Thomas Sowell’s latest book — The Housing Boom and Bust — has just been released by Basic Books.
In describing the book, Sowell explains:
“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 American 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 when the financial house of cards in the financial markets collapsed.
What to do, now that we are in the midst of an economic disaster, is yet another story — one whose ending we do not yet know, but one whose outlines and implications are explored to reveal some surprising and sobering lessons.”
Thomas Sowell is a scholar in residence at the Hoover Institution, Stanford University. He has taught economics at Cornell, UCLA, Amherst, and other academic institutions. He is the author of more than 30 books and has published in academic journals and in such popular media as the Wall Street Journal, Forbes magazine, and Fortune. He writes a syndicated column that appears in newspapers across the country.
THE HOUSING BOOM AND BUST
By Thomas Sowell
Publication Date: May 11, 2009
Published by Basic Books
184 pages, $24.95
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