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In previous work, I examined the problems in the securitized subprime mortgage market that led
to a crisis last summer (Wray 2007, 2008). Many commentaries on the mortgage securities meltdown
have referred to the work of the late Hyman P.Minsky, probably the most astute observer of
the financial systemof the past century, with some even calling it a “Minskymoment” (Whalen 2007,
Magnus 2007, Cassidy 2008).With 20/20 hindsight, pundits finally recognized the real estate bubble
and the dangerous financial practices that had developed in that sector over the previous four
or five years. A few now recognize that problems have spread far beyond mortgages and real estate.
Still, the conventional view is that the damage will be contained through a combination of interest
rate cuts and the fiscal stimulus package that will send checks to most taxpayers in late spring 2008.
The majority of commentators, including officials at the Federal Reserve (Fed), still project a moderate
reduction in growth, with recovery later this year.While it is believed that it could take residential
real estate several years to recover, and while there are calls for reregulation of the home
mortgage industry, few analyses recognize the true depth of the problems facing the financial
system today.
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