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Description
This is a plain-English explanation of how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The “creative” financing of home mortgages and the even more “creative” marketing of financial securities based on American... read more
Memorable Quotes
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“government agencies not only approved the more lax standards for mortgage loan applicants, government officials were in fact the driving force behind the loosening of mortgage loan requirements”
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“In the case of the housing market collapse, much has been made of the claim that there was inadequate regulatory agency oversight of the financial markets that turned home mortgages into esoteric Wall Street securities, which added to the risk”
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“One of the driving forces behind the strong pressures brought to bear against financial institutions, to lend to people they were not lending to as often as to others, has been a widespread belief that lenders' existing standards and practices discriminated against non-white applicants for mortgage loans, whether intentionally or systemically”
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“These lax lending standards were the foundation for a house of cards that was ready to collapse with a relatively small nudge”
First Sentence
Table of Contents
Authors & Contributors
- Thomas Sowell (Author)
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