The Housing Boom and Bust Revised Edition

In this updated and expanded edition, Thomas Sowell provides a lucid and incisive analysis of the factors that led to the housing bubble and its subsequent collapse, which triggered a global financial crisis. Moving beyond the common narrative of 'corporate greed' and 'market failure,' Sowell argues that the primary drivers were government interventions and social engineering policies. He examines the roles of Fannie Mae, Freddie Mac, and the Community Reinvestment Act, while also highlighting how local land-use restrictions and environmental regulations artificially inflated property values. By contrasting the incentives of the political world with the realities of the economic world, Sowell offers a comprehensive look at how well-intentioned public policies created the disastrous unintended consequences that crippled the economy.

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