House of debt : how they (and you) caused the Great Recession, and how we can prevent it from happening again / Atif Mian and Amir Sufi.

9780226081946 hardcover alkaline paper
022608194X hardcover alkaline paper

Chicago ; London : The University of Chicago Press, 2014.

English

219 pages : illustrations ; 24 cm

HB3743 .M53 2014

330.973/0931

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.

Includes bibliographical references (pages 191-207) and index.

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