Subprime Crisis
Michael Salemi, Department of Economics, UNC-CH


This page was last updated on December 1, 2008

Powerpoint Presentation Slide Images for Talk on the Subprime Crisis


Background Articles for Understanding the Subprime Crisis
The following is a small selection of articles that I found useful as I prepared the talk on the subprime crisis.

"The Economics of Structured Finance," By Joshua Coval, Jakub Jurek and Erik Stafford, forthcoming in Journal of Economic Perspectives.
    This article explains the securitization process through which sub-prime mortgages were transformed into apparently safe assets.

 "Understanding the Securitization of Subprime Mortgage Credit," By Adam B. Ashcraft and Til Schuermann, Fed NewYork Staff Report 318.
    This paper explains the securitization process in great detail.

"Why Ninja Mortgages Could Wreak Havoc," Guardian, September 30, 2007.

"Sniffles That Preceed a Recession," Robert J. Shiller, NYT, October 14, 2007.

"Diamond and Kashyap on the Recent Financial Upheavals," By Steven Levitt, September 18, 2008
    This is a transcript of a guest posting on Levitt's Freakenomics Blog at NYT.  
    http://freakonomics.blogs.nytimes.com

  CNN Timeline of Crisis, October 18, 2008
  Link to BBC Timeline of Crisis

 "Banks are Likely to Hold Tight to Bailout Money," NYT, October 17, 2008

 "Taming Derivatives: Can the private sector clean up credit default swaps?" CNN Money, October 30, 2008
    Suggested by Brian Trentacost

  "Challenging the Crowd in Whispers, not Shouts," Robert Shiller in NYT, November 2, 2008

 "U.S. Rejects G.M.'s Call for Help in a Merger," NYT, November 3, 2008

 "The End," by Michael Lewis, November 11, 2008. Lewis is the author of Liar's Poker.
    Suggested by Ian Ager, the article is a former Wall Streeters impressions of the sub-prime crisis.

"AIG secures $150 Billion Assistance Package," NYT, November 11, 2008

"Lobbyists Swarm the Treasury for a Piece of the Bailout Pie," NYT, November 12, 2008

"Many Line Up for Cash, but Bailout Plan Falters," NYT, November 14, 20098

"Fighting the Financial Crisis, One Challenge at a Time," Henry M. Paulson, NYT, November 18, 2008

"Anatomy of a Meltdown: Ben Bernanke and the Financial Crisis," New Yorker, December 1, 2008
    Suggested by Yetka Zulfikar


Data Used in Subprime Presentation
 Current Account Data
 Case Shiller Housing Prince Index Data
 Federal Funds Rate
 Screen Shot of Ted Spread, 2006-08
 Link to Bloomberg Data for Ted Spread Data