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Booms and Busts: the Case of Subprime Mortgages
Edward M. Gramlich
其他書名
A Reprint from the ¿Economic Review¿
出版DIANE Publishing, 2008-05
主題Business & Economics / General
ISBN14289889209781428988927
URLhttp://books.google.com.hk/books?id=ovkZ8-PH82QC&hl=&source=gbs_api
EBookSAMPLE
註釋Booms & busts have played a prominent role in Amer. economic history. In the 19th cent., the U.S. benefited from the canal boom, the railroad boom, the minerals boom, & a financial boom. The 20th cent. brought another financial boom, a postwar boom, & a dot-com boom. Each of these cases featured initial discoveries or breakthroughs, widespread adoption, widespread investment, & then a collapse & many investors lost a lot of money. When the dust cleared, there was financial carnage & many investors learned to be more careful the next time. This article describes why the subprime lending market, despite its problems, is a promising development that has permitted low-income & minority borrowers to participate in credit markets.