[Download] "Unaffordable Housing and Political Kickbacks Rocked the American Economy." by Harvard Journal of Law & Public Policy # Book PDF Kindle ePub Free
eBook details
- Title: Unaffordable Housing and Political Kickbacks Rocked the American Economy.
- Author : Harvard Journal of Law & Public Policy
- Release Date : January 22, 2010
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 271 KB
Description
The economic earthquake that shook the world financial markets and bankrupted seemingly invulnerable multinational corporations exposed perilous fault lines of the federal government's own creation. Under mounting pressure, at a critical moment, the fault lines cracked and took down everything from auto manufacturers to insurance providers. Now that the Obama Administration's comprehensive regulatory reform proposals are making their way through Congress, the time has come to identify the root causes of the most recent economic downturn. Many leading economists agree: The economic crisis we are experiencing is directly tied to an over-inflated housing bubble wherein mortgage lenders made reckless, high-risk loans. These loans were given in record number to over-extended, under-qualified borrowers to satisfy an increasingly aggressive government drive for home ownership. Why the lenders adopted such counterintuitive and irresponsible business practices is the critical question. The answer reveals the disastrous folly of government intervention in the housing market spanning more than three quarters of a century.