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Erschienen in:
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2017 | OriginalPaper | Buchkapitel

Myth 12: The Government Caused the Crash of 2007–08

verfasst von : Joseph Shaanan

Erschienen in: America's Free Market Myths

Verlag: Springer International Publishing

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Abstract

Myth: The devastating crash of 2007–08 was caused by government, not the financial industry. Most of the blame should be assigned to government agencies Fannie Mae and Freddie Mac. Wishing to promote home ownership they practically gave away money to people who would not be able to pay their mortgage. Home owners’ erroneous investment decisions also played a part; so why blame the banks?
Reality: “Alice in Wonderland” mortgage lending practices, exotic derivatives, low interest rates and a shadow banking system, led to the housing bubble followed by the Crash. Private mortgage companies and financial firms mostly sold subprime mortgages, not Fannie and Freddie. Financial interests with political influence had pushed for deregulation and lax enforcement of rules thereby undermining severely the safety of the financial system.

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Vorheriges Kapitel Myth 11: A Free Market Nation Does Not Need a Society
Nächstes Kapitel Myth 13: The Bailouts’ Purpose Was to Save the Free Market Economy
Fußnoten
1
See Mirowski (2013).
 
2
For a criticism of this argument see Mirowski (2013).
 
3
See Quiggin (2012).
 
4
See Norris (2011).
 
5
Stiglitz (2012) and Mirowski (2013).
 
6
Mirowski (2013).
 
7
Mirowski (2013). See also Johnson and Kwak (2010).
 
8
Madrick and Partnoy (2011) and Nocera (2011a, 2011b).
 
9
Nocera (2011a, 2011b).
 
10
Mirowski (2013).
 
11
Efficient Market Hypothesis – financial markets set asset prices correctly reflecting all available information.
 
12
Stiglitz (2010).
 
13
Stiglitz (2010).
 
14
Madrick (2011).
 
15
Stiglitz (2010).
 
16
Cassidy (2009).
 
17
Cassidy (2009).
 
18
Cassidy (2009), Y. Smith (2010), and Chang (2011).
 
19
Madrick (2011).
 
20
Stiglitz (2010).
 
21
Collaterized debt obligations – a structured asset backed security consisting of different types of loans.
 
22
Credit default swaps – a form of insurance against bond default.
 
23
Stiglitz (2010).
 
24
Johnson and Kwak (2010).
 
25
Madrick (2011).
 
26
Cassidy (2009).
 
27
Y. Smith (2010).
 
28
Stiglitz (2010).
 
29
Cassidy (2009).
 
30
Stiglitz (2010).
 
31
Y. Smith (2010).
 
32
Cassidy (2009).
 
33
Mirowski (2013).
 
34
Johnson and Kwak (2010) and Stiglitz (2010).
 
35
Madrick (2011).
 
Literatur
Chang, Ha-Joon (2011) 23 Things They Don’t Tell You About Capitalism, New York: Bloomsbury Press. Kindle Edition.
Johnson, Simon and James Kwak (2010) 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, New York: Pantheon Books.
Krugman, Paul (2005) “Losing Our Country,” New York Times (June 10) [p. A.21].
Krugman, Paul (2008) “Fannie, Freddie and You,” New York Times (July 14) [p. A.21].
Madrick, Jeff (2011) The Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present, New York: Alfred A. Knopf. Kindle Edition.
Madrick, Jeff and Frank Partnoy (2011) “Did Fannie Cause the Crash,” New York Review of Books (October 27).
Mirowski, Philip (2013) Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, London: Verso Books. Kindle Edition.
Mulligan, Casey B. (2009) “Aggregate Implications of Labor Market Distortions: The Recession of 2008-9 and Beyond,” NBER Papers.
Nocera, Joe (2011b) “The Big Lie,” New York Times (December 23).
Quiggin, John (2012) Zombie Economics: How Dead Ideas Still Walk Among Us, Princeton, NJ: Princeton University Press.
Smith, Yves (2010) ECONned: How Unenlightened Self-Interest Undermined Democracy and Corrupted Capitalism, New York: Palgrave-Macmillan. Kindle Edition.
Stiglitz, Joseph E. (2010) Freefall: America, Free Markets, and the Sinking of the World Economy, New York: W. W. Norton and Company.
Stiglitz, Joseph E. (2012) The Price of Inequality: How Today’s Divided Society Endangers Our Future, New York: W. W. Norton and Company.
Metadaten
Titel
Myth 12: The Government Caused the Crash of 2007–08
verfasst von
Joseph Shaanan
Copyright-Jahr
2017
Buch
America's Free Market Myths

Print ISBN: 978-3-319-50635-7

Electronic ISBN: 978-3-319-50636-4

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-50636-4_13