Word: mortgagee
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Santander still has to prove itself in the U.S., however. In 2006, the Spanish firm spent $2.9 billion to buy 25% of Sovereign Bancorp, a regional bank in the northeast. By October 2008 Sovereign's stock had fallen 85% and Santander exercised its right of first refusal to buy the...
A number of economists and policy analysts believe Caballero makes a lot of sense. Alex Pollock of the American Enterprise Institute says it's clear the foreign investors who bought the bonds of mortgage guarantors Fannie Mae and Freddie Mac served to fuel the housing bubble. Ohio State University professor...
Of course, not all economists are buying the Caballero's blame them, not us, explanation of the financial crisis. They say just because there was money flowing into the United States doesn't mean the credit crunch was inevitable. They say stricter regulations could have stopped U.S. investment bankers from...
China, contending with a huge trade surplus with the U.S., bought more and more Treasury bonds, pushing down yields and making Treasuries less attractive to other foreign investors. As a result, the rising demand for higher yielding U.S. debt opened the door for Wall Street investment bankers to spin out...
How to prevent a similar crisis from happening again is the question that Caballero thinks we are getting wrong. He believes reforming the U.S. financial system is only part of the answer. Foreign investors, he says, need to change their behavior as well. Specifically, Caballero believes the U.S. needs to...