{'fraction_non_alphanumeric': 0.012401352874859075, 'fraction_numerical': 0.002254791431792559, 'mean_word_length': 4.936454849498328, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

The House of Debt captures an interesting theme that links the financial crisis of 2008 with the household debt and particularly the mortgage debt. This work constitutes a detailed analysis of the latest financial crisis and provides all the necessary tools in order for us to be prepared in future similar cases. The book explores how a sharp increase in household debt and the subsequent reduction in consumption led to the Great Recession and Great Depression, as well as the current economic problems in Europe. Professors Mian and Sufi focus on the problems created by macroeconomic effects of private debt beyond the absolute trust on the established economic belief that the banking sector's downfall caused the recession. They employ a comprehensive analysis of the data throughout the crisis period and before in order to learn from the past and prevent same situations from happening again. Therefore, through a detailed analysis that is based on empirical data Mian and Sufi argue about the implemented policy choices. The work is divided into three main parts that include the general description of the recession, the debt and bubbles and the proposed approach to prevent it from happening again. The first part illustrates the consequences of the economic recession, such as job losses, collapse in consumption and wealth inequality. The fundamental idea is the understanding of debt's role in the financial system. Severe economic declines seem to be almost always preceded by an up rise in household debt. By using a collection of facts from the recent economic history Mian and Sufi uncover the mechanism that leads to these economic contractions.