Booms & busts have played a prominent role in Amer

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Booms and Busts: The Case of Subprime Mortgages: A Reprint from the Federal Reserve Bank of Kansas City “Economic Review”

Booms & busts have played a prominent role in Amer

Our Price: $10.00

By Edward M. Gramlich (au)
Year: 2007
Pages: 8
Binding Paperback

Product Code: 1428988920

Description

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.

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