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Thomas Sowell

The Housing Boom and Bust Hardcover – January 1, 2009

by Thomas Sowell (Author)

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Item Weight : 1 pounds
ASIN : B003NHR6WC
Publisher : Basic Books; Revised ed. edition (January 1, 2009)
Language: : English

Best Sellers Rank: #3,902,052 in Books (See Top 100 in Books)
- #1,143 in Mortgages (Books)
- #2,489 in Money & Monetary Policy (Books)
- #4,419 in Real Estate Investments (Books)

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Joe Schmuckatelli

What REALLY caused the housing bust

Reviewed in the United States on December 29, 2019

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This is an awesome, information-packed, fast read. It clearly explains all the different factors involved in causing the both the housing bubble AND the bust. As always, something that big is never caused by a single thing. There were many small factors involved - but they all boiled down to inappropriate and/or ineffective government meddling in the housing market to artificially make homes more affordable than than should be. If you want to know what really caused the real estate crash of 2008 (and become a student of history), read this book!

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J. Livingstone

Government caused the housing crisis

Reviewed in the United States on November 4, 2012

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As always, Thomas Sowell explains the housing crisis clearly and understandably. If not for the government pressure on lenders, the housing crisis would never have occurred. What government actions caused the housing crisis?

1) Zoning and other restrictions on land use that caused severe land shortages and upward-spiraling home prices.

2) Government pressure on lenders to give housing loans to borrowers without adequate down-payments (NINJA loans = No Income, No Job, No Assets)in the name of "affordable housing" used by some politicians to buy the votes of the poor and of the "bleeding hearts."

3) Why would banks make bad loans, on which they would lose money? Because government gave them a place to dump toxic loans - namely the "government-sponsored-entities" (GSE's) named Fannie Mae and Freddie Mac, which ended up with half of all the subprime loans in the USA, and which ended up hugely bankrupt and bailed out by billions of taxpayer dollars.

There is much more in the book, but this gives just a little flavor of how government caused the housing crisis, and how taxpayers got stuck with paying for it. If you really want to understand what happened, and why, this book will explain it clearly and understandably, step by step, in plain and simple language.

17 people found this helpful

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Should Be Required Reading for Every American

Reviewed in the United States on May 26, 2009

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This superb analysis of the causes of the current financial crisis should be required reading for every American who considers himself well informed. In a straightforward style, economist Sowell lays out step by step how we find ourselves in today's economic collapse including, governmental restrictive land use policies which led to skyrocketing prices for houses in certain select areas of the country, political pressure on banks to lend to those who could not normally qualify for mortgages, the press for 'creative' financing in order to ensure a policy of affordable housing for all, real estate speculation, 'creative' accounting practices and the failure of credit rating agencies to assess the risk of subprime backed securities.

The frightening part is that those in government who put the practices into place that led to the economy collapsing like a house of cards are still in power and running things in Congress, and the new administration sees the crisis as an excuse to implement policies that will have far reaching effects on the future of this country.

If there is one flaw in the book I would have liked Sowell to go into detail about the use of subprime backed securities that caused toxic assests to infiltrate every aspect of our economy and the economy of the world.

39 people found this helpful

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Social science professor

Very well-written, well-argued, great explanations

Reviewed in the United States on February 7, 2010

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I'm an economics professor and used this book in a course for non-econ majors about the economic crisis. Most of these students were 18 yrs old and never had any econ course before. Judging from the excellent class discussions we had about each chapter and their performance on the exams, it is clear that the book really engaged these students and they really learned a LOT from it.

I mention this because I suspect many folks considering this book are NOT economics majors and want a book that explains things very clearly. If that describes you, Sowell will surpass your expectations. This book is very well-written, his arguments are persuasive and intelligent but you don't have to have any background to appreciate them.

While Sowell's book is very readable for non-economics majors, I would also say that econ and finance majors will not feel that Sowell is condescending to them; I have used this book in an upper level course for econ and finance majors, and the students gave the book high marks.

The title accurately describes the scope of the book - it contains little to no discussion of credit default swaps and collateralized default obligations, does not talk too much about the credit crunch, the "shadow banking sector" and other aspects of the economic crisis. He focuses on the housing bubble, which of course is not entire crisis but is at the very heart of the crisis.

And just in case you didn't pick this up from the other reviews here, Sowell writes from a very conservative perspective. I'm pretty centrist, but I like reading and being challenged by the great thinkers from different perspectives.

My only caution to the young reader of Sowell is to not jump to the conclusion that Sowell's perspective is "the" correct perspective, but rather treat it as a very valuable perspective that we can all learn from, but also seek out other insightful perspectives, such as Krugman's "Return of Depression Economics", Posner's "A Failure of Capitalism", and the new book by Joseph Stiglitz called "Freefall: America, Free Markets, and the Sinking of the World Economy."

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Top reviews from other countries

Anthony O´Driscoll

Five Stars

Reviewed in the United Kingdom on October 31, 2015

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Sowell at his best!

murray r k johnson

Good Book

Reviewed in the United Kingdom on September 8, 2017

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It really is just not that complicated. Brilliantly explained.

Pete

Five Stars

Reviewed in the United Kingdom on June 1, 2016

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Sowell at his usual best. Concise and rich.

Ross

Timely account of the housing crisis

Reviewed in the United Kingdom on September 11, 2009

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The boom and bust in the US housing market has had enormous implications for the world economy as a whole so it is useful to have a grasp of what caused it, how we can avoid doing it again and how not to respond.

The bust is easy to explain- house prices rises vastly exceeded gains in income, population or productivity so could not be sustained. A bust was inevitable, explaining the boom is the tricky part.

Contrary to popular dogma the boom wasn't fueled by 'deregulation' or the free market but was brought into being by the government interventions- whether in restricting land use or coercing banks to drop lending standards.

I won't attempt to rehash the entire book but Sowell looks at the impact of all the main players- the banks, the federal government, Fannie & Freddie and the regulators and explains how they each interacted to cause this failure. Unsurprisingly politicians come outparticularly badly.

The book probably was rushed out by the publishers soon after the crisis came to a head in late 2008 and early 2009, hence the awkward lack of numbered end notes (there is a chapter by chapter list of sources but it is much harder to cross reference). However the analysis doesn't really suffer because Sowell has been writing about aspects of the crisis for years before the actual crash.

One person found this helpful

Amazon Customer

Sowell is king.

Reviewed in Canada on November 2, 2019

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Completely changed my perspective on this subject!

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