Subprime Nation : : American Power, Global Capital, and the Housing Bubble / / Herman M. Schwartz.
In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracte...
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Superior document: | Title is part of eBook package: De Gruyter Cornell University Press Backlist 2000-2013 |
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Place / Publishing House: | Ithaca, NY : : Cornell University Press, , [2011] ©2010 |
Year of Publication: | 2011 |
Language: | English |
Series: | Cornell Studies in Money
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Physical Description: | 1 online resource (280 p.) :; 8 line figures, 23 tables, 17 charts/graphs |
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100 | 1 | |a Schwartz, Herman M., |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
245 | 1 | 0 | |a Subprime Nation : |b American Power, Global Capital, and the Housing Bubble / |c Herman M. Schwartz. |
264 | 1 | |a Ithaca, NY : |b Cornell University Press, |c [2011] | |
264 | 4 | |c ©2010 | |
300 | |a 1 online resource (280 p.) : |b 8 line figures, 23 tables, 17 charts/graphs | ||
336 | |a text |b txt |2 rdacontent | ||
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505 | 0 | 0 | |t Frontmatter -- |t Contents -- |t Selected Figures and Tables -- |t Preface -- |t 1. Our Borrowing, Your Problem -- |t 2. Global Capital Flows and the Absence of Constraint -- |t 3. Investing in America -- |t 4. Homes Alone? -- |t 5. U.S. Industrial Decline? -- |t 6. The External Political Foundations of U.S. Arbitrage -- |t 7. Boom to Bust -- |t 8. Toward the Future -- |t Notes -- |t Index |
506 | 0 | |a restricted access |u http://purl.org/coar/access_right/c_16ec |f online access with authorization |2 star | |
520 | |a In his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows.As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the American S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions have jeopardized a significant engine of economic growth.Schwartz concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the "local" problem of the housing crisis carries substantial and ongoing risks for U.S. economic health, the continuing primacy of the U.S. dollar in international financial circles, and U.S. hegemony in the world system. | ||
530 | |a Issued also in print. | ||
538 | |a Mode of access: Internet via World Wide Web. | ||
546 | |a In English. | ||
588 | 0 | |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Mrz 2022) | |
650 | 0 | |a Credit |z United States. | |
650 | 0 | |a Financial crises |z United States. | |
650 | 0 | |a Housing |z United States |x Finance. | |
650 | 0 | |a Subprime mortgage loans |z United States. | |
650 | 4 | |a General Economics. | |
650 | 4 | |a International Studies. | |
650 | 4 | |a Political Science & Political History. | |
650 | 7 | |a POLITICAL SCIENCE / Political Economy. |2 bisacsh | |
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Cornell University Press Backlist 2000-2013 |z 9783110536157 |
776 | 0 | |c print |z 9780801448126 | |
856 | 4 | 0 | |u https://doi.org/10.7591/9780801459276 |
856 | 4 | 0 | |u https://www.degruyter.com/isbn/9780801459276 |
856 | 4 | 2 | |3 Cover |u https://www.degruyter.com/document/cover/isbn/9780801459276/original |
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