The Bipartisan Roots of the Financial Services Crisis

Yeaman examines the partisan claims about the origins of the financial services crisis of 2008-2009. She challenges the view that observers should solely blame either the Democrats or the Republicans for the political climate that allowed the crisis to develop. She concludes that the political roots...

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Bibliographic Details
Published in:Political science quarterly 2009-12, Vol.124 (4), p.681-696
Main Author: YEAMAN, HELENA
Format: Article
Language:English
Subjects:
Accountability
Affordable housing
Bank capital
Bank loans
Banking services
Branch banking
Commercial banks
Community
Community Reinvestment Act 1977-US
Comptrollers
Down payments
Economic Crises
Economic crisis
Financial institutions
Financial services
Financial Services Modernization Act 1999-US
Fiscal Policy
Home ownership
Housing
Investment banking
Lending
Loans
Low income groups
Market shares
Minority banks
Mortgage companies
Mortgage loans
Partisanship
Political Parties
Redlining
Securitization
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Summary:Yeaman examines the partisan claims about the origins of the financial services crisis of 2008-2009. She challenges the view that observers should solely blame either the Democrats or the Republicans for the political climate that allowed the crisis to develop. She concludes that the political roots of the crisis can be found in the strange admixture of the Democratic promotion of homeownership for all, combined with Republican adherence to laissez-faire in the financial services sector.
ISSN:0032-3195
1538-165X
DOI:10.1002/j.1538-165X.2009.tb00663.x