No Slack

The Financial Lives of Low-Income Americans

Nonfiction, Social & Cultural Studies, Political Science, Government, Social Policy, Social Science, Sociology, Urban, Business & Finance, Personal Finance
Cover of the book No Slack by Michael S. Barr, Brookings Institution Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Michael S. Barr ISBN: 9780815722342
Publisher: Brookings Institution Press Publication: March 29, 2012
Imprint: Brookings Institution Press Language: English
Author: Michael S. Barr
ISBN: 9780815722342
Publisher: Brookings Institution Press
Publication: March 29, 2012
Imprint: Brookings Institution Press
Language: English

The financial crisis exposed the potentially unsavory results of the interaction between low- and moderate income households and alternative and mainstream financial institutions. Many households were overleveraged or paid high costs for financial services, while others lacked access to useful financial products that can cushion against economic instability. The financial services system is not well designed to serve low- and moderate-income households, leaving them without financial slack: they did not have adequate breathing room for making the financial adjustments that would permit them to better meet their own needs. No Slack shows us why these families were the least prepared to handle the shock of the deep recession.

This pivotal analysis focuses on the Detroit metropolitan area's low- and moderate-income neighborhoods, which are similar to those of other Rust Belt communities. The Detroit Area Household Financial Services study-conducted at the height of the subprime lending boom-examines these households' decisionmaking processes, behaviors, and attitudes toward a full range of financial transactions.

No Slack reveals widespread problems in home mortgage lending, the common threads among people who file for bankruptcy, the reasons so many households are unbanked, and how behaviorally informed financial regulation can make the market work better. Drawing on his deep policy experience, Michael Barr advocates helping families seek financial stability in three primary ways: enhancing individuals' financial capability, using technology to promote access to financial products and services that meet their needs, and establishing strong protections for consumers.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The financial crisis exposed the potentially unsavory results of the interaction between low- and moderate income households and alternative and mainstream financial institutions. Many households were overleveraged or paid high costs for financial services, while others lacked access to useful financial products that can cushion against economic instability. The financial services system is not well designed to serve low- and moderate-income households, leaving them without financial slack: they did not have adequate breathing room for making the financial adjustments that would permit them to better meet their own needs. No Slack shows us why these families were the least prepared to handle the shock of the deep recession.

This pivotal analysis focuses on the Detroit metropolitan area's low- and moderate-income neighborhoods, which are similar to those of other Rust Belt communities. The Detroit Area Household Financial Services study-conducted at the height of the subprime lending boom-examines these households' decisionmaking processes, behaviors, and attitudes toward a full range of financial transactions.

No Slack reveals widespread problems in home mortgage lending, the common threads among people who file for bankruptcy, the reasons so many households are unbanked, and how behaviorally informed financial regulation can make the market work better. Drawing on his deep policy experience, Michael Barr advocates helping families seek financial stability in three primary ways: enhancing individuals' financial capability, using technology to promote access to financial products and services that meet their needs, and establishing strong protections for consumers.

More books from Brookings Institution Press

Cover of the book The Last Mile in Ending Extreme Poverty by Michael S. Barr
Cover of the book What Works in Girls' Education by Michael S. Barr
Cover of the book Whatever Happened to the Washington Reporters, 1978-2012 by Michael S. Barr
Cover of the book Getting to Scale by Michael S. Barr
Cover of the book Juggernaut by Michael S. Barr
Cover of the book Results Not Receipts by Michael S. Barr
Cover of the book Iran Surprises Itself and the World by Michael S. Barr
Cover of the book A Versatile American Institution by Michael S. Barr
Cover of the book From Day One by Michael S. Barr
Cover of the book Megachange by Michael S. Barr
Cover of the book The Law and Politics of Engaging De Facto States by Michael S. Barr
Cover of the book Confronting the Weakest Link by Michael S. Barr
Cover of the book Understanding Tahrir Square by Michael S. Barr
Cover of the book Inside Congress by Michael S. Barr
Cover of the book Urban and Regional Policy and Its Effects by Michael S. Barr
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy