The House that Uncle Sam Built Helena Yeaman 9781257894666 Books
Download As PDF : The House that Uncle Sam Built Helena Yeaman 9781257894666 Books
This book traces the origins of the housing and broader financial crisis to inappropriate national policy that elevated homeownership in America to the level of a moral imperative. Unlike other books on the 2008 crisis, Uncle Sam goes beyond technical explanations of how Wall Street ran amok to a detailed analysis of the political climate that led American policymakers to embrace and promote homeownership from the beginning of the 20th century when homeownership interests organized at the national level and gained the ear of policymakers.The book answers important questions like "why not Lehman? ", "how did Tarp turn into a capital purchase program? ", and "what would Smith or Hayek say about the housing sector? " The author concludes that the Dodd-Frank Act and new Federal Reserve policies mean that the government will play a lead role in the housing sector in the foreseeable future and that the crisis has enhanced the power of developing countries like China and India in international financial regimes.
The House that Uncle Sam Built Helena Yeaman 9781257894666 Books
With high marks for brevity, Yeaman, a professor of economics and political science, unveils the root causes of The Great Recession of 2007-2009. While politicians of every stripe point fingers, Yeaman lays the blame on the guilty shoulders on both sides of the partisan aisle.“Democratic support for home ownership for everyone, combined with Republican adherence to ‘laissez-faire’ proved a lethal combination for the financial services sector.”
Beginning with the initial conception of the American dream of home ownership, Yeaman details the progressive legislation that created an environment designed to make buying a home affordable for the common man. Likewise, Yeaman exposes the exploitations of financial institutions run amok with derivatives of a subprime market. Deregulation of financial services coupled with ever riskier loans ultimately led us to the brink of total economic collapse.
Yeaman explains the unprecedented measures taken by the Federal Reserve, FDIC, and Treasury Department to keep the country solvent. She reveals unstated associations that led companies like AIG to be rescued, while others like Lehman Brothers were left to sink. Finally, after the fallout, Yeaman breaks down the impact of the Dodd-Frank Act and leaves us to wonder if we have learned our lesson or are destined to repeat the same mistakes.
Review by C.D. Quyn, Feb. 18, 2013
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Tags : The House that Uncle Sam Built [Helena Yeaman] on Amazon.com. *FREE* shipping on qualifying offers. This book traces the origins of the housing and broader financial crisis to inappropriate national policy that elevated homeownership in America to the level of a moral imperative. Unlike other books on the 2008 crisis,Helena Yeaman,The House that Uncle Sam Built,lulu.com,1257894668,Business & Economics General
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The House that Uncle Sam Built Helena Yeaman 9781257894666 Books Reviews
Helena Yeaman's "The House that Uncle Sam Built" displays an unparalleled grasp of the culture of homeownership in the United States and the roots of the 2008 financial crisis. The second chapter, "Bipartisan Roots," in particular, was undoubtedly the best, most balanced and wisest account of the financial crisis I've yet to read. Several people recently have tried to write that history from their respective sides, either exonerating the banks or Congress, but failed to pay any deference to the inseparable interplay between the two. It's a very complex subject and she grasped it perfectly in a way that reveals so many other accounts as naive. I would highly recommend this to anyone interested in political economy, the financial crisis, or how such an important facet of our economy works in general.
-James
Home ownership has long been a milestone in life's success. "The House that Uncle Sam Built" takes a new perspective on the 2008 financial crisis and how the cultural push towards home ownership played its hand including government agencies like the federal agency and how historic economic writers Adam Smith and Fredrich Hayek would interpret America's economic problems surrounding this industry. "The House that Uncle Sam Built" is a strong addition to Economics and political discussion collections. Recommended.
The Midwest Book Review, January 2013, by permission of the Editor-in-Chief
With high marks for brevity, Yeaman, a professor of economics and political science, unveils the root causes of The Great Recession of 2007-2009. While politicians of every stripe point fingers, Yeaman lays the blame on the guilty shoulders on both sides of the partisan aisle.
“Democratic support for home ownership for everyone, combined with Republican adherence to ‘laissez-faire’ proved a lethal combination for the financial services sector.”
Beginning with the initial conception of the American dream of home ownership, Yeaman details the progressive legislation that created an environment designed to make buying a home affordable for the common man. Likewise, Yeaman exposes the exploitations of financial institutions run amok with derivatives of a subprime market. Deregulation of financial services coupled with ever riskier loans ultimately led us to the brink of total economic collapse.
Yeaman explains the unprecedented measures taken by the Federal Reserve, FDIC, and Treasury Department to keep the country solvent. She reveals unstated associations that led companies like AIG to be rescued, while others like Lehman Brothers were left to sink. Finally, after the fallout, Yeaman breaks down the impact of the Dodd-Frank Act and leaves us to wonder if we have learned our lesson or are destined to repeat the same mistakes.
Review by C.D. Quyn, Feb. 18, 2013
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