Other People’s Houses provides the clearest explanation yet of how the Financial Crisis of 2008 developed and why it could happen again.

"A must-read for anyone seeking to understand the causes of the last financial crisis and why we may very well be heading towards another."

Neil Barofsky
Former Special Inspector General for the Troubled Asset Relief Program and author of Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street

"By unearthing the personal stories of homeowners, bankers, and regulators, Jennifer Taub shows that our recent financial crisis was no accident"

James Kwak
University of Connecticut School of Law, co-founder of the Baseline Scenario blog, and coauthor of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown and White House Burning: Our National Debt and Why it Matters to You.

"This is first-rate financial history."

Marty Fridson
CEO, FridsonVision LLC

"Taub exposes three decades of predatory lenders, greedy investors, and lax regulators, with a much-needed focus on the dire consequences of preventing bankruptcy judges from restructuring mortgage debt."

Julia Gordon
Dir. of Housing Policy, Center for American Progress

"A page-turner that reads like a Michael Lewis financial thriller, this bracing account of the roots of financial crises debunks stubborn myths with insight that would make Louis Brandeis proud."

Lawrence A. Cunningham
George Washington University, editor of The Essays of Warren Buffett: Lessons for Corporate America

"Taub argues persuasively how the seeds for the 2008 financial crisis were sown back in the 1980s as deregulation paved the way for the S&L debacle. But that was only an appetiser for even greater calamity later."

Mark Tran
The Guardian

"Meticulously argued and guaranteed to raise the blood pressure of the average American taxpayer."

Kirkus Reviews

"Over the years I’ve read a tall stack of books about the financial crisis. Other People’s Houses, by Vermont Law School professor Jennifer Taub, provides the clearest, beginning-to-end explanation I’ve seen of what went wrong."

Pat Regnier
Money Magazine

"Provides a concise, clear, and compelling account."

Glenn C. Altschuler
Huffington Post

"Taub's cogently written, accusatory work will interest a wide readership."

Library Journal

"Highly recommended. . .Taub does an excellent job retelling and reframing a reasonably well-known story to make it fresh and interesting, and makes a strong case tying the 2008 crisis to the 1980s deregulation."

Adam Levitin
Professor of Law, Georgetown University Law Center

"Brilliant account of the housing crisis and its lingering impact."

Frank A. Pasquale III
Professor of Law, University of Maryland, Francis King Carey School of Law

"A compelling narrative that keeps the reader's attention from cover to cover . . .It is a must read for anyone interested in understanding and reforming our broken financial system."

Timothy Canova
Professor of Law and Public Finance, Nova Southeastern University, Shepard Broad Law Center

Jennifer Taub is the author of financial crisis book Other People’s Houses. Formerly an associate general counsel at Fidelity Investments, Taub’s research and writing focuses on corporate governance and financial market regulation. Taub is a graduate of Harvard Law School and Yale College and a professor of law at Vermont Law School, where she teaches Contracts, Corporations, Securities Regulation, and White Collar Crime. She resides in Northampton, Massachusetts.

perpetual crisis

a blog on banking, corporate governance, and financial market reform.

July 23, 2015

Dodd-Frank at Year Five

On July 22, I was honored to join experts Simon Johnson (MIT) and Mark Calabria (Cato) on a panel moderated by Marc Jarsulic of the Center for American Progress. Our group followed an earlier panel of distinguished guests Senator Sherrod Brown (Ohio) and Representative Maxine Waters (California) moderated by CAP executive director Neera Tanden.  Click here for a link to the video. Quoting the CAP website:

“In response to the worst financial crisis since the Great Depression, Congress passed a major financial reform bill known as the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law, signed by President Barack Obama on July 21, 2010, made significant changes to the structure of financial regulation in the United States. It gave increased regulatory responsibility and power to the Federal Reserve Board; Federal Deposit Insurance Corporation; U.S. Securities and Exchange Commission; and U.S. Commodity Futures Trading Commission. It also created the Consumer Financial Protection Bureau to rein in abuse of households in financial markets, established the Financial Stability Oversight Council to provide macroprudential supervision of the entire U.S. financial system, and significantly overhauled the rules of the road for mortgage lending. The implementation of these mandates has produced substantial changes in the operation of our financial markets and in the activities of regulators.”

“The Center for American Progress Action Fund is pleased to host an extended conversation about the Dodd-Frank Act, its overall implications for financial market performance and financial stability, and the ongoing debate on whether more change is needed. The event will feature a discussion with congressional leaders who were involved in the creation of the Dodd-Frank Act and who have monitored its implementation for the past five years, and then a panel of experts will discuss how the law has worked and where to go from here.”

 

 

Video

Professor Jennifer Taub moderating an all-star panel following Senator Elizabeth Warren’s keynote address at the “Five Years On, Learning Lehman’s Lessons from the Panic of 2008,” event sponsored by Better Markets and George Washington School of Law. Panelists include (from l to r) Professor James Galbraith; former Special Inspector General of the TARP, Neil Barofsky; Professor John Coffee, Jr.; and former Senator Ted Kaufman.

@JenTaub