Since the 1980's and from then on, the American finances had passed through deep changes that reinforced the role of the capital markets in the wealth and credit management in the U. S. In this new finance structure the household and corporation's decision expenses suffered important influence of theirs assets price cycles, resulting in economic cycles finance-led. The article assesses the last two economic cycles in the United States, in which period the value of the residential property replaced the role previously fulfilled by the shareholder value to stimulate the aggregates expenditure and investment.
U. S. economy; Finance-led; Housing finance; Subprime crisis
