Abstract
This chapter discusses the period 1992–2000, when financial markets provided ‘the largest single accumulation of wealth in the history of the United States’.2 This wealth was a product of increased investment by the US public. In the US, Washington relaxed its regulatory restrictions on banks’ securities activities to promote direct financing. The 1990s represent a period of ‘financial socialization’ as the links between consumer credit (mortgages, for example) and financial market investment were truly linked. While participation in direct financing still belonged overwhelmingly to intermediaries (such as banks, brokers, or managed funds), the ability to repackage debt and credit became commonplace. The structure of the financial marketplace changed as direct financing was adopted within the US and by the US’s major trading partners.
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