This is an excellent unbiased corrective to the idea that government's first job in balance-sheet depressions is to "save the banks." What went wrong in the housing market, and what can we do to prevent its recurrence? Read the answers here.
I read a few chapters, despite the fact it was written by Ivy League professors, and finally called it quits. This is pure liberal spin . . .
The book states: // the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? \\ According to several Federal Reserve studies, between 1997 to 2007, around $23 trillion in securitized debt was sold by the bankers. So perhaps $7 trillion out of the $23 trillion was household debt, but we are talking about securitized debt, so that is a layered debt construct! See the difference? The authors make any number of contradictory statements, under the seemingly appealing aegis of the bankers as bad actors - - which, of course, was/is true! They suggest that we get away from money-as-debt structures, while continuing to allow the elites to control the creation of money-as-debt?!?!?!? These guys are meaning to confuse us, or else they are simply fools.
When they create money-as-debt, then use layers of debt for speculation and further business endeavors, they are driving up costs upon costs and therefore negating anyone's value from their production [work, et cetera]. The entire concept of fair value is subject to their whims, which is to always destroy it, as they destroy surplus capital!
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