House of debt: how they (and you) caused the Great Recession, and how we can prevent it from happening again

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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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Grouped Work IDb23bfcbf-317e-063a-56ed-400e26d8c74c
Grouping Titlehouse of debt how they and you caused the great recession and how we can prevent it from happening a
Grouping Authormian atif
Grouping Categorybook
Last Grouping Update2019-11-08 15:29:42PM
Last Indexed2019-12-11 04:36:20AM

Solr Details

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auth_author2Sufi, Amir,
authorMian, Atif, 1975-
author2-roleSufi, Amir,author.
author_displayMian, Atif
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display_descriptionThe 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.
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record_details
Bib IdFormatFormat CategoryEditionLanguagePublisherPublication DatePhysical Description
ils:.b42259769BookBooksEnglishThe University of Chicago Press, 2014.219 pages : illustrations ; 24 cm
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ils:.b42259769.i123726931Currently UnavailableGonefalsefalsetruefalsefalsetrue5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15
subject_facetConsumer credit -- United States
Debtor and creditor -- United States
Financial crises -- Prevention
Financial crises -- United States
Finanzkrise
Foreclosure -- United States
Foreclosure -- United States -- Prevention
Global Financial Crisis, 2008-2009
History
title_displayHouse of debt : how they (and you) caused the Great Recession, and how we can prevent it from happening again
title_fullHouse of debt : how they (and you) caused the Great Recession, and how we can prevent it from happening again / Atif Mian and Amir Sufi
title_shortHouse of debt
title_subhow they (and you) caused the Great Recession, and how we can prevent it from happening again
topic_facetConsumer credit
Debtor and creditor
Financial crises
Finanzkrise
Foreclosure
Global Financial Crisis, 2008-2009
Prevention