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Essay / Research Paper Abstract
This 3-page paper provides an analysis about Faber's book "And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees."
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3 pages (~225 words per page)
File: AS43_MTsellcrit.rtf
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details the reasons behind the origin of the current financial crisis. In the book, Faber is very careful to remind us that this wasnt a crisis that just
came out of nowhere; rather, he traces the scenario back to 2001 when, in the wake of the 9/11 attacks, the Federal Reserve slashed interest rates in a desperate attempt
to spur lending and growth. Like many of these modern-day non-fiction books, Faber starts us in the present (the "present" being September 14, 2008). On that fateful weekend, Lehman
Brothers announced it was in trouble. Earlier in the year, he pointed out, Bear Stearns had folded. And, as a result, Lehmans customers were concerned about the asset values on
the banks balance sheets. As it turned out, they had a right to be concerned - its balance sheet was riddled with bad assets, "securitized" mortgages that had lost their
value as the housing bubble burst. Combining all of this with AIGs decline weeks earlier, and Faber knew there was a problem. "It was going to be a very long
night," he wrote, somewhat wryly (p. 4). From there, he sets up the scenario - Greenspans desperate attempt to avoid inflation during the
late 1990s and early 2000s in the wake of the dot-com bust, and how all of those low interest rates (not to mention greedy lenders) managed to convince first-time
homeowners that they could actually own a home with (gulp!) no money down and (another gulp) extraordinarily low interest rate payments. Faber
discusses the story of Arturo Trevilla, a Mexican immigrant who, in 2005, bought a home in San Clemente, CA for more than half a million dollars. Could Trevilla afford that
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