A review of the global financial crisis and its effects on U.S. working class households - a tale of vulnerability and neglect
Notice bibliographique
Résumé
Developed economies rely on their financial sector for their well being, which, as a corollary, can be severely compromised by a poorly functioning financial sector. The financial crisis of 2007-2008 was caused by the collective financial sector in the U.S. Their collective mortgage production in 2003 was $1.1 trillion, equivalent to over 16% of the $6.9 trillion outstanding mortgage levels as at the end of 2003. If the 2003 mortgage production was allocated over new housing starts, each new home would have been financed with a mortgage of $635, 000, while the average U.S. home sale price that year was $246, 300. In 2001, the Fed lowered its effective funds rate from 5.98% to 1.82%; in the following two years the rate was dropped further to 0.98%. Such action may have been inspired by the low economic growth rate in 2001, which turned negative in the third quarter. What the Fed did not react to was the massive growth in annual mortgage production, which had already started in 1998. In a continuing demonstration of benign neglect, the lowering of the Fed funds rate from 2001-2003 only emboldened the financial sector, which fuelled the annual mortgage production even faster over the period 2003-2006. Home mortgage loans are mostly granted to individual households and especially in large numbers to working class households. Such households rely on their income levels to repay such mortgages. When house prices grow faster than CPI inflation and incomes, - up to 38% higher than CPI inflation over the years 1997-2006 – working class household’s finances can become rapidly overstretched. In 2006 mortgage borrowers started to get into trouble as the foreclosure filings show. By 2007, this affected trading in mortgage bond funds and by 2008 a full scale banking crisis was unfolding. The harm that the financial sector had wreaked on household finances was having a potent economic effect in the real sector: 45% of all mortgagors faced with foreclosure proceedings, 7.6 million job losses, wages growth below CPI inflation levels, 6.1 million home repossessions, a rapid decline in the home ownership rate, a substantial loss in the savings for a pension pot and a doubling of government debt levels. The reaction of the Fed was to save nearly all the banks, implement a quantitative easing program of some $4.2 trillion and keep interest rates at rock bottom levels, none of which helped the most vulnerable of the protagonists in the global financial crisis: working class households.
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,001 | 0,004 |
| Méta-épidémiologie (sens strict) | 0,001 | 0,000 |
| Méta-épidémiologie (sens large) | 0,001 | 0,001 |
| Bibliométrie | 0,005 | 0,008 |
| Études des sciences et des technologies | 0,001 | 0,001 |
| Communication savante | 0,002 | 0,003 |
| Science ouverte | 0,001 | 0,001 |
| Intégrité de la recherche | 0,002 | 0,002 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,005 | 0,001 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».