Ebook Download Consumer Credit and the American Economy (Financial Management Association Survey and Synthesis)

Ebook Download Consumer Credit and the American Economy (Financial Management Association Survey and Synthesis)

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Consumer Credit and the American Economy (Financial Management Association Survey and Synthesis)

Ebook Download Consumer Credit and the American Economy (Financial Management Association Survey and Synthesis)

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Review

"This is a book for both professional economists who do and do not specialize in this field and for informed laypersons who want to understand better this important facet of the economy. For the first time a single work brings together the history, economics, sociology, law, and regulation of consumer credit markets and institutions. It will become the standard source and reference for questions of public policy in this important area." -Timothy J. Muris, George Mason University and Former Chairman, Federal Trade Commission"If you think the development, history, and behavioral aspects of consumer credit are not exciting, read this comprehensive treatise of the topic as an emergent order of behavioral and parallel institutional rules, with no commanding identifiable leader. Particularly informative and original is their examination of the cognitive biases, experimental, and behavioral literature." -Vernon L. Smith, Chapman University and Nobel Laureate in Economics"The Financial Management Association's Survey and Synthesis Series provides volumes to examine the most important areas of financial systems. This book far exceeds this goal for the consumer credit sector. Written by highly regarded experts, it is the most comprehensive work available for consumer credit, and it is comprehensible. The book is valuable for those who want to understand the institutional importance, role, regulation, and growth of consumer credit as well as for theorists and scholars who develop sophisticated neoclassical and behavioral demand and supply models." -David A. Walker, Georgetown University and Former President and Board Chair, Financial Management Association International"Much of the political debate in the United States revolves around the question of whether the government should allow individuals to make their own choices or should protect them against the wrong decisions by limiting the available choices. Nowhere is this issue more trenchant than in what is known as consumer protection, and nowhere is there likely to be a better and more comprehensive analysis of consumer finance, its role in a consumer economy, and the issues surrounding the government's role than this book provides." -Peter J. Wallison, American Enterprise Institute and Former General Counsel, US Treasury Department

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About the Author

Thomas A. Durkin has specialized in the economics and regulation of consumer financial services, in the federal government as Senior Economist at the Federal Reserve Board, in the academic area as Associate Professor of Finance at the Pennsylvania State University, and in the private sector as Chief Economist of the American Financial Services Association.Gregory Elliehausen has also specialized in the economics and regulation of consumer financial services, as Economist and Senior Economist at the Board of Governors of the Federal Reserve System and in the academic sector as Senior Research Scholar at Georgetown University and Associate Professor at George Washington University.Michael E. Staten has also specialized in the economics and regulation of consumer financial services in the academic sector at the University of Arizona, George Washington University, Georgetown University, Purdue University, and the University of Delaware. Todd J. Zywicki has specialized in the economics, law, public choice, and regulation of consumer financial services in the academic sector as Professor of Law at George Mason, Visiting Professor at Vanderbilt, Georgetown, and Boston College Schools of Law, and in the federal government as Director of the Office of Policy Planning, Federal Trade Commission.

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Product details

Series: Financial Management Association Survey and Synthesis

Hardcover: 736 pages

Publisher: Oxford University Press; 1 edition (August 13, 2014)

Language: English

ISBN-10: 0195169921

ISBN-13: 978-0195169928

Product Dimensions:

9.3 x 1.4 x 6.6 inches

Shipping Weight: 2.6 pounds (View shipping rates and policies)

Average Customer Review:

3.9 out of 5 stars

2 customer reviews

Amazon Best Sellers Rank:

#471,705 in Books (See Top 100 in Books)

Unique and comprehensive overview of academic research on the economics of lending in the United States. As a finance professional, I found it to be helpful context in understanding how my business impacts society. If you are wondering what is the utility of a loan, even a high interest one, this offers insightful research.

Maybe, in reading this book, I will have to eat my words, but going into reading this book, I will do so with an initial negative perspective.You see, I have had a number of battles with the credit bureaus over the erroneous information they have documented on my report. Document that has erroneously cost me job opportunities; the acquisition of credit cards, vehicle loans, and even mortgages.Why? Because it seems lenders and employers believe what is stated in a person’s credit report is factual information about that person.These entities NEED to come to understand the truth. By truth, I mean what a credit bureau representative casually shared with me. They did so because, at one point, in a fit of anger at what the credit bureau documented in my credit report was patently false with nothing to back it up.First of all, it was my understanding the credit bureaus do not copy what any other credit bureau documents in a person’s credit report. I discovered this to be anything but fact.I discovered this lie when, at one point, I found one credit bureau had begun reporting wildly innaccurate data on their version of my credit report. It was removed, only to reappear, verbatim, in another credit bureau’s report on me.Curious and frustrated, I asked this representative “Just where do you get the information you report?” He replied, and I quote: “Oh, sometimes we even CALL THE OTHER CREDIT BUREAS and add the information they have on a consumer.” So much for not sharing a consumer’s private information!I then asked: “How do you verify the information you put on a consumer’s credit report?” The rep replied:“We are not in the business of verifying what we document in a consumer’s credit report. If we obtain any information on a consumer, we document what information we get or are given, but verifying it’s accuracy is up to the consumer.”So I finally asked: “should a consumer challenge what you’ve reported, what is the procedure for getting it removed as quickly as possible?”The reps’s answer, quote: “The consumer must tell us in writing what they dispute. Then the credit burea notifies the creditor within no more than 30 days, and the creditor has 30 days to respond to us.”I hope we all realize this means it could take 60 days (or more) for erroneous information to be removed from your credit report. When I stated above (or more), by that I mean whomever is tasked to reach the alleged error, all too often is overworked, and merely replies to the credit bureau that the erroneous information in question may NEVER really be researched at the lender’s end.Should a credit bureau receive a creditor reply stating the informatjon in question is valid even when the creditor never even researched the issue to determine whether or not the information is valid, the consumer can make just two more 60-day turn around attempts at dispute and if again the creditor claims it is valid, well, too bad for the consumer if the creditor doesn’t perform the required in either of these two final attempts.NOTE:As things stand currently, what the credit bureaus do, is actually nothing more than engage in passing unverified rumors. Therefore, the credit bureaus are no more than legal rumor-mongers.WHY ANY potential credit is considered to be a valid source of information regarding a consumer’s credit history, addresses, or past/current employers is beyond me. Why? Because potential creditors are actually paying the credit bureaus for consumer information that has a pretty fair chance of being totally or partially incorrect. And on that information, creditors base their credit decisions, resulting in the possibility that they will be losing business, or losing out on hiring a new employee, but for that potential employee’s erroneously negative credit report.Our credit bureaus or NOT monitored, NOR our are our credit bureaus ever once audited; even while ever other form of financial entity, by law MUST be audited.Worse still, these credit bureaus have found a way to make money off of all consumers by scaring them into believe it is the consumer’s job to do the credit bureaus’ homework for them.By that, I mean the credit bureaus encourage consumers to buy the opportunity to view, on a periodic basis the very information that a given credit bureau has, true or not, simply and almost cavalierly documented act being fact whether or not it is factual.What I nice job American credit bureaus have set themselves up to have. Never; not once, need they ever fear any possibility of being found to face the law or incur legal sanctions due to anything they have done.How does it feel to know there is an American industry that is allowed to freely make false accusations against you; perform documentation writing about you that is no better than character assissination, and when I get down to it, such American industries have the power decide just what kind of lifestyle you will live, when they have the ability to ensure you are denied cresit, a given mortgage, or even whether or not you can obtain an education; paying your school costs with student loan from they also have the right to deny you access to.Now, I will read this book; whether or not with my foot in my mouth is yet to be determined.

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