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Subprime Nation : American Power, Global Capital, and the Housing Bubble / Herman M. Schwartz.

By: Material type: TextTextSeries: Cornell Studies in MoneyPublisher: Ithaca, NY : Cornell University Press, [2011]Copyright date: ©2010Description: 1 online resource (280 p.) : 8 line figures, 23 tables, 17 charts/graphsContent type:
Media type:
Carrier type:
ISBN:
  • 9780801448126
  • 9780801459276
Subject(s): DDC classification:
  • 332/.0420973
Other classification:
  • online - DeGruyter
Online resources: Available additional physical forms:
  • Issued also in print.
Contents:
Frontmatter -- Contents -- Selected Figures and Tables -- Preface -- 1. Our Borrowing, Your Problem -- 2. Global Capital Flows and the Absence of Constraint -- 3. Investing in America -- 4. Homes Alone? -- 5. U.S. Industrial Decline? -- 6. The External Political Foundations of U.S. Arbitrage -- 7. Boom to Bust -- 8. Toward the Future -- Notes -- Index
Summary: 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.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780801459276

Frontmatter -- Contents -- Selected Figures and Tables -- Preface -- 1. Our Borrowing, Your Problem -- 2. Global Capital Flows and the Absence of Constraint -- 3. Investing in America -- 4. Homes Alone? -- 5. U.S. Industrial Decline? -- 6. The External Political Foundations of U.S. Arbitrage -- 7. Boom to Bust -- 8. Toward the Future -- Notes -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

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.

Issued also in print.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Mrz 2022)