“The theme of “The House that Uncle Sam Built: The Untold Story of the Great Recession of 2008” is that government policy, not a failure of free markets, caused the economic trauma we have been experiencing. We do not live in a free market. We live in a mixed economy. The mixture varies by industry. Technology is primarily free. Financial Services is primarily government. It is not surprising that the most government regulated and controlled segment of the economy, financial services, experienced the biggest problems. These problems were created by actions by the Federal Reserve combined with government housing policy (especially the governmentsponsored enterprises – Freddie Mac and Fannie Mae). Misguided government interference in the market is the real culprit in laying the foundation for the Great Recession.“- John Allison, Introduction to “The House That Uncle Sam Built”
Steven Horwitz and Peter Boettke wrote a wonderful account of the Great Recession of 2008. I do wish I would have found this sooner. Many are still baffled about the events that are still unwinding in the markets today. Not surprisingly, there are many factors involved.
I find this paper, only 30 pages, to be incredibly insightful and helpful for those searching for more meaningful information.