The Credit Bubble Bursts, the Financial Crisis Begins

Marc Jarsulic

Chapter Chapter Three in Anatomy of a Financial Crisis, 2010, pp 55-90 from Palgrave Macmillan

Abstract: Abstract When the house price bubble began to deflate in mid-2006, losses on nonprime mortgage assets were inevitable. For firms with large concentrations of these assets relative to their capital, these losses have meant insolvency. Over time, the cascade of insolvencies, and continuing uncertainty about the scale and location of insolvencies to come, provoked the largest financial crisis since the Great Depression.

Keywords: Federal Reserve; Investment Bank; Commercial Paper; Federal Deposit Insurance Corporation; Mortgage Bank (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10618-5_3

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DOI: 10.1057/9780230106185_3

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