First published 2009
Thomas Sowell dissects the economic disaster that emerged from America's housing market collapse. He examines how mortgage lenders developed increasingly risky financing methods and how banks packaged these dubious loans into securities sold worldwide. Sowell reveals how this system created a fragile financial structure that eventually crumbled. He analyzes the political forces that enabled this crisis, criticizing leaders from both parties who created dangerous policies and later deflected blame when markets crashed. The book explores the strange political maneuvering that followed the collapse. Sowell investigates potential solutions to the ongoing economic crisis, though he acknowledges the outcome remains uncertain. He presents clear analysis of complex financial mechanisms and political decisions. The book offers readers concrete explanations of how economic policy, political incentives, and market dynamics combined to produce widespread financial damage.
Genres: history, social-science, politics, economics, non-fiction, finance
Vibes: intimate, suspenseful, thought-provoking
Tropes: investigative-journalism, political-thriller
Setting: America
Period: 21st-century
184 pages · Hardcover · Basic Books