The Subprime Solution

The Subprime Solution

How Today's Global Financial Crisis Happened, and What to Do About It

Book - 2008
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Baker & Taylor
A best-selling economist reveals the origins of the subprime mortgage crisis and puts forward bold measures to resolve it by restructuring the institutional foundations of the financial system in a thoughtful study by the author of Irrational Exuberance. First serial, The Atlantic.

Gardners
The subprime mortgage crisis wreaked havoc on the lives of millions of people and threatened to derail the US economy and economies around the world. This book calls for a restructuring of the institutional foundations of the financial system that can allow people once again to buy and sell homes with confidence.

Princeton University Press

The subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the U.S. economy and economies around the world. In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. He calls for an aggressive response--a restructuring of the institutional foundations of the financial system that will not only allow people once again to buy and sell homes with confidence, but will create the conditions for greater prosperity in America and throughout the deeply interconnected world economy.

Shiller blames the subprime crisis on the irrational exuberance that drove the economy's two most recent bubbles--in stocks in the 1990s and in housing between 2000 and 2007. He shows how these bubbles led to the dangerous overextension of credit now resulting in foreclosures, bankruptcies, and write-offs, as well as a global credit crunch. To restore confidence in the markets, Shiller argues, bailouts are needed in the short run. But he insists that these bailouts must be targeted at low-income victims of subprime deals. In the longer term, the subprime solution will require leaders to revamp the financial framework by deploying an ambitious package of initiatives to inhibit the formation of bubbles and limit risks, including better financial information; simplified legal contracts and regulations; expanded markets for managing risks; home equity insurance policies; income-linked home loans; and new measures to protect consumers against hidden inflationary effects.

This powerful book is essential reading for anyone who wants to understand how we got into the subprime mess--and how we can get out.



Publisher: Princeton : Princeton University Press, c2008
ISBN: 9780691139296
0691139296
Characteristics: x, 196 p. : ill. ; 23 cm

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StarGladiator
Jul 22, 2013

I really hate to cast aspersions against an Ivy League "economist" - - but Shiller is going for the status quo, instead of the truth. Yes, many finally realize that the top three crime factories in America are Harvard, Princeton and Yale, and perhaps that is why so many of the misinformation and disinformation specialists come from there, and yes I recognize Shiller's right thinking in bailing out the "little people" but he must either speak the truth or kindly keep quiet!

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