Have you ever talked with a stranger about relationships? Sometimes a normal conversation turns into a diatribe about the stranger’s recent divorce and how all relationships are a sham. As you awkwardly pull away, they grab your elbow and plead, spittle landing on your arm, “Promise me you’ll never marry! PROMISE!!”
That’s what it felt like to read this book.
I wanted to learn more about the housing boom and bust of the 2000s, as part of a larger attempt to understand what it means to own real estate, hoping for a short (if simple) summary of what happened. I previously read the Economist every week during the crisis, and know a little bit about implicit government guarantees, market distortions, and sub-prime mortgages. Judging by my angry dismissals of Jon Stewart diatribes, I probably even have a bit of free market leaning when it comes to macroeconomic issues.
The book started off with some interesting historical statistics, and the initial reaction was “wow, a book on real estate that I can rate 5 stars!” Statements such as ’there is no one entity that can be blamed for the housing bubble’ seemed realistic and I was excited to learn more about ARMs, housing policy, and local vs. national trends.
Slowly, the book became less historical and more ideological. I can get behind low-income housing being overweighted as a goal and the pernicious side effects of well meaning policies, but this book uses history and Economist quotes as a jumping off point to arguments I would expect in conservative crazyland. After a full chapter devoted to a breathless takedown of anti-discrimination housing policies, the author goes on to blame ‘self-serving politicians’ who are guaranteed to make the situation worse with further regulation. All of the author’s arguments might even be true, I’m just sad that he chose to depart the realm of data and rely on classic tropes.
Worst book I’ve read in 2015. Learn from my mistake, stay away.