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House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

Name: House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again
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4.4 of 5 Stars: International - House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

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Book Synopsis:
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?

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Are you still feeling the effects of the Great Recession? The loss of jobs, foreclosed homes, and dwindling economic opportunities? It's time to understand what really caused the crisis and how we can prevent it from happening again. Introducing "House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again." This eye-opening book by Atif Mian and Amir Sufi reveals a shocking truth: the recession was not just a coincidence, but a direct result of the skyrocketing household debt.

Curious how a rise in household debt could have such dire consequences? Mian and Sufi back their claim with robust evidence and real data. They expose how excessive debt leads to foreclosures, reduced spending, and a decline in demand for goods. This vicious cycle ultimately triggers production declines and massive job losses. It's time to stop protecting the banks and creditors and start addressing the root cause of the problem - too much debt.

You might be thinking, "How can we get out of this cycle?" Mian and Sufi propose a revolutionary solution: a direct attack on debt. They advocate for more aggressive debt forgiveness after the crash and the implementation of new mortgage contracts based on risk-sharing. By moving away from inflexible debt contracts, we can prevent future housing bubbles and the devastating consequences that come with them.

But don't just take our word for it. "House of Debt" is thoroughly grounded in compelling economic evidence and provides convincing answers to some of the most pressing questions facing our economy. Why do severe recessions happen? Could the Great Recession have been prevented? And what actions can we take to safeguard against future crises?

Don't miss this timely and transformative book that gives you the knowledge and tools to navigate the complex world of debt and recession. Take control of your financial future and join the movement towards a more stable economy. Read "House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again" today.

Ready to prevent future economic crises? Get your copy of House of Debt now!

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