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 It Really Started with the 1965 Watts Riots Nov 19, 2009
The USG's strong-arming financial companies to "loan" to people having lower than standard prospects of repaying the "loans" began in the aftermath of the Watts riots. The federal-level interference in mergers and expansions of banks and other financial institutions initiated then was codified eventually into the Community Reinvestment Act.
One of my uncles is a retired vice president from Pacific Mutual Insurance Company, with his bachelors and MBA from Stanford, and one of the "Greatest Generation." He has several times related the story that soon after the Watts riots his company was forced to find ways to make mortgages available to "disadvantaged" people, i.e., those living in so called "red-lined" neighborhoods. PMIC spent several months searching for an African-American owned and operated bank through which they could fund such mortgages. Finding one eventually, the loans made through this bank to substandard borrowers had a failure rate on the order of 100 times the rest of PMIC's mortgage portfolio. PMIC had, therefore, been forced to use money against the interests of its ownership (holders of their insurance policies, as a mutual insurance company) to stave off USG interference in other business decisions they might have taken.
Thus, the only bone I might pick with this book is that Dr Sowell didn't start his history early enough.
The Housing Boom& Bust Nov 16, 2009
Thomas Sowell makes this complicated subject easy to understand and is unbiased in his assessment. Good book.
Enlightening Nov 04, 2009
This book does an excellent job of explaining how the housing boom and bust were created mainly by the government and even shows quotes by people like Barney Frank that expose their hypocracy and deceit. It's a great read for anyone who wants to understand why we're in the current housing/economic crisis that we're in and how we should get the government out of our free market rather than let them in further - it seems that almost everything the government touches turns into garbage. The people who have written the most negative reviews for this book obviously haven't even read the book at all, which is quite revealing. Buy this book and share it. People just don't know the things contained in this book and it's imperative that we know these things so we can vote for people who will stop driving our country off a cliff at every opportunity they get.
Clear, fact-based explanation of housing bust Nov 03, 2009
If you want a clear, objective and very readable account of the recent housing bust, I would highly recommend this book. In Mr. Sowell's typical strightforward and thoughtful style he goes into the factors that created the bust and provides the historical background that comes into play as well. For me, the history that dates back to the 1930's and late '70's was particularly interesting. Mr. Sowell is definitely one of the most independent and brilliant thinkers of our time.
 Business as usual Nov 03, 2009
Another succinctly-written demolition job by Thomas Sowell, master of identifying the inevitable (and usually unplanned) consequences of government action. He writes clearly and with precision, singling out specific actions, their specific consequences, and calling into question the simple competence of our congressional leaders. If you liked any of Sowell's earlier work you won't be disappointed. If you're an enthusiast for greater government, you probably will.
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