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The 2012 election has reinforced for me that the U.S. has a simple choice – return to the principles that made us great or face economic decay and social unrest. One of the reasons I wrote my book is because it seemed to make sense to have someone who had an inside and comprehensive understanding of the causes of our financial problems to comment on the issue. In the aftermath of the recent election, it’s even more important for the public and policy makers to understand what drove the financial crisis and what choices we must make to revitalize our economy.
The media and other statists have created a myth that the financial crisis was caused by banking deregulation and greed on Wall Street. However, banks were not deregulated. In fact, three major new regulations were passes during the Bush Administration: The Privacy Act, The Patriot Act, and Sarbanes-Oxley. Banks were misregulated, not deregulated. Also, there has always been plenty of greed (and fear) on Wall Street. However, there is not one shred of evidence there was a greed plague that swept the Street.
The financial crisis and failed recovery were primarily caused by government policy. The two main culprits were errors made by the Federal Reserve and government housing policy, specifically as executed by Freddie Mac and Fannie Mae, the giant government-sponsored enterprises that would never have existed in a free market.
My book, The Financial Crisis and The Free Market Cure covers this and other economic myths and misunderstanding such as the “shadow” banking system, fair value accounting, Pick-a-Payment mortgages and the like. However, as interesting as the economic discussion is, the real solution for our financial problems is philosophical and the cure was espoused by Thomas Jefferson in the Declaration of Independence: “Life, Liberty, and the Pursuit of Happiness.”
People on all sides of the political spectrum defend liberty, but few people understand why liberty is essential to human well-being. Government regulations put “balls and chains” on innovators and entrepreneurs and thereby, slow and eventually stop progress. Given man’s nature, socialism and communism are doomed to failure.
So, again, I say, the US has a simple choice: The laws of mother nature and human nature are not subject to popularity or political whim. Capitalism or decline. You choose.
The best book written about the 2008 Great Recession, and I have read several. Allison is a stand up guy and a great writer. Read morePublished 1 day ago by Rob Weinhold
No one cares what I have to say here to stroke my ego so I will leave it at this. Read it then judge it.Published 3 days ago by Gilbert R Porter
One of the most important books ever written. I cannot thank Mr. Allison enough for his contribution to so many individuals and hopefully future generations with this book. Read morePublished 1 month ago by Stephen D.
The book provides a solid insider's view of what caused our financial crisis. In a word -- government intervention by bureaucrats that know little to nothing about economics. Read morePublished 1 month ago by Mark Sutter
Mr Allison is an expert on this topic and this is a clear well written bookPublished 4 months ago by bob earley
It is so blatantly biased and offers little substantiated argumentation but a lot of blusterPublished 6 months ago by sanjam sethi
Too many unsupported claims and dubious "facts". While I agree with many things in the book, it has a hard time properly linking causes and effects.Published 6 months ago by RustyCP