to me. God save America.”
—
Sally (5 out of 5 stars)
