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ID:
147111
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| Summary/Abstract |
Almost as soon as the financial crisis struck in late 2007, policymakers began working to prevent another one. The roots [1] of the crisis, they contended, lay in reckless lending [2] and excess debt. Banks had made massive loans to “subprime” borrowers, who had little ability to repay them, and the banks funded these investments with borrowed money. When the U.S. housing bubble burst, millions of Americans defaulted on their mortgages, and the overleveraged banks collapsed. The government had to bail them out [3], and U.S. taxpayers picked up the bill.
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| 2 |
ID:
136499
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| Summary/Abstract |
Americans like to think of their country as a cradle of innovation. After all, the United States has produced many of the world’s finest entrepreneurs, from Andrew Carnegie and Henry Ford to Steve Jobs and Mark Zuckerberg. The American obsession with innovation has even invaded popular culture. Shark Tank, a reality television show in which entrepreneurs pitch to potential angel investors, has reached its sixth season and draws more than six million viewers a week. Silicon Valley, a new comedy on HBO, follows the founders of a technology start-up as they attempt to strike it rich. Meanwhile, the near-celebrity status of prominent tech entrepreneurs, such as Zuckerberg and Elon Musk, has spurred interest in the so-called STEM subjects—science, technology, engineering, and math—and in entrepreneurship more generally.
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