04184nam 2200709Ia 450 991082525040332120240416111758.00-8014-5927-310.7591/9780801459276(CKB)2670000000078928(EBL)3137938(OCoLC)726824194(OCoLC)966819168(MdBmJHUP)muse51794(DE-B1597)478280(OCoLC)979575380(DE-B1597)9780801459276(Au-PeEL)EBL3137938(CaPaEBR)ebr10457559(MiAaPQ)EBC3137938(EXLCZ)99267000000007892820090219d2009 uy 0engur|||||||nn|ntxtrdacontentcrdamediacrrdacarrierSubprime nation American power, global capital, and the housing bubble /Herman M. Schwartz1st ed.Ithaca Cornell University Press20091 online resource (276 p.)Cornell studies in moneyDescription based upon print version of record.0-8014-4812-3 Includes bibliographical references and index.Front matter --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 --IndexIn 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.Cornell studies in money.Financial crisesUnited StatesSubprime mortgage loansUnited StatesHousingUnited StatesFinanceCreditUnited StatesInternational financeCapital marketUnited StatesEconomic conditions1981-2001United StatesEconomic conditions2001-2009United StatesForeign economic relationsFinancial crisesSubprime mortgage loansHousingFinance.CreditInternational finance.Capital market.332/.0420973Schwartz Herman M.1958-515591MiAaPQMiAaPQMiAaPQBOOK9910825250403321Subprime nation3952383UNINA