Quotes About Sub-prime

The credit crunch was based on a climate (the post-Cold War victory party of free-market capitalism), a problem (the sub-prime mortgages), a mistake (the mathematical models of risk) and a failure, that of the regulators.

In short, the explosion in sub-prime lending was a thoroughly top–down, political project, mandated by Congress, implemented by government-sponsored enterprises, enforced by the law, encouraged by the president and monitored by pressure groups.

In short, the explosion in sub-prime lending was a thoroughly top–down, political project, mandated by Congress, implemented by government-sponsored enterprises, enforced by the law, encouraged by the president and monitored by pressure groups. Remember this when you hear people blame the free market for the excesses of the sub-prime bubble.