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This meticulously documented work sets forth the major causes of the greatest asset bubble in world economic history—the American housing bubble, which began in 1940 and collapsed in 2007. In the aftermath of the American housing collapse in 2007, many ask why. The Great American Housing Bubble: The Road to Collapse asks a different and more fundamental question—how the bubble was created in the first place. To answer that question, it examines the causes, both political and economic, of the American housing bubble, created between 1940 and 2007. Those causes encompass everything from federal income tax subsidies for housing to local exclusionary policies, banking, accounting, real estate appraisal, and credit agency rating practices and policies. The book also takes into account the impact of greed, government regulation, speculation, and psychology—including blind faith in investment advisors—on the creation of the greatest asset bubble in the economic history of the world. The author takes a comparative historical approach, examining the current crisis in the light of notorious bubbles of the past. In the end, he concludes that the events precipitating the most recent collapse can be traced, at least in part, not to too little government regulation, but to too much.

This meticulously documented work sets forth the major causes of the greatest asset bubble in world economic history-the American housing bubble, which began in 1940 and collapsed in 2007

In recent decades, economically disadvantaged Americans have become more residentially segregated from other communities: they are increasingly likely to live in high-poverty neighborhoods that are spatially isolated with few civic resources. Low-income citizens are also less likely to be politically engaged, a trend that is most glaring in terms of voter turnout. Examining neighborhoods in Atlanta, Kansas City, Milwaukee, and Rochester, Amy Widestrom challenges the assumption that the \"class gap\" in political participation is largely the result of individual choices and dispositions. Displacing Democracy demonstrates that neighborhoods segregated along economic lines create conditions that encourage high levels of political activity, including political and civic mobilization and voting, among wealthier citizens while discouraging and impeding the poor from similar forms of civic engagement.Drawing on quantitative research, case studies, and interviews, Widestrom shows that neighborhood-level resources and characteristics affect political engagement in distinct ways that are not sufficiently appreciated in the current understanding of American politics and political behavior. In addition to the roles played by individual traits and assets, increasing economic segregation in the United States denies low-income citizens the civic and social resources vital for political mobilization and participation. People living in poverty lack the time, money, and skills for active civic engagement, and this is compounded by the fact that residential segregation creates a barren civic environment incapable of supporting a vibrant civic community. Over time, this creates a balance of political power that is dramatically skewed not only toward individuals with greater incomes but toward entire neighborhoods with more economic resources.

Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America,Debtor Nationtraces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition. How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production. From the origins of car financing to the creation of subprime lending,Debtor Nationpresents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.

In 1770, tavernkeeper Abigail Stoneman called in her debts by flourishing a handful of playing cards before the Rhode Island Court of Common Pleas. Scrawled on the cards were the IOUs of drinkers whose links to Stoneman testified to women's paradoxical place in the urban economy of the late eighteenth and early nineteenth centuries. Stoneman did traditional women's work-boarding, feeding, cleaning, and selling alcohol-but her customers, like her creditors, underscore her connections to an expansive commercial society. These connections are central toThe Ties That Buy. Historian Ellen Hartigan-O'Connor traces the lives of urban women in early America to reveal how they used the ties of residence, work, credit, and money to shape consumer culture at a time when the politics of the marketplace was gaining national significance. Covering the period 1750-1820, the book analyzes how women such as Stoneman used and were used by shifting forms of credit and cash in an economy transitioning between neighborly exchanges and investment-oriented transactions. In this world, commerce reached into every part of life. At the hearths of multifamily homes, renters, lodgers, and recent acquaintances lived together and struck financial deals for survival. Landladies, enslaved washerwomen, shopkeepers, and hucksters sustained themselves by serving the mobile population. A new economic practice in America-shopping-mobilized hierarchical and friendly relationships into wide-ranging consumer networks that depended on these same market connections. Rhetoric emerging after the Revolution downplayed the significance of expanding female economic life in the interest of stabilizing the political order. But women were quintessential market participants, with fluid occupational identities, cross-class social and economic connections, and a firm investment in cash and commercial goods for power and meaning.

[...]lack of access to preventive medicine leads to increased risk of underlying health conditions such as obesity, hypertension, and diabetes-—comorbidities that have been linked to more severe COVID-19 manifestations [9,12–15]. [...]depending on their mode of entry into the US, many immigrants may be at risk for excessive stress related to poverty, trauma, and poor social support, which leads to mental health conditions such as post-traumatic stress disorder, depression, and anxiety [18]. [...]immigrant communities with limited English skills may be less likely to receive and understand public health messages, warnings, and updates. [...]there is much concern that the COVID-19 pandemic will result in particularly high rates of unemployment and financial strain within immigrant communities [26].

The Fair Housing Act of 1968 outlawed housing discrimination by race and provided an important tool for dismantling legal segregation. But almost fifty years later, residential segregation remains virtually unchanged in many metropolitan areas, particularly where large groups of racial and ethnic minorities live. Why does segregation persist at such high rates and what makes it so difficult to combat? InCycle of Segregation, sociologists Maria Krysan and Kyle Crowder examine how everyday social processes shape residential stratification. Past neighborhood experiences, social networks, and daily activities all affect the mobility patterns of different racial groups in ways that have cemented segregation as a self-perpetuating cycle in the twenty-first century.Through original analyses of national-level surveys and in-depth interviews with residents of Chicago, Krysan and Crowder find that residential stratification is reinforced through the biases and blind spots that individuals exhibit in their searches for housing. People rely heavily on information from friends, family, and coworkers when choosing where to live. Because these social networks tend to be racially homogenous, people are likely to receive information primarily from members of their own racial group and move to neighborhoods that are also dominated by their group. Similarly, home-seekers who report wanting to stay close to family members can end up in segregated destinations because their relatives live in those neighborhoods. The authors suggest that even absent of family ties, people gravitate toward neighborhoods that are familiar to them through their past experiences, including where they have previously lived, and where they work, shop, and spend time. Because historical segregation has shaped so many of these experiences, even these seemingly race-neutral decisions help reinforce the cycle of residential stratification. As a result, segregation has declined much more slowly than many social scientists have expected.To overcome this cycle, Krysan and Crowder advocate multi-level policy solutions that pair inclusionary zoning and affordable housing with education and public relations campaigns that emphasize neighborhood diversity and high-opportunity areas. They argue that together, such programs can expand the number of destinations available to low-income residents and help offset the negative images many people hold about certain neighborhoods or help introduce them to places they had never considered.Cycle of Segregationdemonstrates why a nuanced understanding of everyday social processes is critical for interrupting entrenched patterns of residential segregation.

The global COVID-19 pandemic is causing unprecedented job loss and financial strain. It is unclear how those most directly experiencing economic impacts may seek assistance from disparate safety net programs. To identify self-reported economic hardship and enrollment in major safety net programs before and early in the COVID-19 pandemic, we compared individuals with COVID-19 related employment or earnings reduction with other individuals. We created a set of questions related to COVID-19 economic impact that was added to a cross-sectional, nationally representative online survey of American adults (age ≥18, English-speaking) in the AmeriSpeak panel fielded from April 23-27, 2020. All analyses were weighted to account for survey non-response and known oversampling probabilities. We calculated unadjusted bivariate differences, comparing people with and without COVID-19 employment and earnings reductions with other individuals. Our study looked primarily at awareness and enrollment in seven major safety net programs before and since the pandemic (Medicaid, health insurance marketplaces/exchanges, unemployment insurance, food pantries/free meals, housing/renters assistance, SNAP, and TANF). Overall, 28.1% of all individuals experienced an employment reduction (job loss or reduced earnings). Prior to the pandemic, 39.0% of the sample was enrolled in ≥1 safety net program, and 50.0% of individuals who subsequently experienced COVID-19 employment reduction were enrolled in at least one safety net program. Those who experienced COVID-19 employment reduction versus those who did not were significantly more likely to have applied or enrolled in ≥1 program (45.9% versus 11.7%, p<0.001) and also significantly more likely to specifically have enrolled in unemployment insurance (29.4% versus 5.4%, p < .001) and SNAP (16.8% versus 2.8%, p = 0.028). The economic devastation from COVID-19 increases the importance of a robust safety net.

Background Healthcare-based interventions addressing social needs such as food and housing generally fail to impact the upstream wealth and power inequities underlying those needs. However, a small number of US healthcare organizations have begun addressing these upstream inequities by partnering with community wealth building initiatives. These initiatives include community land trusts, resident-owned communities, and worker cooperatives, which provide local residents ownership and control over their housing and workplaces. While these partnerships represent a novel, upstream approach to the social determinants of health, no research has yet evaluated them. Methods To assess the current state and key aspects of healthcare-community wealth building partnerships, we conducted a multiple case study analysis using semi-structured interviews with thirty-eight key informants across ten partnerships identified through the Healthcare Anchor Network. To analyze the interviews, we used a two-stage coding process. First, we coded responses based on the phase of the intervention to which they corresponded: motivation, initiation, implementation, or evaluation. Then we assessed responses within each aspect for common themes and variation on salient topics. Results Partnerships were generally motivated by a combination of community needs, such as affordable housing and living wage jobs, and health system interests, such as workforce housing and supply chain resilience. Initiating projects required identifying external partners, educating leadership, and utilizing risk mitigation strategies to obtain health system buy-in. Implementation took various forms, with healthcare organizations providing financial capital in the form of grants and loans, social capital in the form of convening funders and other stakeholders, and/or capacity building support in the form of strategic planning or technical assistance resources. To evaluate projects, healthcare organizations used more process and community-level metrics rather than metrics based on individual health outcomes or returns on investment. Based on best practices from each partnership phase, we provide a roadmap for healthcare organizations to develop effective community wealth building partnerships. Conclusions Assessing healthcare partnerships with community wealth building organizations yields key strategies healthcare organizations can use to develop more effective partnerships to address the upstream causes of poor health.

Background Shared equity homeownership – a model in which low- and moderate-income households purchase homes at affordable prices on the condition that the houses remain affordable upon resale – has been shown to produce several health-enhancing housing outcomes. These include permanent affordability, housing stability, and modest wealth-building. However, studies suggest low- and moderate-income households may sacrifice neighborhood quality when becoming homeowners, which can undermine the health benefits of homeownership. To understand the health impacts of the shared equity homeownership model more fully, it is important to evaluate participants’ neighborhood health trajectories – how their neighborhood health environments change when they move into homeownership – and how these trajectories compare to those of similar households entering traditional homeownership and those continuing to rent. Methods We conducted difference-in-differences analyses comparing changes in neighborhood health characteristics (walkability, food access, socio-economic vulnerability, and life expectancy) for US households moving into shared equity homeownership between 1997 and 2017 compared to households moving into traditional homeownership and those continuing to rent. Shared equity homeowner data was obtained through the Grounded Solutions Network HomeKeeper National Data Hub and households from the Panel Study of Income Dynamics served as matched controls for the analysis. All data on neighborhood characteristics were obtained from publicly available, census tract-level datasets. Results Compared to households entering traditional homeownership, households entering shared equity homeownership experienced a relative increase in walkability (difference-in-differences 1.07, p  = 0.004), increase in food access (0.13, p  < 0.001), increase in socio-economic vulnerability (0.06, p  = 0.02), and similar life expectancy. Compared to households moving between rental units, households entering shared equity homeownership experienced similar trajectories in terms of walkability and food access but experienced a relative increase in socio-economic vulnerability (0.06, p  = 0.01) and decrease in average neighborhood life expectancy (-0.64, p  = 0.01). Conclusions Households entering shared equity homeownership avoid the sacrifices in neighborhood walkability and food access that are associated with moving into traditional homeownership, but they experience increased neighborhood socio-economic vulnerability. While understanding the net impact of these factors on individual and household health requires further study, these results can inform the siting and design of shared equity homeownership units to maximize the health benefits of the model.