Sowell, a Senior Fellow at the Hoover Institution, explores political and economic causes of the American housing crisis.

Politically, Sowell targets the George W. Bush administration and Congress members of both major political parties for obstructing audits of Fannie Mae and Freddie Mac and enabling banks to make highly risky housing loans.

"[3] For The American Spectator magazine, Joseph Lawler considered The Housing Boom and Bust "an examination of the ruling class's inability to leave well enough alone.

"[4] Art Carden wrote in a positive review that the book would appeal to both specialists and non-specialists, and argued, "Morality tales featuring clear villains, easy-to-identify victims and valiant saviors riding to the rescue might be appealing, but they obscure the systemic problems that produced the crisis.

"[5] Robert J. Samuelson, reviewing the book for Newsweek, commented: "Although one-sided, Sowell's account qualifies the standard story that greedy investment bankers and mortgage brokers caused the whole crisis.