David J. Reiss: The Emperor's New Loans: A Cautionary Tale from the Subprime Era

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David J. Reiss: The Emperor’s New Loans: A Cautionary Tale from the Subprime Era

David J. Reiss: The Emperor’s New Loans: A Cautionary Tale from the Subprime Era

The Emperor’s New Loans: A Cautionary Tale from the Subprime Era

David J. Reiss, Brooklyn Law School

Abstract

A body of folk tales from the subprime mortgage era is now being written. Some are in PowerPoint. Some are in video format. Some appear in the guise of a non-fiction account. After all, isn’t The Big Short just Jack the Giant Slayer —with the little guys not only ending up with the gold, but also with the big guys dead on the ground? And some stories are just plain old fairy tales like the one contained herein. You might ask why a complex financial crisis needs such folk tales. And I would tell you that they are necessary because they help us to identify the essence of the crisis. They can also make the significance of the crisis clear to non-experts. And they can help shape government responses to the last crisis in order to avert potential future crises.

[ipaper docId=135677211 access_key=key-1jxfuqyzflrm8xx4kpfl height=600 width=600 /]

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