Hidden in plain sight : what really caused the world's worst financial crisis and why it could happen again / Peter J. Wallison.
2015
332.7/20973 W214h 2015
Available at 3rd Floor
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Title
Hidden in plain sight : what really caused the world's worst financial crisis and why it could happen again / Peter J. Wallison.
Author
Edition
First American edition.
ISBN
9781594037702 (hardcover : acid-free paper)
1594037701 (hardcover : acid-free paper)
9781594037719 (ebook)
1594037701 (hardcover : acid-free paper)
9781594037719 (ebook)
Published
New York : Encounter Books, [2015]
Language
English
Description
xviii, 411 pages : illustrations ; 24 cm
Other Standard Identifiers
40024744384
Call Number
332.7/20973 W214h 2015
System Control No.
(OCoLC)879329299
(OCoLC)879329299
(OCoLC)879329299
Summary
The 2008 financial crisis, like the Great Depression, was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis.
Bibliography, etc. Note
Includes bibliographical references (pages 363-392) and index.
Formatted Contents Note
Introduction
The difference between prime and nontraditional mortgages (NTMS)
Red herrings : other explanations for the crisis
The housing finance market before the affordable housing goals
Government housing policies kick in
The affordable housing goals and the decline in underwriting standards
Force fed : the affordable housing goals, the gses, and the NTMS
Going viral : competition spreads the gses' reduced underwriting standards to the wider market
The great housing bubble
Ignorance and bliss : what was known about the NTM market before the crisis
How 32 million NTMS precipitated a financial crisis
Fair value accounting and collateral damage
Bad to worse : the government response
Conclusion.
The difference between prime and nontraditional mortgages (NTMS)
Red herrings : other explanations for the crisis
The housing finance market before the affordable housing goals
Government housing policies kick in
The affordable housing goals and the decline in underwriting standards
Force fed : the affordable housing goals, the gses, and the NTMS
Going viral : competition spreads the gses' reduced underwriting standards to the wider market
The great housing bubble
Ignorance and bliss : what was known about the NTM market before the crisis
How 32 million NTMS precipitated a financial crisis
Fair value accounting and collateral damage
Bad to worse : the government response
Conclusion.
Record Appears in