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Authors, sign in!Below is a piece that I wrote with Peter Dreier that appears in The American Prospect. We explain "Everything you ever wanted to know about the mortgage meltdown but were afraid to ask."
To many Americans, the sub prime crisis seems too complex to comprehend. To understand it, we need to know: What is the problem? Who benefited? Who got hurt? Who is to blame? Who should we help? What should be done?
Although the immediate cause is the widespread use of sub-prime mortgages, the root cause is a decades old failure of government to adequately regulate the banking industry.
Feel free to follow up:
The Conservative Origins of the Sub-Prime Mortgage Crisis
Hardly a day goes by without a news story about the accelerating number of foreclosures, an economic tsunami that is causing chaos in the housing and stock markets, the banking industry, and the global money markets, not to mention upending families and neighborhoods. Business leaders, activist groups, and Democratic presidential candidates are calling for our government to do something before the situation declines even further. The problem is worsening in every part of the country, but two early primary states -- Florida and Nevada -- are among the hardest hit. [Read the full article here...]
Published December 18, 2007 by John Atlas |
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| Tags:
Economy
Housing
Mortgages
Predatory Lending
Sub-Prime Loans
