Financial crisis and recession

Ludwig von Mises Institute
by Jesus Huerta de Soto

10/06/08

The severe financial crisis and resulting worldwide economic recession we have been forecasting for years are finally unleashing their fury. In fact, the reckless policy of artificial credit expansion that central banks (led by the American Federal Reserve) have permitted and orchestrated over the last fifteen years could not have ended in any other way...

//mises.org/story/3138



Anatomy of a train wreck: Causes of the mortgage meltdown

Heartland Institute
by Stan J. Liebowitz

10/03/08

Why did the mortgage market melt down so badly? Why were there so many defaults when the economy was not particularly weak? Why were the securities based upon these mortgages not considered anywhere as risky as they actually turned out to be? This report oncludes that, in an attempt to increase home ownership, particularly by minorities and the less affl uent, virtually every branch of the government undertook an attack on underwriting standards starting in the early 1990s. Regulators, academic specialists, GSEs, and housing activists universally praised the decline in mortgage-underwriting standards as an ‘innovation’ in mortgage lending. This weakening of underwriting standards succeeded in increasing home ownership and also the price of housing, helping to lead to a housing price bubble...

//www.heartland.org/full.html?articleid=23864


Informant: Thomas L. Knapp



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