The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, and just financial order. The subprime market takes off. The emergence of the subprime market -- A rolling loan gathers no loss -- Contagion. Prelude to the storm -- Meltdown -- Aftermath -- Regulatory failure. The Clinton years -- OTS and OCC power grab -- Put to the test : OCC, OTS, and FDIC oversight -- Blind spot : Greenspan's federal reserve -- Wall Street skirts regulation -- Solutions. Consumer protection -- Containing contagion