Magazine July 7, 2014, Issue

Roots of the 2008 Crisis

House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again, by Atif Mian and Amir Sufi (Chicago, 192 pp., $26)

The “Great Recession” of 2007–09 was the most severe economic crisis since the Great Depression of the 1930s. The net worth of households fell $13 trillion, the stock market declined more than 50 percent, and 8 million jobs were lost. The severity of this recession led many to question why it happened and what could be done to prevent it from happening again. Atif Mian and Amir Sufi provide answers to these questions in an accessible and engaging manner, and anyone wanting to better understand the Great Recession should read this book.

Mian and Sufi make the case that it was

David Beckworth is a senior research fellow with the Program on Monetary Policy at George Mason University's Mercatus Center, and a former international economist at the U.S. Department of the Treasury.

In This Issue

Articles

Politics & Policy

Paying Their Way

In the wake of House majority leader Eric Cantor’s political defenestration at the hands of GOP primary voters, we’ve been told comprehensive immigration reform is dead. Before it rises from ...

Features

Books, Arts & Manners

Politics & Policy

Protecting The Republic

This is a serious book about a serious subject: the abuse of constitutional authority by President Obama and whether he merits impeachment for it. Some, undoubtedly, will try to dismiss ...
Politics & Policy

Murphy’s Law

Anything that can go wrong will go wrong: So goes Murphy’s Law. And so demonstrates another Murphy, Lafayette College professor Bruce Allen Murphy, in his new biography of Supreme Court ...
Politics & Policy

Into the Past

Ida, a small black-and-white masterpiece currently getting its American release, is set in Poland in the 1960s, and it feels as if it could have been filmed in the ’60s ...

Sections

Politics & Policy

Letters

Pollard’s Punishment I have been reading National Review since I was a teenager and mostly respect and admire your writers and appreciate your professionalism. However, the short paragraph about Jonathan Pollard ...
Politics & Policy

The Week

‐ Funny, the IRS never seems to lose track of us. ‐ Almost as stunning as the defeat of House majority leader Eric Cantor are the lengths some people have gone ...
The Long View

Begin GChat 0754

ITDept: Hi, this is the IT department at the IRS. Thank you for using GChat for your support session. How can we help you? LLerner: This is Lois Lerner. Wondering about ...
Politics & Policy

Poetry

MY WRECK Somewhere Hopkins refers to his great long Ode as my wreck, as possessive as a salvager Tossing sand dunes for rubble the day after. And somewhere a critic says Hopkins thought Volpone a ...

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