Reddit reviews House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

Here is your evidence:

http://www.amazon.com/House-Debt-Recession-Prevent-Happening/dp/022627165X/ref=sr_1_1?ie=UTF8&qid=1457451553&sr=8-1&keywords=house+of+debt

Hall, Robert E. 2011. "The Long Slump." American Economic Review, 101(2): 431-69
https://www.aeaweb.org/articles.php?doi=10.1257/aer.101.2.431

And for the layman: https://www.youtube.com/watch?v=bx_LWm6_6tA

I am an econ PhD. The recession being caused by financial sector is like Earth revolving around the sun at this point. There are thousands of articles about it. For starters check the bibliograhy of House of Debt book.

>you just pretended that they were and blamed them for intangible issues

Oh please. I know we are here to fry Bernie bros let's not go too much on the other direction. This is like rejecting evolution because you are annoyed with /r/atheism.

Identifying a "biggest single factor" is tricky. It depends on who you ask:

Alan Blinder would say it was under-regulation.

John Taylor blames the Fed for keeping interests rates too low for too long.

Mian and Sufi think it's because households took out too much debt.

Viral Acharya and co-authors think that Fannie and Freddie were allowed to grow too big and implicitly guarantee too many loans.

Gorton and Metrick would point out that the under-regulation of the shadow banking, in particular, played an outsized role in the crisis.

And, obviously, democrats did it unless you're more inclined to believe that the republicans did it

>Here is your evidence:
http://www.amazon.com/House-Debt-Recession-Prevent-Happening/dp/022627165X/ref=sr_1_1?ie=UTF8&qid=1457451553&sr=8-1&keywords=house+of+debt

Well, thank you for agreeing with me!

The book you cited literally says hows its a household debt fault led by individuals.

>Hall, Robert E. 2011. "The Long Slump." American Economic Review, 101(2): 431-69 https://www.aeaweb.org/articles.php?doi=10.1257/aer.101.2.431

• In the Great Slump that began at the end of 2007, low inflation resulted in an only slightly negative real rate when full employment called for a much lower real rate because of declines in demand. Fortunately, the inflation rate hardly responded to conditions in product and labor markets, else deflation might have occurred, with an even higher real interest rate. I concentrate on three closely related sources of declines in demand: the buildup of excess stocks of housing and consumer durables, the corresponding expansion of consumer debt that financed the buildup, and financial frictions that resulted from the decline in real-estate *
  
  Again, not the banks. The author cites housing stocks (led by consumers), expansion of consumer led debt, and the resulting decline.
  
  This isn't something that is all the banks fault - it took many parties for the recession to occur and lumping it all on one is just wrong.
  
  >I am an econ PhD. The recession being caused by financial sector is like Earth revolving around the sun at this point.
  
  Literally none of your sources agree with the claim you just made. Additionally, its very doubtful that you are a PhD based on your comments. I would recommend that next time you fake being an expert, you at least try to coordinate your claims and responses.