Summary of House of Debt

House of Debt by Atif Mian and Amir Sufi is a book that examines the causes of the Great Recession. It argues that the recession was primarily caused by a dramatic increase in household debt, particularly mortgage debt, and the subsequent crash of the housing market. The authors explain the underlying economic and policy forces that contributed to the crisis, and how it was exacerbated by the failure of the government to intervene. They also discuss the consequences of the recession for American households, and how the government responded to the crisis. Ultimately, Mian and Sufi argue that the key to avoiding future economic crises is to ensure that household debt is kept at manageable levels.