How debt causes misery

  Atif Mian and Amir Sufi are a couple of young Indian writers of finance and economics who have written a celebrated highly read book  called "House Of Debt" and they talk about how increases in household debt will persistently cause recessions over the. They look back at the Great Recession and how we lost eight million jobs in a short a oh t of time in 2008 and the role of continuing household debt and how the currently icy of protecting creditors and banks cause these misfortunes to the American people and how this hurts lower income and middle class much more than the wealthy. The recession hit the rich as they always have alot less debt through the fact that they are already well off and their wealth is usually paper and over-inflated ownership of paper and not in housing as much of middle America. The tightening of credit is always the result of recessions which leads to a spiral of affects from unemployment to less spending and this book is full of data that looks at the  total result and consequences of holding more debt that can ever possible be paid back.

These authors blame both government and the public for expecting a much of a greater lifestyle that they can neither maintain or sustain given the reality of a new global age where America doesn't dominate outside of military hardware spending. These guys look at the Thailand experience and the drop of Spanish housing as other debt induced recessions that has been seen around the world each with its unique problems and causations.  Towards the end these guys suggest that mortgage   interest payments percentages should drop along the same percentages the value of the ousting stock as best options to avoiding these obstacles in the future that likely will always reoccur as Western capitalism and banking cannot survive and thrive without creating bubbles and misery for people outside of this industry.