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House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent It from Happening Again
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Bibliographic Detail
Publisher Univ of Chicago Pr
Publication date May 20, 2015
Pages 229
Binding Paperback
Book category Adult Non-Fiction
ISBN-13 9780226271651
ISBN-10 022627165X
Dimensions 0.75 by 6.25 by 9.25 in.
Weight 0.82 lbs.
Original list price $15.00
Other format details university press
Summaries and Reviews
Amazon.com description: Product Description:
The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession―that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi.  More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.

Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?


Editions
Hardcover
Book cover for 9780226081946
 
With Atif Mian | from Univ of Chicago Pr (May 21, 2014)
9780226081946 | details & prices | 219 pages | 6.25 × 9.25 × 1.00 in. | 1.05 lbs | List price $26.00
About: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009.
Paperback
Book cover for 9780226271651
 
The price comparison is for this edition
With Atif Mian | from Univ of Chicago Pr (May 20, 2015)
9780226271651 | details & prices | 229 pages | 6.25 × 9.25 × 0.75 in. | 0.82 lbs | List price $15.00
About: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009.
CD/Spoken Word
Book cover for 9781491582329
 
With Atif Mian | Mp3 una edition from Brilliance Audio (April 23, 2015)
9781491582329 | details & prices | 5.25 × 6.50 × 0.50 in. | 0.15 lbs | List price $14.99
About: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009.

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