The scuttlebutt amongst conservatives since the beginning of the subprime mortgage mess has been that the Community Reinvestment Act (conveniently expanded during the Clinton years) was the source of the troubles in the capital markets. Being a housing economist with a fiscally conservative disposition (although not a registered republican or democrat) I always found this [...]
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Joshua Dorkin
Charles Feldman
Ted Karsch.
Weak Retail Sales As Mortgage Crisis Puts Freeze On Consumers
by Charles Feldman | January 16, 2008It is amazing how what started out as a subprime mortgage crisis has morphed into such an enormous economic mess around the world.
On Tuesday alone, the three major U.S. stock indexes went south by more than 2 percent.
Citicorp, the nation’s largest bank, had to write down $18.1 Billion for loses—loses stemming from the subprime crisis.
Tighter [...]