The Subprime Solution: How To- day's Global Financial Crisis Hap- pened, and What to Do about It

摘要

"The subprime crisis is a historic turning point in our economy and our culture ... the result of a speculative bubble in the housing market that began to burst in the U.S. in 2006 and has now caused ruptures across many other countries.... The forces unleashed by the subprime crisis will probably run rampant for years.... From now on we will all be conducting our lives and doing business with each other a little bit differently."rnThe core of the problem was "an epidemic of irrational public enthusiasm for housing investments." Overly aggressive mortgage lenders, compliant appraisers, and complacent borrowers proliferated to feed the housing boom.