LEADER 04187nam 2200697Ia 450 001 9910789622003321 005 20220415032448.0 010 $a0-8014-5927-3 024 7 $a10.7591/9780801459276 035 $a(CKB)2670000000078928 035 $a(EBL)3137938 035 $a(OCoLC)726824194 035 $a(OCoLC)966819168 035 $a(MdBmJHUP)muse51794 035 $a(DE-B1597)478280 035 $a(OCoLC)979575380 035 $a(DE-B1597)9780801459276 035 $a(Au-PeEL)EBL3137938 035 $a(CaPaEBR)ebr10457559 035 $a(MiAaPQ)EBC3137938 035 $a(EXLCZ)992670000000078928 100 $a20090219d2009 uy 0 101 0 $aeng 135 $aur|||||||nn|n 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aSubprime nation$b[electronic resource] $eAmerican power, global capital, and the housing bubble /$fHerman M. Schwartz 210 $aIthaca $cCornell University Press$d2009 215 $a1 online resource (276 p.) 225 1 $aCornell studies in money 300 $aDescription based upon print version of record. 311 0 $a0-8014-4812-3 320 $aIncludes bibliographical references and index. 327 $tFront matter --$tContents --$tSelected Figures and Tables --$tPreface --$t1. Our Borrowing, Your Problem --$t2. Global Capital Flows and the Absence of Constraint --$t3. Investing in America --$t4. Homes Alone? --$t5. U.S. Industrial Decline? --$t6. The External Political Foundations of U.S. Arbitrage --$t7. Boom to Bust --$t8. Toward the Future --$tNotes --$tIndex 330 $aIn his exceedingly timely and innovative look at the ramifications of the collapse of the U.S. housing market, Herman M. Schwartz makes the case that worldwide, U.S. growth and power over the last twenty years has depended in large part on domestic housing markets. Mortgage-based securities attracted a cascade of overseas capital into the U.S. economy. High levels of private home ownership, particularly in the United States and the United Kingdom, have helped pull in a disproportionately large share of world capital flows. As events since mid-2008 have made clear, mortgage lenders became ever more eager to extend housing loans, for the more mortgage packages they securitized, the higher their profits. As a result, they were dangerously inventive in creating new mortgage products, notably adjustable-rate and subprime mortgages, to attract new, mainly first-time, buyers into the housing market. However, mortgage-based instruments work only when confidence in the mortgage system is maintained. Regulatory failures in the American S&L sector, the accounting crisis that led to the extinction of Arthur Andersen, and the subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions have jeopardized a significant engine of economic growth. Schwartz concentrates on the impact of U.S. regulatory failure on the international economy. He argues that the "local" problem of the housing crisis carries substantial and ongoing risks for U.S. economic health, the continuing primacy of the U.S. dollar in international financial circles, and U.S. hegemony in the world system. 410 0$aCornell studies in money. 606 $aFinancial crises$zUnited States 606 $aSubprime mortgage loans$zUnited States 606 $aHousing$zUnited States$xFinance 606 $aCredit$zUnited States 606 $aInternational finance 606 $aCapital market 607 $aUnited States$xEconomic conditions$y1981-2001 607 $aUnited States$xEconomic conditions$y2001-2009 607 $aUnited States$xForeign economic relations 615 0$aFinancial crises 615 0$aSubprime mortgage loans 615 0$aHousing$xFinance. 615 0$aCredit 615 0$aInternational finance. 615 0$aCapital market. 676 $a332/.0420973 700 $aSchwartz$b Herman M.$f1958-$0515591 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910789622003321 996 $aSubprime nation$93808856 997 $aUNINA