Show 447 Thomas Sowell discusses the housing boom and bust on Hoover Institue's Uncommon Knowledge show. This is an audio version of the video filmed on June 29, 2009. Second audio selection is from the Sean Hannity Show.
Thomas Sowell analyzes the recent housing boom and bust, beginning with the underlying economic causes that artificially inflated housing costs in certain markets. He points the finger directly at political decisions in Washington - particularly involving Fannie Mae and Freddie Mac - that enabled and promoted the financing of an unsustainable housing bubble in which the collapse of prices in a few inflated markets rapidly evolved into a national crisis. Sowell challenges the accepted wisdom of modeling a recovery based on the New Deal, which he asserts did little to help - and perhaps even extended – The Great Depression. Finally, he disputes the value of the recent stimulus package and argues against Obama"s health-care and energy initiatives. (34:13) Video transcript
To view the video or obtain the transcript of this interview visit-
http://www.hoover.org/multimedia/uk/50034527.html
To view the second audio selection visit - http://hayekcenter.org/?p=1095
Synopsis of book- The financial tsunami has been followed by a political flood of rhetoric, accompanied by finger-pointing in all directions. Who was really responsible? What set this off?
Biography- Thomas Sowell has taught economics at Cornell, UCLA, Amherst and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals in such popular media as the Wall Street Journal, Forbes magazine and Fortune, and writes a syndicated column that appears in newspapers across the country.
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