Scary headlines and scarier statistics tell the story of a financial crisis on a scale t seen in decades--certainly t within the lifetime of most Americans. Moreover, this is a worldwide financial crisis. Financial institutions on both sides of the Atlantic have either collapsed or have been saved from collapse by government bailouts, as a result of buying securities based on American housing values that eroded or evaporated. Now completely revised in paperback, The Housing Boom and Bust is designed to unravel the tangled threads of that story. It also attempts to determine whether what is being done to deal with the problem is more likely to make things better or worse.
Thomas Sowell has taught economics at Cornell, UCLA, Amherst, and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals and in such popular media as the Wall Street Journal, Forbes magazine, and Fortune, and he writes a syndicated column that appears in newspapers across the country.