The subprime scandal
The American Prospect
by Robert Kuttner
03/19/07
The Bush administration and the U.S. Chamber of Commerce picked an awkward moment for their latest assault on financial and consumer-protection regulation. At the very moment that Treasury Secretary Hank Paulson was meeting with Wall Street bigwigs in a high-profile confab this week to call for weakening the post-Enron Sarbanes-Oxley Act and other investor and consumer protections, the stock market was tanking. Why is the market so nervous? Mainly thanks to the latest bitter fruit of financial deregulation: the collapsing $1.3 trillion ’subprime’ mortgage business, which now accounts for one mortgage in three. Here is a textbook case of why financial institutions need to be regulated, to protect both consumers and the solvency of the larger economy...
http://www.prospect.org/web/view-web.ww?id=12584
Informant: Thomas L. Knapp
http://freepage.twoday.net/search?q=mortgage+business
http://freepage.twoday.net/search?q=Robert+Kuttner
by Robert Kuttner
03/19/07
The Bush administration and the U.S. Chamber of Commerce picked an awkward moment for their latest assault on financial and consumer-protection regulation. At the very moment that Treasury Secretary Hank Paulson was meeting with Wall Street bigwigs in a high-profile confab this week to call for weakening the post-Enron Sarbanes-Oxley Act and other investor and consumer protections, the stock market was tanking. Why is the market so nervous? Mainly thanks to the latest bitter fruit of financial deregulation: the collapsing $1.3 trillion ’subprime’ mortgage business, which now accounts for one mortgage in three. Here is a textbook case of why financial institutions need to be regulated, to protect both consumers and the solvency of the larger economy...
http://www.prospect.org/web/view-web.ww?id=12584
Informant: Thomas L. Knapp
http://freepage.twoday.net/search?q=mortgage+business
http://freepage.twoday.net/search?q=Robert+Kuttner
rudkla - 20. Mär, 16:02
