Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
The Great American Bank Robbery: The Unauthorized Report About What Really Caused the Great Recession Paperback – January 17, 2011
|New from||Used from|
Top 20 lists in Books
View the top 20 best sellers of all time, the most reviewed books of all time and some of our editors' favorite picks. Learn more
Frequently Bought Together
Customers Who Bought This Item Also Bought
About the Author
If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle edition for only $2.99 (Save 63%). Print edition purchase must be sold by Amazon. Learn more.
For thousands of qualifying books, your past, present, and future print-edition purchases now lets you buy the Kindle edition for $2.99 or less. (Textbooks available for $9.99 or less.)
Top Customer Reviews
"Architects of Ruin," for example, begins by describing the activist thuggery in 1970s Chicago which led to the passage of the Community Reinvestment Act (CRA) in 1977, which was signed into law by then-President Jimmy Carter, and goes on to describe the subsequent events which inflated the housing bubble that burst in 2008. This book describes some of those same events, but commences in the mid-1990s when then-President Bill Clinton revised the CRA and by presidential edict began using the power of government to force banks to make undesirable subprime loans to the "underserved," and Fannie Mae and Freddie Mac to subsidize them, regardless of the borrower's credit worthiness or ability to repay the loans; thus corrupting the CRA and the financial system, and setting in motion the events which culminated in the economic collapse of 2007-8.
A second distinction between the books is that the earlier work, "Architects of Ruin," essentially gives George W. Bush a pass, much as the Angelides Commission and the mainstream media gave the real culprit, Bill Clinton, a pass. This book, on the other hand, explains in some detail President Bush's contribution to the economic collapse. In doing so, the author clearly shows that, although Bill Clinton must be held primarily responsible; G. W. Bush certainly made a significant contribution.Read more ›
He argues that "Fannie (Mae) and Freddie (Mac) ... guaranteed more bad loans than anyone" (Pg. xv). He also criticized the Clinton administration's move in the mid-1990s to strengthen the Community Reinvestment Act (CRA), "which had the effect of watering down underwriting standards... and helping create the subprime market we all know so painfully well today." (Pg. xvii) He quotes a Freddie Mac spokeswoman who claimed that they were "forced to go into that market to serve the targeted populations that HUD wanted us to serve." (Pg. 17) He later adds that President Bush called for Congress to pass his American Dream Down Payment Assistance Fund to subsidize down payments for minority homebuyers. (Pg. 83-84)
He singles out the Association of Community Organizations for Reform Now (ACORN), which has "made a career out of stalking bank 'bigots' for billions of dollars in affirmative action loans." (Pg. 149) He also notes that Obama said in 2007 that "I've been fighting alongside ACORN my entire career." (Pg.Read more ›
This book gives you a fresh reason to hate and mistrust the popular press. If it won't tell us the full story about this scandal, about what is it spinning today? Implied government guarantees, in a housing bubble "without end", of loans which the originator could easily pass off to the greater fool, deserve more scrutiny. There has always been greed, what changed to facilitate this "crash"?
Sperry documents thoroughly each of his suppositions. It is a sad story, yet without an end. The Chicago Acorn is doing it to us in continuum. The next move is "socially responsible" small business loans, and then college loans. There are vague but expanding quotas that in the words of Robert Higgs, a great economist, create "regime uncertainty"; a term used to explain the dearth of confidence and investment in our present economic state. Sub prime mortgages are the microcosmic government intervention which gives support to his thesis. If banks (and now others, eg., insurance companies) are told to whom to lend by political bosses for constituent reasons, there are no rules, just uncertainties. Is every type of "property" now part of the commons at the whim of the next delusional utopian?
Most Recent Customer Reviews
Interesting take on the Mortgage Crisis. I am not sure identifying Wall Street as victims plays well. Read morePublished 2 months ago by John Kingsepp
I cannot believe I was persuaded to read this book. Anyone with an IQ over 80 will debunk this for what it really is, conspiracy. Read morePublished 4 months ago by Amazon Customer
There's just one problem with this book. The foundation on which it's built is largely false. It trumpets the views of Peter Wallison, a member of the Financial Crisis Inquiry... Read morePublished 4 months ago by C. Earnshaw
This guy is laughable and is spewing his own skewd political agenda blaming " Liberals" for the greed of wallstreet and the deregulation thereof.Published 4 months ago by Amazon Customer
Paul Sperry tells the whole story of how the DemoRat Party stole the banking system to give to low income "folks" (as BO puts it.... Read morePublished 8 months ago by Atlanta Engineer
I'm not finished with this yet but it fills in things happening today that the general public doesn't know or understand all the back round story.. Read morePublished 8 months ago by Joan M., Bell
Learned so many things that I never knew before, about what brought about the events of the money crisis in 2008 was caused by politicians and not the banksPublished 13 months ago by alicia holdinghausen
This "book" is a professional courtesy from one right wing think tank to another intended to smear the FCIC because it asked Edward Pinto of AEI if he could reconcile his 27... Read morePublished 17 months ago by NYC Reader1