{"product_id":"house-of-debt-how-they-and-you-caused-the-great-recession-and-how-we-can-prevent-it-from-happening-again-paperback","title":"House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again - Paperback","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eAtif Mian\u003c\/b\u003e (Author), \u003cb\u003eAmir Sufi\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003eThe 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 \u003ci\u003edoubled \u003c\/i\u003ebetween 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in \u003ci\u003eHouse of Debt\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e 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. \u003cp\u003e\u003c\/p\u003e Thoroughly grounded in compelling economic evidence, \u003ci\u003eHouse of Debt \u003c\/i\u003eoffers 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?\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003cb\u003eAtif Mian\u003c\/b\u003e is the Theodore A. Wells '29 Professor of Economics at Princeton University and director of the Julis-Rabinowitz Center for Public Policy and Finance. \u003cb\u003eAmir Sufi\u003c\/b\u003e is the Chicago Board of Trade Professor of Finance at the University of Chicago Booth School of Business.\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 232\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.7 x 9 x 6.1 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eIllustrated:\u003c\/strong\u003e Yes\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e May 20, 2015\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":45268786479206,"sku":"9780226271651","price":25.72,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0599\/7255\/0758\/files\/MWJrRk4yMDdvR3I4UHo0UkJvdGJwUT09.webp?v=1773895826","url":"https:\/\/infinitylightwa.com\/products\/house-of-debt-how-they-and-you-caused-the-great-recession-and-how-we-can-prevent-it-from-happening-again-paperback","provider":"Infinity Light","version":"1.0","type":"link"}