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Banks lent trillions to people ill-equipped to repay Component1 #6905 Commercial banks and investment banks lent vast sums—trillions of dollars—for housing purchases and consumer loans to borrowers ill-equipped to repay.

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Banks lent trillions to people ill-equipped to repayBanks lent trillions to people ill-equipped to repay☜Commercial banks and investment banks lent vast sums—trillions of dollars—for housing purchases and consumer loans to borrowers ill-equipped to repay.☜9FDEF6

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Citerend uit: Jeffrey D. Sachs, Scientific American
Geciteerd door: David Price 10:01 PM 4 October 2008 GMT
URL:

http://www.sciam.com/article.cfm?id=fixing-financial-crisis&print=true

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"The origin of the U.S. financial crisis is that commercial banks and investment banks lent vast sums—trillions of dollars—for housing purchases and consumer loans to borrowers ill-equipped to repay. The easy lending pushed up housing prices around the U.S., which then ratcheted still higher when speculators bought houses on the expectation of yet further price increases. When the easy lending slowed and then stopped during 2006-07, the housing prices peaked and began to fall. The housing boom began to unravel and now threatens an economy-wide bust."

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Gemaakt door: David Price
NodeID: #6905
Node type: Component
Gemaakt op (GMT): 10/4/2008 9:56:00 PM
Laatste bewerking (GMT): 10/4/2008 9:56:00 PM
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