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One of them is a decrease in lending, and another is an increase in trading—particularly the kind of rapid-fire computerized trading that now makes up about half of all US stock market activity.13
“Countrywide was an early adopter of information technology to process applications. By the mid-1990s, fully 70 percent of loans passing through its automated underwriting system required no human intervention.”
― Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History
― Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History
“the chapter explains the three-cascading-constraints perspective by walking through, in sequence, the situation where all three constraints were binding (before 1820), the situation where only two were binding (up to 1990), and finally, today’s situation where only one is binding.”
― The Great Convergence: Information Technology and the New Globalization
― The Great Convergence: Information Technology and the New Globalization
“The received wisdom is that risk increases in the recession and falls in booms. In contrast, it may be more helpful to think of risk as increasing during upswings, as financial imbalances build up, and materializing in recessions.”
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“Coral Gables was successful from the start.”
― Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History
― Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-and Misuses-of History
“The Uruguay Round lasted from 1986 to 1994. As Figure 22 shows, the really original element in this phase was the rapid tariff cutting by poor nations. It is important to note, however, that this developing-nation liberalization had nothing to do with the GATT since the “don’t obey, don’t object” principle was still in operation. Instead, these reductions were the beginning of a revolution in developing-nation attitudes that are really part of Phase Four and the effort by poor nations to attract offshore factories and jobs (as will be discussed in Chapter 3).”
― The Great Convergence: Information Technology and the New Globalization
― The Great Convergence: Information Technology and the New Globalization
Ilseop’s 2025 Year in Books
Take a look at Ilseop’s Year in Books, including some fun facts about their reading.
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42 friends
85 books
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30 friends
111 books
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43 friends
6 books
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142 friends
6 books
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80 friends
2 books
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34 friends
1 book
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23 friends
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59 friends
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