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

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Published
The University of Chicago Press, 2015.
Format
eBook
Language
English
ISBN
9780226277509

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APA Citation, 7th Edition (style guide)

Atif Mian., Atif Mian|AUTHOR., & Amir Sufi|AUTHOR. (2015). House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again . The University of Chicago Press.

Chicago / Turabian - Author Date Citation, 17th Edition (style guide)

Atif Mian, Atif Mian|AUTHOR and Amir Sufi|AUTHOR. 2015. House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It From Happening Again. The University of Chicago Press.

Chicago / Turabian - Humanities (Notes and Bibliography) Citation, 17th Edition (style guide)

Atif Mian, Atif Mian|AUTHOR and Amir Sufi|AUTHOR. House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It From Happening Again The University of Chicago Press, 2015.

MLA Citation, 9th Edition (style guide)

Atif Mian, Atif Mian|AUTHOR, and Amir Sufi|AUTHOR. House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It From Happening Again The University of Chicago Press, 2015.

Note! Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy. Citation formats are based on standards as of August 2021.

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Grouped Work ID1cdb72bd-8e34-aab1-d8b8-36bb28c3aeb7-eng
Full titlehouse of debt how they and you caused the great recession and how we can prevent it from happening again
Authormian atif
Grouping Categorybook
Last Update2023-08-09 20:03:00PM
Last Indexed2024-03-29 02:25:56AM

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Last UsedFeb 7, 2024

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    [synopsis] => The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes 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 less dramatic periods of economic malaise, 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. 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 today's economy: 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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