44 Pontell and Calavita, ‘Savings and Loans Industry’. P. 215.

45 Calavita, Tillman and Pontell, ‘Savings and Loan Debacle’. P. 24.

46 Allen Pusey and Christi Harlan, ‘Bankers Shared in Profits from I-30 Deals’, Dallas Morning News, 29.1.1986.

47 Allen Pusey and Christi Harlan, T-30 Real Estate Deals: A “Virtual Money Machine”, Dallas Morning News, 26.1.1986.

48 Pusey, ‘Fast Money and Fraud’.

49 Pontell and Calavita, ‘White-Collar Crime’. P. 43. См. также: Kitty Calavita and Henry N. Pontell, ‘The State and White-Collar Crime: Saving the Savings and Loans’, Law Society Review, 28, 2 (1994). Pp. 297–324.

50 Cначала были опасения, что потери окажутся больше. В 1990-м власти называли сумму вплоть до 500 миллиардов долларов. По другим оценкам речь шла о триллионе долларов и даже больше: Pontell and Calavita, ‘Savings and Loan Industry’. P. 203.

51 Весьма живописный рассказ об этом см.: Michael Lewis, Liar's Poker (London, 1989). Pp. 78-124.

52 Bernanke, ‘Housing, Housing Finance, and Monetary Policy’.

53 Значительную помощь в расчетах мне оказал Джозеф Бариллари. Morris A. Davisa, Andreas Lehnert and Robert F. Martin, ‘The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing’, Working paper (December 2007).

54 Shiller, ‘Recent Trends in House Prices’.

55 Carmen M. Reinhart and Kenneth S. Rogoff, ‘Is the 2007 Sub-Prime Financial Crisis So Different? An International Historical Comparison’, Draft Working Paper (14.1.2008).

56 Mark Whitehouse, ‘Debt Bomb: Inside the “Subprime” Mortgage Debacle’, Wall Street Journal, 30.5.2007. P. Ai.

57 Cm. Kimberly Blanton, ‘A “Smoking Gun” on Race, Subprime Loans’, Boston Globe, 16.3.2007.

58 ‘U.S. Housing Bust Fuels Blame Game’, Wall Street Journal, 19.3.2008. См. также: David Wessel, ‘Housing Bust Offers Insights’, Wall Street Journal, 10.4.2008.

59 Henry Louis Gates Jr., ‘Forty Acres and a Gap in Wealth’, New York Times, 18.11.2007.

60 Andy Meek, ‘Frayser Foreclosures Revealed’, Daily News, 21.9.2006.

61 http://www. responsiblelending. org/page.jsp? itemID =32 032 op.

62 Credit Suisse, ‘Foreclosure Trends – A Sobering Reality’, Fixed Income Research (23.4.2008).

63 Cm.: Prabha Natarajan, ‘Fannie, Freddie Could Hurt U.S. Credit’, Wall Street Journal, 15.4.2008.

64 Economic Report of the President 200/, tables В-77 и B-76: http:// www.gpoaccess.gov/eop/

65 George Magnus, ‘Managing Minsky’, UBS research paper, 27.3.2008.

66 Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (London, 2001).

67 Idem, ‘Interview: Land and Freedom’, New Scientist, 27.4.2002.

68 Idem, The Other Path (New York, 1989).

69 Rafael Di Telia, Sebastian Galiani and Ernesto Schargrodsky, ‘The Formation of Beliefs: Evidence from the Allocation of Land Titles to Squatters’, Quarterly Journal of Economics, 122,1 (February 2007). Pp. 209–241.

70 The Mystery of Capital Deepens’, The Economist, 26.8.2006.

71 Cm.: John Gravois, ‘The De Soto Delusion’, Slate, 29.1.2005: http: //state, msn. com/id/2112/ 92/

72 Вся прибыль банка переводится в Фонд реабилитации, созданный для борьбы с чрезвычайными ситуациями, – благодаря этому