This book 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.
©2009 Thomas Sowell; (P)2009 Blackstone Audio, Inc.
"Among economists of the past thirty years, [Sowell] stands very proud indeed." (Wall Street Journal)
Sowell once again knocks it out of the park. His graceful writing style coupled with his meticulous research provide the reader with a refreshing perspective of the current economic crisis and what part housing has played in it. He exposes Christopher Dodd and Barney Frank for the circus clowns they are and debunks the "more regulation" myth that the media is spewing. After listening to this work, it becomes apparent that regulation in one form or another is what lead us down this disasterous path.
Like his other books, Sowell lays out a very concise argument without delving overly deep into the data. That's not to say this book is not well supported, quite the opposite. The only change I would make is to have someone a bit more vibrant narrate. This is pretty heavy material.
Semi retired small business person/ college professor/ investor.
With his usual clarity and abundance of data Sowell takes what happened apart to show you why we are in this mess. If you are unhappy with the standard media answer of "corporate greed" read this analysis. Anytime something like this happens and is blamed on greed of one group or another I always ask why is that group greedier now than in the past? Sowell lays out with backup data the time line of this mess and what was contributed by each of the players (republican, democrat, corporate and regulatory). If you believe more regulation will prevent this from happening again pay particular attention to the role of the regulators in this debacle. This is a must read for anyone wishing to understand the nature of our current economic times.
If you want to understand why the economy collapsed in 2008 and why the solutions offered by government (both parties, but especially the democrats) are badly misguided, this is the book to read.
Sowell is in top form in this lucid explanation of the underlying cause of the financial meltdown. As usual, Sowell goes beyond the mechanical cause-effect of individual economic events, and uncovers the more subtle human motivations that the various players have in the formulation of the rules of the game, which, in turn, lead to the unintended consequences we all have to live with.
Yet another look at the causes of the Great Recession of 2098 but this time from the mind of the eminent economist Thomas Sowell. Sowell points out how bad regulations and other interventions lead to the collapse.
Thomas Sowell does just what you would expect him to--get right at the root problem of the financial crisis with all the important facts, lucid analysis, and clean prose. In that sense, this book is the definitive overview of the genesis and trigger of the 2008 financial crisis.
On the other hand, I was disappointed that he did not go into the derivative problem--what the finance industry ("Wall Street") engineered out of the underlying fundamental mortgage securities, and the collusive relationship of that end of the industry with Washington DC.
Whereas Sowell's treatment of the primary phenomenon is outstanding, he seems uninterested in the secondary problem, remarking in passing that if everybody had kept paying their mortgages, there would not have been a problem. In that sense, this book is a missed opportunity for one of the finest minds of our time to fully analyze the financial crisis.
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