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Hidden in Plain Sight: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again, by Peter J. Wallison
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The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis.
A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 56 percent of all US mortgages were subprime or otherwise low-quality. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis.
After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.
- Sales Rank: #138459 in Books
- Published on: 2015-01-13
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 6.50" w x 1.50" l, .0 pounds
- Binding: Hardcover
- 432 pages
About the Author
Peter J. Wallison holds the Arthur F. Burns Chair in Financial Policy Studies and is co-director of AEI's program on Financial Policy Studies. From June 1981 to January 1985, he was General Counsel of the United States Treasury Department, where he had a significant role in the development of the Reagan Administration's proposals for deregulation in the financial services industry. His most recent book is "Bad History, Worse Policy: How a False Narrative about the Financial Crisis Led to the Dodd-Frank Act" (AEI Press 2013). He testifies frequently before committees of Congress, and is a frequent contributor to the op-ed pages of the "Wall Street Journal" and other print and online journals. He has also been a speaker at many conferences on financial services, housing, the causes of the financial crisis, the Dodd-Frank Act, accounting, and corporate governance, and is a member of the Shadow Financial Regulatory Committee, the Council on Foreign Relations, the SEC Advisory Committee on Improvements to Financial Reporting (2008), co-Chair of the Pew Financial Reform Task Force (2009), and a member of the congressionally- authorized Financial Crisis Inquiry Commission (2009-2011). In May 2011, for his work in financial policy, Mr. Wallison received an honorary doctorate in Humane Letters from the University of Colorado.
Most helpful customer reviews
20 of 20 people found the following review helpful.
The subprimes made all the difference.
By Thomas J. Baker
One of the best - perhaps the best - explanation of the financial collapse of 2008.
Most "explanations" of the cause of the crash are really a description of "What" happened: packages of mortgages (which contained some bad stuff) being traded between banks and others, which led to a financial collapse, which led to an economic downturn.
In his book Peter Wallison takes us back to what created the circumstances for the mortgage meltdown: The government policies - under both Clinton and Bush II - that forced the lowering of underwriting standards, in the intent of increasing homeownership. This resulted in a higher and higher percentage of subprime mortgages (the bad stuff). Without so much of the "bad stuff" in the mix, there could not have been the "mortgage meltdown". This book demonstrates that the subprime mortgages, almost by definition,
were bound to fail. Wallison gives us one very telling statistic, for 30 years - right up to 1992, when the government push to issue subprime began - the US percent of home ownership was constant at 64%. By June 2008, it was slightly above 69%. Now, after the past six years of recession and foreclosures, it is back at the historic 64%. The subprimes made all the difference.
Bankers and Economists are not the only readers who will benefit from this book. The casual reader will find very helpful the
definitions and explanations of the terms that are batted around so freely by politicians and the "talking heads" on TV; Sub-Prime and Prime for starters. This truly is a book for all investors, homeowners, and taxpayers.
333 of 398 people found the following review helpful.
common sense led and provided good documentation of past and present excesses - or where ...
By Max Fellows
When i see a string of 1 /5 ratings on a book which has a political or economic topic - which has a lot of lobbyists involved with making money It draws my notice.
Generally in life there are a variety of grades - not a slew of only 1 out of 5
The housing bubble cost people their life savings and more
People who should have never had houses - through political motivations did and it caused big trouble to hard working quote ordinary people
I listened to the author on the Larry Kudlow podcast January 17
http://goo.gl/v9IO46
He was more than thorough , common sense led and provided good documentation of past and present excesses - or where our quote politicians want to lead us
You can listen to the podcast yourself before purchasing the book and get a taste of the credibility of the speaker and information
Unfortunately for these left wing posters who gave these low ratings or lobbyist driven commenters with their vodoo economics nothing is for nothing in life and their is no such thing as a free lunch
233 of 287 people found the following review helpful.
A must-read for those who seek the truth.
By T. William
The negative reviews below are testimony to how much fear Peter's work strikes in the heart of the lobbyists and cronyists who benefit from the very entities that caused the financial crisis. You can easily google Fannie Mae and Freddie Mac and see the millions and millions they poured into buying power and influence in Washington to prop up their Ponzi schemes. Thank God for Peter Wallison, one of the lone voices in our nation's capital for sound housing policy. This book is a must-read for young and old, right and left, but especially for those who are particularly concerned when special interests collude against the everyday citizen, while pretending like they're helping him or her.
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