The current turmoil in global financial mark e t s , w h i c h began with the U. S. sub- prime mortgage crisis in 2007, has shed a bad light on market liberalism. But it was the socialization of risk, not private free...The current turmoil in global financial mark e t s , w h i c h began with the U. S. sub- prime mortgage crisis in 2007, has shed a bad light on market liberalism. But it was the socialization of risk, not private free markets, that precipitated the crisis. Government sponsored enterprises (GSEs), not private enterprises, politicized investment decisions and overextended credit by buying up and guaranteeing subprime and other risky mortgages. James A.展开更多
文摘The current turmoil in global financial mark e t s , w h i c h began with the U. S. sub- prime mortgage crisis in 2007, has shed a bad light on market liberalism. But it was the socialization of risk, not private free markets, that precipitated the crisis. Government sponsored enterprises (GSEs), not private enterprises, politicized investment decisions and overextended credit by buying up and guaranteeing subprime and other risky mortgages. James A.
