Get Your Free Audiobook

  • House of Debt

  • How They (and You) Caused the Great Recession, and How We Can Prevent It From Happening Again
  • Written by: Atif Mian, Amir Sufi
  • Narrated by: Peter Berkrot
  • Length: 6 hrs and 42 mins
  • 4.5 out of 5 stars (4 ratings)

Prime logo New to Audible Prime Member exclusive:
2 credits with free trial
1 credit a month to use on any title to download and keep
Listen to anything from the Plus Catalogue—thousands of Audible Originals, podcasts and audiobooks
Download titles to your library and listen offline
₹199 per month after 30-day trial. Cancel anytime.
House of Debt cover art

House of Debt

Written by: Atif Mian, Amir Sufi
Narrated by: Peter Berkrot
Free with 30-day trial

₹199 per month after 30-day trial. Cancel anytime.

Buy Now for ₹668.00

Buy Now for ₹668.00

Pay using card ending in
By confirming your purchase, you agree to Audible's Conditions of Use and Amazon's Privacy Notice.

Publisher's Summary

The 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 doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt 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. 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.

Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen?

©2014 Atif Mian and Amir Sufi (P)2014 Audible Inc.

What listeners say about House of Debt

Average Customer Ratings
Overall
  • 4.5 out of 5 stars
  • 5 Stars
    2
  • 4 Stars
    2
  • 3 Stars
    0
  • 2 Stars
    0
  • 1 Stars
    0
Performance
  • 4.5 out of 5 stars
  • 5 Stars
    2
  • 4 Stars
    1
  • 3 Stars
    0
  • 2 Stars
    0
  • 1 Stars
    0
Story
  • 4.5 out of 5 stars
  • 5 Stars
    2
  • 4 Stars
    0
  • 3 Stars
    1
  • 2 Stars
    0
  • 1 Stars
    0

Reviews - Please select the tabs below to change the source of reviews.