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Commentaires client les plus utiles
1 internaute sur 1 a trouvé ce commentaire utile :
5.0 étoiles sur 5
The best explanation of the source of the current economic crisis out there,
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Ce commentaire fait référence à cette édition : The Housing Boom and Bust (Relié)
The global economic crisis that started in the late 2008 is considered to be one of the worst ones in decades, perhaps the worst one since the Great Depression. It has started in the United States, but its ramifications have been felt globally, reminding us once again that we live in a very interconnected world. The source of the crisis seems to be rather obscure, and involves many hard to understand factors. Indeed, there is no single effect that can be blamed for the entire crisis, but one factor looms much larger than all the other ones, and that is the housing boom and bust. This, in a nutshell, is the basic premise behind Thomas Sowell's latest book. He describes and analyzes how the overregulated housing markets in a very few regions in the United States, coupled with the governmentally imposed quotas for the wider availability of housing loans, skewed the housing market and prevented the simple market mechanism from operating and correcting the ensuing market imbalances. Far from being caused by the lack of regulation of the banking sector, the crisis was brewing for years, decades even, and was caused exactly by the presence of too much regulation in one of the biggest parts of the overall economy. The bottom line is: the crisis was caused by the faulty politics, not the faulty economics. Not taking home this fundamental lesson has very dire consequences. The same people who lobbied and pushed for the legislation that has brought us to the current situation are the ones who are now leading the charge for its fixing. Predictably, the proposed solutions are along the lines of the policies that brought us to the current crisis. This is probably prolong the crisis and have unforeseen consequences in the years to come. Hopefully, before that comes to pass we will learn from the past mistakes and avoid making a whole host of new ones. The best first step in that direction is understanding what really happened with the economy in 2008. And for that, Thomas Sowell's book is an invaluable guide.
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