Declan Trott, an economist with Australia's Department of the Treasury, has written a very nice review of Shut Out for Economic Record, a journal of the Economic Society of Australia.It offers a concise and well-written overview of the book's thesis.

Unfortunately, there is a pretty hefty paywall.

A couple of brief excerpts:

But what if this fall in prices were not the inevitable bursting of a bubble, but an unnecessary and self-inflicted panic? This is Kevin Erdmann's contention. . . This is a provocative thesis, not to be accepted lightly.Yet Erdmann has assembled a formidable battery of data and argument to support it.

. . .

It is the detailed documentation of the (housing bust), and the treatment of the entire episode as a panic rather than a bubble, that is Shut Out's key contribution relative to the academic literature. 

. . .
And, I was flattered by his closing comment.

As a member of the PhD tribe, I occasionally found myself wishing for more equations and regression coefficients, and simpler charts.But still, somebody should give him an honorary degree. 

That sounds just like my editors and internal reviewers.Why does everyone hate complicated charts so much? Anyway, this review was a pleasant Thanksgiving surprise.