A Quote by Michael Lewis
Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.
Related Quotes
China is exciting because it is an extremely curious and interested market. What more can a designer ask for? The client here is bold and willing to try new things, which a country with a long fashion history wouldn't dare. France or England is weighed down by all these rules, elaborate etiquette, do's and don'ts. Things here move incredibly quickly.
I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained.
We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
It's critical to level the playing field, to make prices and risks clear up front, so when someone signs on for a student loan or a mortgage or a credit card, they know the tricks and traps hidden in the fine print. That's why the Consumer Financial Protection Bureau has been working on a new financial aid shopping sheet. A shorter, two-page credit card agreement, a simpler mortgage disclosure form. All those are aimed toward helping people understand the basic bargain.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
After the risky mortgage-lending practices fostered by government intervention led to massive defaults and foreclosures that caused financial institutions to collapse or be bailed out, Congressman Frank changed his tune completely.
Created by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB was a direct response to the financial crisis and ensuing Great Recession that began with the subprime mortgage debacle and the unraveling of Lehman Brothers investment bank.
Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.
The truth is that we're at a critical juncture in the history of our species and if we don't act soon, we could inhabit a world we don't recognize anymore.
The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to the subprime area, there was little else that could be done to send housing prices higher.
At the critical juncture in all human relationships, there is only one question: What would love do now?
We would like you to reach the place where you're not willing to listen to people criticize one another... where you take no satisfaction from somebody being wrong... where it matters to you so much that you feel good, that you are only willing to think positive things about people... you are only willing to look for positive aspects; you are only willing to look for solutions, and you are not willing to beat the drum of all of the problems of the world.
I'd be willing to bet that any incursion throughout history in which the invading country has proclaimed it is bringing benefits to the conquered is based on a lie.
Related Authors
Brian Tracy Quotes
American
Author
Cassandra Clare Quotes
American
Author
Frederick Lenz Quotes
American
Author
Henry David Thoreau Quotes
American
Author
J. K. Rowling Quotes
English
Author
Jodi Picoult Quotes
American
Author
John Green Quotes
American
Author
Joyce Meyer Quotes
American
Author
Marianne Williamson Quotes
American
Author
Neil Gaiman Quotes
British
Author
Richelle Mead Quotes
American
Author
Rick Riordan Quotes
American
Author
Robert Kiyosaki Quotes
American
Author
Stephen King Quotes
American
Author
Terry Pratchett Quotes
English
Author
Virginia Woolf Quotes
British
Author