House of debt
Subtitle: how they (and you) caused the Great Recession, and how we can prevent it from happening again
By: Atif Mian and Amir Sufi
Contributors: Sufi, Amir, author
Publisher: The University of Chicago Press
Published: 2014
Language: eng
Number of pages: 219
ISBN-13: 9780226081946; 9780226138640
Subjects: Financial crises; Global Financial Crisis (2008-2009) fast (OCoLC)fst01755654; Foreclosure; Finanzkrise; Finanskrisen 2008-2009; Debtor and creditor; Consumer credit; Finanskriser; Konsumentkredit; Global Financial Crisis, 2008-2009; Prevention
Description: Though the banking crisis captured the public's attention, Mian and Sufi argue strongly that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit is disastrously counterproductive when the fundamental problem is too much debt. 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.
Notes: Includes bibliographical references (pages 191-207) and index.
Table of contents: title: A scandal in Bohemia; title: Busted; title: Debt and destruction; title: Cutting back; title: Levered losses: the theory; title: Explaining unemployment; title: Boil and bubble; title: The credit expansion; title: Conduit to disaster; title: Debt and bubbles; title: Stopping the cycle; title: Save the banks, save the economy?; title: Forgiveness; title: Monetary and fiscal policy; title: Sharing.