Subprime Nation: American Power, Global Capital, and the Housing Bubble
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...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Ithaca, N.Y.
Cornell University Press
[2015]
|
| Schriftenreihe: | Cornell Studies in Money
|
| Schlagworte: | |
| Online-Zugang: | FHA01 FKE01 FLA01 UBG01 UPA01 FAW01 FAB01 FCO01 URL des Erstveröffentlichers |
| Zusammenfassung: | 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 |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed Dec. 14, 2016) |
| Beschreibung: | 1 online resource |
| ISBN: | 9780801459276 |
| DOI: | 10.7591/9780801459276 |
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| 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 | ||
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Datensatz im Suchindex
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| author | Schwartz, Herman M. |
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| record_format | marc |
| series2 | Cornell Studies in Money |
| spelling | Schwartz, Herman M. Verfasser aut Subprime Nation American Power, Global Capital, and the Housing Bubble Herman M. Schwartz Ithaca, N.Y. Cornell University Press [2015] © 2009 1 online resource txt rdacontent c rdamedia cr rdacarrier Cornell Studies in Money Description based on online resource; title from PDF title page (publisher's Web site, viewed Dec. 14, 2016) 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 In English Geschichte 1981-2009 gnd rswk-swf Credit United States Financial crises United States Housing United States Finance Subprime mortgage loans United States Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Baufinanzierung (DE-588)4134929-5 gnd rswk-swf Wirtschaftsbeziehungen (DE-588)4068297-3 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Finanzkrise (DE-588)7635855-0 s Baufinanzierung (DE-588)4134929-5 s Kreditmarkt (DE-588)4073788-3 s Internationaler Kapitalmarkt (DE-588)4027402-0 s Wirtschaftsbeziehungen (DE-588)4068297-3 s Geschichte 1981-2009 z 1\p DE-604 https://doi.org/10.7591/9780801459276 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Schwartz, Herman M. Subprime Nation American Power, Global Capital, and the Housing Bubble Credit United States Financial crises United States Housing United States Finance Subprime mortgage loans United States Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Kreditmarkt (DE-588)4073788-3 gnd Baufinanzierung (DE-588)4134929-5 gnd Wirtschaftsbeziehungen (DE-588)4068297-3 gnd Finanzkrise (DE-588)7635855-0 gnd |
| subject_GND | (DE-588)4027402-0 (DE-588)4073788-3 (DE-588)4134929-5 (DE-588)4068297-3 (DE-588)7635855-0 (DE-588)4078704-7 |
| title | Subprime Nation American Power, Global Capital, and the Housing Bubble |
| title_auth | Subprime Nation American Power, Global Capital, and the Housing Bubble |
| title_exact_search | Subprime Nation American Power, Global Capital, and the Housing Bubble |
| title_full | Subprime Nation American Power, Global Capital, and the Housing Bubble Herman M. Schwartz |
| title_fullStr | Subprime Nation American Power, Global Capital, and the Housing Bubble Herman M. Schwartz |
| title_full_unstemmed | Subprime Nation American Power, Global Capital, and the Housing Bubble Herman M. Schwartz |
| title_short | Subprime Nation |
| title_sort | subprime nation american power global capital and the housing bubble |
| title_sub | American Power, Global Capital, and the Housing Bubble |
| topic | Credit United States Financial crises United States Housing United States Finance Subprime mortgage loans United States Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Kreditmarkt (DE-588)4073788-3 gnd Baufinanzierung (DE-588)4134929-5 gnd Wirtschaftsbeziehungen (DE-588)4068297-3 gnd Finanzkrise (DE-588)7635855-0 gnd |
| topic_facet | Credit United States Financial crises United States Housing United States Finance Subprime mortgage loans United States Internationaler Kapitalmarkt Kreditmarkt Baufinanzierung Wirtschaftsbeziehungen Finanzkrise USA |
| url | https://doi.org/10.7591/9780801459276 |
| work_keys_str_mv | AT schwartzhermanm subprimenationamericanpowerglobalcapitalandthehousingbubble |