By Gregory W. Fuller (auth.)
ISBN-10: 1137548738
ISBN-13: 9781137548733
ISBN-10: 1349714933
ISBN-13: 9781349714933
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Additional resources for The Great Debt Transformation: Households, Financialization, and Policy Responses
Sample text
Generally speaking, credit card debt, store credit, home equity loans, and most mortgages and auto loans are examples of borrowing that increase present consumption but do not intrinsically boost future production. They represent borrowing to spend today instead of spending tomorrow— and there is no reason to believe that today’s borrowing inherently fuels more income in the future. Likewise, while the financial sector may indirectly foster productive investment by providing resources to ultimately productive end uses, the financial sector itself is auxiliary to production: disconnected from other sectors, it is fundamentally unproductive.
29 So even though the senior tranche of a CDO-squared is protected by its own subordinated tranches, the entire asset—including the senior tranche—is still comprised of debt that is subordinated elsewhere. In these down-the-rabbit-hole situations, the profits generated during market expansions are huge, yet assets could—and ultimately did—go from AAA to worthless overnight as a result of modest increases in default rates. ” This shadow banking sector comprised entities collectively known as Special Purpose Vehicles.
These changes demand a revision of the traditional notion of a finance–growth nexus. Households and financial firms usually borrow for purposes that can generate growth but do not directly create new productive capacities. Generally speaking, credit card debt, store credit, home equity loans, and most mortgages and auto loans are examples of borrowing that increase present consumption but do not intrinsically boost future production. They represent borrowing to spend today instead of spending tomorrow— and there is no reason to believe that today’s borrowing inherently fuels more income in the future.