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Unintended Consequences

Why Everything You've Been Told About the Economy Is Wrong
Jan 29, 2015rpavlacic rated this title 3 out of 5 stars
Not a bad breakdown of what went wrong with the economy in 2008, but this book places way too much blame on ordinary mortgage holders who "forgot" to refinance their teaser rates before the monster monthly payments kicked in. The author (a former executive at Bain Capital, which may explain some of the bias in the book) does correctly point fingers at the government for not explaining the role of deposit insurance which would have stopped bank runs and a lot of failures as well as credit ratings agencies for marking too much bad debt as AAA. Truly preposterous is his linking Roe V Wade to the investment boom of the 1980s - that's like saying a pet rock makes a car run! I don't agree with most of his solutions but he is entitled to his opinions - and he is writing about America.