By Dave Kansas
Learn a few newspaper tales. Watch a monetary convey on television. Surf the internet. you can find extra element on why the monetary international got here to its knees in different places. Really.The e-book drones on and on approximately every little thing you understand, or can with ease locate. the writer finally ends up repeating himself on many events, together with exact sentences within the similar paragraph. i discovered this e-book a really dry learn with out new principles or perception.
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Additional resources for The Wall Street Journal Guide to the End of Wall Street as We Know It: What You Need to Know About the Greatest Financial Crisis of Our Time--and How to Survive It
First, those with weak or bad credit could get mortgages through something called the subprime market. “Subprime” is just a fancy way of saying that the buyer of the mortgage might not be able to pay it off. Because these mortgages are naturally risky, they come with higher interest rates, making them more lucrative for the issuer. Given that interest rates had fallen to historic lows, the thirst for “yield”—or higher rates—was enormous. Subprime mortgages helped address that thirst for yield. To ameliorate some of the risk, two agencies, Fannie Mae and Freddie Mac, began devouring these riskier mortgages.
The list of missed calls includes spectacular corporate collapses such as Enron and WorldCom. The dominant players in the market are Standard & Poor’s and Moody’s Investors Service. Fitch Ratings is also in the market, but its market share is much smaller. These ἀrms are widely consid‑ ered sober-minded, green-eyeshade types. In a quirk of the system, the ratings agencies are paid by the companies that are being rated or need a rating, in the case of a Wall Street ἀrm issuing a new form of debt, creating a potential conflict of interest.
E alphabet soup of securitized instruments often depended on leveraged assets. ἀ e hedge funds that bought the leveraged assets borrowed money to do so. Sometimes investors in hedge funds were investing with borrowed cash. And the investment banks working alongside the hedge funds on various deals borrowed $25, $30, sometimes $35 for each dollar they actually held. ἀ is use of borrowed funds meant that investment banks and hedge funds could buy 20 or 30 times as much product as they could if they had used their cash only to make investments.