Beginning with a story about a young couple who purchase a house only to discover that the terms of the mortgage are set up in a way that makes repayment very difficult, the couple must refinance in order to keep their house. With mortgage-backed securities, refinancing was easier than ever. However, when the husband’s business slowed down and the economy started to fall, house prices also fell just when they were set to refinance again. This time the refinancing that was so easy a few years ago was impossible now. Their house was repossessed. It was 1932.

This book covers the history of credit and debt in the United States. A recurring theme is that since the beginning of the twentieth century when the country began to view debt and credit differently, we have been making the same mistakes repeatedly.

To be quite honest, the history is so convoluted and the repeated mistakes so myopic that going into the details is not only daunting but also boring. The government actively encourages and discourages the elements that alternately allow for abuse and remedy abuse. The history of debt is certainly something Americans should make themselves familiar with, but it is not surprising that history repeats itself and we keep making the same mistakes.

At the end of the book, Hyman offers solutions that we should be taking as a country to prevent another catastrophe. He calls for an end in investing in debt and a move toward investing in business. Debt investment is too speculative and too dangerous when forecasts turn out to be incorrect. Investing in business, on the other hand, would make businesses more transparent and investors could demand that businesses make more information available. Diversified investments would make risks go down and average people would be able to invest. He calls for the creation of a Bureau of Business Security that would protect investors and prevent businesses from securitizing debt.