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Other public documents

 

• Transcripts of Senate and House hearings can be found at www.gpo.gov/fdsys/browse/collection.action?collectionCode=CHRG.

 

• Material made available by the Financial Crisis Inquiry Commission, including archived interviews and documents, is available at fcic.law.stanford.edu/report.

 

 

Data sources

 

Unless otherwise stated, data mentioned in the text are as known to policymakers in real time, rather than

 

the finally revised data. Important data sources for this book include:

 

• The Real Time Data Center of the Federal Reserve Bank of Philadelphia (see www.phil.frb.org/research-and-data/real-time-center). The center compiles initial data releases and subsequent data revisions on key macroeconomic variables such as output, inflation, consumer spending, and employment. Original sources for most macroeconomic data are the Bureau of Economic Analysis (www.bea.gov) and the Bureau of Labor Statistics (www.bls.gov).

 

• The FRED database, maintained by the Federal Reserve Bank of St. Louis and accessible at research.stlouisfed.org/fred2, provides extensive economic and financial data for the United States and other countries. It also provides users flexible tools for graphing or manipulating data series.

 

• The Board of Governors provides data on key interest rates in its H.15 release; see www.federalreserve.gov/releases/h15/data.htm. Data about the Fed’s balance sheet are provided weekly by the H.4.1 release at www.federalreserve.gov/releases/h41. Data on commercial paper rates and amounts outstanding come from www.federalreserve.gov/releases/cp. Data on the assets and liabilities of each sector of the U.S. economy come from the Federal Reserve’s Financial Accounts of the United States database; see www.federalreserve.gov/releases/z1. The Federal Reserve’s National Information Center is a repository of information on banks’ assets and liabilities. For example, assets held by the top fifty bank holding companies can be found at www.ffiec.gov/nicpubweb/nicweb/top50form.aspx. The Monetary Policy Report to Congress, mentioned above, is also a useful source of data.

 

• EDGAR, the SEC’s database of company accounting reports, includes firm-level data on earnings, capital, assets, and liabilities. See www.sec.gov/edgar.shtml.

 

• Bloomberg L.P. provides prices of financial assets, including intraday highs and lows for individual stocks, government securities, and other money market instruments.


SELECTED BIBLIOGRAPHY

 

 

For a more extensive bibliography, see www.couragetoactbook.com/. Some key books and articles referenced in the text are listed below:

 

Ahamed, Liaquat. Lords of Finance: The Bankers Who Broke the World. New York: Penguin Press, 2009.

 

Bagehot, Walter. Lombard Street: A Description of the Money Market. New York: Scribner, Armstrong & Co., 1873.

 

Bair, Sheila. Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself. New York: Free Press, 2012.



 

Bernanke, Ben S. Essays on the Great Depression. Princeton, NJ: Princeton University Press, 2000.

 

———. The Federal Reserve and the Financial Crisis. Princeton, NJ, and Oxford: Princeton University Press, 2013.

 

Cassidy, John. “Anatomy of a Meltdown: Ben Bernanke and the Financial Crisis.” The New Yorker, December 1, 2008, pp. 48–63.

 

Financial Crisis Inquiry Commission. The Financial Crisis Inquiry Report. Washington, DC: Government Printing Office, 2011.

 

Friedman, Milton, and Anna J. Schwartz. A Monetary History of the United States, 1867–1960. Princeton, NJ: Princeton University Press for the National Bureau of Economic Research, 1963.

 

Geithner, Timothy F. Stress Test: Reflections on Financial Crises. New York: Crown Publishers, 2014. Gramlich, Edward M. Subprime Mortgages: America’s Latest Boom and Bust. Washington, DC: Urban

 

Institute Press, 2007.

 

Greenspan, Alan. The Age of Turbulence: Adventure in a New World. New York: Penguin Press, 2008. Irwin, Neil. The Alchemists: Three Central Bankers and a World on Fire. New York: Penguin Press,

 

2013.

 

Kaiser, Robert. Act of Congress: How America’s Essential Institution Works, and How It Doesn’t. New York: Knopf, 2013.

 

Paulson, Henry M., Jr. On the Brink: Inside the Race to Stop the Collapse of the Global Financial System. New York: Business Plus, 2010.


Sorkin, Andrew Ross. Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves. New York: Penguin Press, 2010.

Shiller, Robert J. Irrational Exuberance. 2nd ed. Princeton, NJ: Princeton University Press, 2005. Wessel, David. In Fed We Trust: Ben Bernanke’s War on the Great Panic. New York: Crown Business,

 

2009.


INDEX

 

 

Page numbers listed correspond to the print edition of this book. You can use your device's search function to locate particular terms in the text.

 

ABC, 523

 

ABCP, see asset-backed commercial paper

 

Abe, Shinzo, 552, 570

 

Abingdon Manor (Latta, South Carolina), 3

 

ABN AMRO, 326

 

Abu Dhabi Investment Authority, 179

 

Affordable Care Act (Obamacare), 557

 

Age of Delusion (Bernanke), 42

 

Age of Turbulence, The (Greenspan), 167–68aggregator bank, 391

 

Agnew, Bob, 3, 187, 429

 

Ahamed, Liaquat, 561

 

Ahronee, Nicole, 30–31

 

AIG, x–xiv, 202, 260, 264, 270–94, 319, 364–68, 371, 375, 421–23

 

Air Transportation Stabilization Board, 53

 

Akerlof, George, 486, 558

 

Alemany, Ellen, 259

 

Alexander, Lamar, 432

 

Allison, Herb, 246

 

Allstate, 285

 

Ally Financial, 397

 

Alt-A mortgages, 135, 145, 202–3, 210, 226

 

Alvarez, Scott, 196, 201, 214, 216, 244, 255, 325, 372, 374, 423

 

Ambac Financial Group, 178, 201

 

American Asiatic Underwriters, 272

 

American Bankers Association, 53

 

American Economic Association, 67, 487

 

American Economic Review, 34, 42, 43, 54

 

American Express, 213, 248, 252

 

American Home Mortgage Investment Corp., 141

 

American Recovery and Reinvestment Act of 2009, 387–89

 

Andrews, Ed, 295

 

Andrews Air Force Base, 429

 

Anglo Irish Bank, 333


Anteroom (Eccles Building), 471

 

Arab Spring, 501

 

Arafat, Yasser, 431

 

Arrow, Kenneth, 381

 

Arthur Andersen, 60

 

Asian financial crisis (1997), 78

 

asset-backed commercial paper (ABCP), 138, 145, 159, 177, 301, 307, 403 asset-price bubbles, 62–63, 70, 87, 89–90

 

auction-rate securities, 201–2 Augusta, Georgia, 10 automobile industry, 376–77

 

Bachus, Spencer, 492

 

Bagehot, Walter, 45, 116, 144, 148, 165, 268, 410, 469, 525 Bagehot’s dictum, 45

 

Baicker, Katherine, 109

 

Bailey, Deborah, 218, 226

 

Bair, Sheila, 151, 153, 242, 277, 298, 315, 322–24, 327, 329–31, 340–42, 354, 360–62, 368–71, 391–92, 442–43, 454, 515 bait-and-switch practice, 100

 

bank capital, 136

 

Bank for International Settlements (BIS), 82, 118–19, 454 bank holding company, 310

 

banking regulation and supervision, 92–106

 

Banking Supervision and Regulation, Division of (Board of Governors), 93, 152, 453

 

Bank of America, 140, 150–51, 153, 168, 190, 254–57, 259–60, 263, 266–68, 298, 354, 373–77 Bank of Canada, 144, 149, 184, 258, 278, 294, 296, 348, 481, 552

 

Bank of England, 46, 88, 118, 164–65, 184, 220, 258, 266, 278, 292, 294, 296, 348, 421, 457, 481, 516, 552 Bank of Israel, 429

 

Bank of Italy, 296

 

Bank of Japan, 40–41, 118, 144, 149, 184, 220, 266, 278, 294, 348, 470, 552 Bank of Mexico, 118

 

Bank of New York Mellon, 259, 354 Bank of North America, 44

 

Bank of the United States, First, 44 Bank of the United States, Second, 44 Bank One, 213

 

bank reserves, 59–60, 236–37, 325, 471–72, 495 Barclays Bank, 259–60, 263, 266–69 Bartiromo, Maria, 126–27

 

Basel, Switzerland, 454

 

Basel Committee on Banking Supervision, 454 Basel I Accord of 1988, 454

 

Basel II Accord of 2004, 454–55

 

Basel III Accord of 2010, 454–56

 

Baxter, Tom, 214

 

Bear, Joseph, 210

 

Bear Stearns, x, 140, 179, 198–99, 206, 208–25, 243, 249, 251–52, 259, 267, 282–83, 287–89, 408 Beck, Glenn, 492

 

behavioral economics, 100


Ben Bernanke Day, 4

 

Ben Bernanke Interchange, 415

 

Benmosche, Robert, 286

 

Bennett, Bob, 432

 

Bentsen, Lloyd, 119

 

Bernanke, Alyssa (daughter), 37–38, 43, 53, 108, 115, 123, 424 Bernanke, Anna (Friedmann) (wife):

 

education and career, 30–31, 108, 386–87

 

marriage and family life, 30–32, 36–38, 43–44, 67, 108, 115, 127, 187, 193, 386, 531, 555 social and work-related events, 53, 115, 133, 155, 167–68, 321, 381, 383–84, 424–25, 467, 546

 

Bernanke, Ben:

 

academic interests, 12–14, 21, 24–25, 30

 

baseball, interest in, 14–15, 16, 24, 68, 133, 139, 312, 501, 523, 562 college education and teaching, 21–42

 

Council of Economic Advisers, 107–30 family background and childhood, 5–20 history, love of, 8, 21, 24, 30, 33 leadership lessons, department chair, 54 leadership lessons, school board, 37–38, 50

 

marriage and family life, 30–32, 36–38, 43–44, 67, 108, 115, 127, 187, 193, 386, 531, 555 racism and segregation, experience of, 4, 16–17, 24

 

religious background and practices, 4, 7–10, 16, 22

 

social and work-related events, 53, 68, 133, 155, 167–68, 321, 381, 383–84, 424–25, 467 Bernanke, Edna (Friedman) (mother), 5, 9–11, 53, 530–31

 

Bernanke, Fred (uncle), 7

 

Bernanke, Joel (son), 37–38, 43, 53, 108, 115, 424, 546 Bernanke, Jonas (grandfather), 6–7, 17

 

Bernanke, Lina (grandmother), 7

 

Bernanke, Mortimer (uncle), 10–11, 15, 17

 

Bernanke, Nan (sister), 8

 

Bernanke, Philip (father), 5, 9–11, 53, 530–31

 

Bernanke, Seth (brother), 5, 11, 15, 133, 531 Bernanke, Sharon (sister), 11, 133, 531 Berra, Yogi, 546, 575

 

Berry, John, 295

 

Bethea, Lennie Mae, 11, 12

 

Bethea, Ty’Sheoma, 6

 

Bezman, Steve, 425

 

Bies, Sue, 53, 54, 87, 88–89, 94, 97, 98–99, 123, 124, 171, 485, 560 Biltmore Estate, 555

 

Bingaman, Jeff, 204

 

bin Talal, Al-Waleed, 368

 

BIS, see Bank for International Settlements BlackRock asset management firm, 220 Blackstone private equity firm, 78 Blahous, Chuck, 300

 

Blanchard, Laricke, 175

 

Blanchard, Olivier, 508–9

 

Blank, Gary, 109


Blankfein, Lloyd, 205–6, 259, 296–97, 354 Blinder, Alan, 36, 58, 113, 196, 551 Bloomberg, Michael, 121

 

Bloomberg News, 66, 116, 126, 191, 295, 334 Bluebook (FOMC), 56, 57

 

blue-sky thinking, 156, 385, 410, 578–79

 

BNP Paribas, 133, 140, 143, 145, 259, 326, 401 Board of Governors of the Federal Reserve System:

 

appointment and early service, 50–65 background, 47–48, 54–55

 

Banking Supervision and Regulation, Division of, 93, 152, 453 bank supervision and, 94

 

Consumer Advisory Council, 446

 

Consumer and Community Affairs, Division of, 93, 98 consumer protection and, 100–101

 

FOMC and, 48, 58

 

International Finance, Division of, 57 members’ offices, 67

 

Monetary Affairs, Division of, 51, 57, 143, 372 Office of Financial Stability Policy and Research, 473 presentations and visits to, 38

 

Protective Services Unit, 3–4 Research and Statistics, Division of, 57 Reserve Banks and, 50

 

service limits, 113

 

Boardroom (Eccles Building), 57–58 Boehner, John, xii, 284, 306, 492 Bolten, Josh, 50, 284, 316, 329 Borio, Claudio, 82

 

Borman, Frank, 261

 

Boskin, Michael, 403

 

Boston University, 25, 35

 

Bowles, Erskine, 510

 

Braddy, Johnny, 4

 

Bradford and Bingley, 327

 

Brainard, Lael, 561, 565

 

Braun, Steve, 109, 112–13, 135 Braunstein, Sandy, 446 break-the-glass memo, 303 Bretton Woods Conference, 349 Briscoe, Charles, 187 broker-dealers, 250

 

Brookings Institution, 535, 561, 563

 

Brown, Gordon, 338

 

Brownsville, Texas, 54

 

Buffett, Warren, 254, 311, 312, 336, 451

 

Buiter, Willem, 244

 

Bullard, Jim, 288, 489, 491

 

Bulow, Jeremy, 32


Bunning, Jim, 79, 115, 127, 224, 293, 312, 431 Burns, Arthur, 69, 72, 113, 190

 

Burr, Aaron, 213

 

Bush, George H. W., 493

 

Bush, George W.:

 

CEA appointments, 107–8, 110–11, 118 FDIC appointments, 151

 

Federal Reserve Board appointments, 43, 50–51, 53, 114, 116, 121, 235, 236 financial crisis and, ix–xi, 165–66, 189, 191, 234, 260, 304, 308, 318, 320, 435 TARP plan and, 338, 377

 

tax cuts and, 78, 120, 200, 237 transition period, 356

 

Treasury secretary appointments, 128–29

 

BusinessWeek, 488

 

Camp, Dave, 495–96

 

Cantor, Eric, 320–21, 492, 521

 

Cape Town, South Africa, 181 capital injections, 337–39, 352–53 Capital One Financial Corp., 171, 235

 

Capital Purchase Program (CPP), 352–54, 356, 365, 370–71 Card, Andy, 110, 114–15

 

Carlyle Group, 203, 208, 540

 

Carnegie Mellon University, 292

 

Carney, Mark, 294, 296, 348, 552, 569

 

Carter, Jimmy, 406, 560

 

Cash Room (Treasury Department), 350, 394

 

Cassidy, John, 367

 

Cato Institute, 175

 

Cayne, Jimmy, 210

 

CBO, see Congressional Budget Office CDS, see credit default swaps

 

CBS, 167, 229

 

CDOs, see collateralized debt obligations CEA, see Council of Economic Advisers central banks:

 

asset-price bubbles and, 62–63

 

Bank for International Settlements and, 82, 118–19 creation of, 44–46

 

deflation and, 63–64 forecasting accuracy of, 56 heads of, 53

 

independence of, 70, 175, 191, 237

 

inflation targeting and, 39–40, 56, 74, 172–73 as lender of last resort, 45–46, 47, 144, 243 strategy paper with Mishkin on, 38–39

 

swap lines, 157, 163, 183–84, 207–8, 278, 294, 300, 307, 347, 349, 410 transparency of, 40, 55–56, 58–59, 70, 73, 172

 

CFTC, see Commodity Futures Trading Commission


Chance Academy, 386–87 character loans, 103

 

Charlotte, North Carolina, 5, 7–8

 

Chαvez, Hugo, 293

 

Cheney, Richard, ix, 111, 114, 284, 316 China, 493

 

AIG and, 272

 

Bear Stearns and, 179 CITIC Securities, 179, 254 economic summit in, 119 Paulson and, 198, 383

 

Strategic Economic Dialogue with, 129 U.S. debt purchases, 92

 

Chrysler, 377

 

CITIC Securities Co., 179, 254

 

Citigroup, 105, 151, 168, 176–79, 192, 194, 213, 222, 259, 271, 354, 368–71, 374–76, 403 Clark, Tim, 244

 

Clearing House Association, 150

 

Clinton, Bill, 52–53, 110, 192, 218, 236, 296, 301, 486, 501–2, 510, 535 Clinton, Hillary, 501

 

Club for Growth, 487

 

CNBC, 66, 126, 146, 150, 210, 295, 390, 450 Code Pink, 423

 

Cole, Roger, 152, 453

 

collateralized debt obligations (CDOs), 169, 273, 365–66, 365–67 Collins, Susan, 462

 

Columbia University, 38, 68, 114, 235, 389 commercial banking, 297

 

commercial paper, 138–40, 145, 152, 159, 177–78, 205, 301, 307, 343–45, 358, 401–4 Commercial Paper Funding Facility (CPFF), 344–45, 355, 358

 

Commerzbank, 333

 

Commodity Futures Trading Commission (CFTC), 95, 284, 296, 435, 436, 444 community banks, 98, 103, 447

 

Community Reinvestment Act (1977), 102 compassionate conversatism, 108

 

conduits (special-purpose vehicles), 138–39, 141 Congressional Budget Office (CBO), 53, 229, 388, 493, 538 conservatorship, 243, 245–46

 

Consolidated Supervised Entity program (SEC), 250

 

Consumer and Community Affairs, Division of (Board of Governors), 93, 98 Consumer Financial Protection Agency, 445

 

Consumer Product Safety Commission, 445 consumer protection, 98–106

 

Continental Illinois, 247

 

Cooper Union (Manhattan), 437

 

Coover, Robert, 15

 

core inflation, 500

 

Corker, Bob, 312, 432, 460–61, 463, 492, 493, 495, 553

 

Council of Economic Advisers (CEA), 42, 72, 107–13, 118, 135, 191, 284, 382, 486, 493


Countrywide Financial, 96, 134, 147, 152–53, 190, 241, 254, 298 covered bonds, 391

 

cowboy capitalism, 350, 474

 

Cox, Chris, 198, 210, 214, 235, 250–51, 255, 263, 284, 299–300, 304–5, 308 CPFF, see Commercial Paper Funding Facility

 

CPP, see Capital Purchase Program Cramer, Jim, 146

 

Credit CARD Act (2009), 446 credit default swaps (CDS), 273 credit rating agencies, 139, 401–3 Credit Suisse, 259, 263 C-SPAN, 112

 

Culp, Helen, 13

 

Cumming, Christine, 278

 

currency swap lines, see swap lines

 

D. E. Shaw hedge fund, 218 Daane, Dewey, 560

 

Daley, Bill, 219

 

Daley, Richard M., 219

 

Darling, Alistair, 267

 

Dartmouth College, 109, 128–29

 

Davis, Todd, 4

 

Davis Polk law firm, 52 Dean Witter Reynolds, 297 Decatur, Stephen, 167 deflation:

 

central banks and, 63–64 defined, 33

 

FOMC and, 71 housing bubble and, 90

 

interest rates and, 61, 62–63, 72 Japan and, 40–41, 77 monetary policy and, 35–36, 90 unemployment and, 33, 79

 

DeLong, Brad, 310

 

Denver, Colorado, 31

 

Depfa, 327

 

deposit insurance, 36, 400–401 derivatives, 202

 

Deutsche Postbank, 333

 

Dexia, 327

 

Diamond, Peter, 485, 487

 

Dillon, James W., 5

 

Dillon, South Carolina, 3–6, 11–19, 356, 415–16 Dillon High School, 12, 415

 

Dimon, Jamie, 212, 213, 217–19, 221–22, 259, 353, 554–55 Dinallo, Eric, 274

 

discount rate, 145, 148, 152


discount window, 144–45, 147–51, 153, 156, 183

 

Dodd, Chris, xii, 163–64, 170–71, 175, 198–99, 218–19, 284, 315–16, 338, 361, 377, 430, 433, 442–43, 456–59, 461–66 Dodd-Frank Act, 48, 462–66, 473, 481, 485, 487, 553

 

Dole, Bob, 151

 

Domestic Policy Council, 110

 

dot-com bubble and recession, 59–60, 91 Dougan, Brady, 259

 

doves and hawks (policymakers), 57

 

Dow Jones industrial average, x, 134, 146, 168, 184, 195, 207, 223, 270, 307, 334, 348, 354, 362, 416, 480, 549 Dow Jones Newswire, 180, 293

 

Draghi, Mario, 296, 525, 526, 532

 

Drexel Burnham Lambert, 215

 

dual mandate, 49, 70, 74, 172, 173–74, 449, 471, 527

 

Dudley, Bill, 193, 194, 208, 236, 237, 240, 278, 280, 290, 294, 296, 308, 347, 391, 417, 423, 454, 483, 488, 517, 549, 556 Dugan, John, 153, 354, 391, 454

 

Duke, Betsy, 171, 235, 278, 337, 346, 382, 489, 512, 526, 540, 560 Duke University, 112, 297

 

Dunbar Library (Dillon, South Carolina), 12

 

Eastern Airlines, 261

 

ECB, see European Central Bank Eccles, Marriner, 53

 

Eccles Building (Washington, D.C.), ix, 53, 57, 116, 467, 562 Economic Club of New York, 127, 170

 

Economist, 295

 

Einhorn, David, 250

 

Eisenhower, Dwight, 113, 296

 

Eisenhower Executive Office Building, 109

 

Ellis, Bill, 13

 

Emanuel, Rahm, 427, 438

 

Emergency Economic Stabilization Act, 336

 

End the Fed (Paul), 450

 

English, Bill, 483–84

 

Enron, 60, 123–24

 

Enzi, Mike, 316

 

equity stripping practice, 100 Espada, Joe, 523

 

European Central Bank (ECB), 118, 144–45, 157–58, 163–64, 184, 207, 220, 238, 258, 266, 294, 296, 326–27, 347, 475–77, 480–82, 506–8, 524–26

 

European Financial Stability Facility, 480

 

European Union, 475, 482

 

Evans, Charlie, 195, 420, 527, 532 Exchange Stabilization Fund, 301, 307 executive compensation, 318–20

 

Fannie Mae and Freddie Mac, x, 96, 111, 203, 206–7, 227–34, 236, 239–41, 243–47, 261, 271, 282, 372

 

FDIC, see Federal Deposit Insurance Corporation

 

FDICIA, see Federal Deposit Insurance Corporation Improvement Act

 

Fed bills, 391–92


Federal Advisory Council, 298

 

Federal Deposit Insurance Corporation (FDIC), 49, 95, 97, 121, 136, 152–53, 226, 232, 241–42, 252, 298, 300, 322–24, 328–31, 340–43, 352– 54, 359–62, 369–71, 464

 

Federal Deposit Insurance Corporation Improvement Act (FDICIA), 323 federal funds rate, 59–60, 61–62, 144, 148, 471

 

Federal Housing Administration, 165–66, 345–46

 

Federal Housing Finance Agency (FHFA), 234, 240, 244–45 Federal Open Market Committee (FOMC):

 

background, 49, 56

 

Bernanke as chairman, 122–23, 125, 180–81 Board of Governors and, 48, 58

 

consensus decision making, 239 deflation and, 71

 

economic projections, 173–74 emergency conference calls, 144, 149 Federal Reserve Banks and, 48, 58, 72

 

Greenspan and, 58, 60–62, 73, 75, 76, 81, 122–23, 543–44 housing market and bubble and, 87–89

 

interest rates and, 48, 59–60, 63, 77–78, 141 monetary policy and, 63, 78, 122–23, 172

 

Federal Reserve Act: anniversary of, 560 approval of, 47

 

institutions eligible to borrow, 148

 

Section 13(3), xii, 158, 204, 205, 208–9, 233–34, 283, 294, 343–44, 365, 464 Section 23A, 151, 153, 268

 

voting requirements, 217 Federal Reserve Banks:

 

advisory roles with, 38, 50 background, 46–47

 

bank supervision and, 94 FOMC and, 48, 58, 72 media interviews and, 155

 

Open Market Trading Desk, 57 visits to, 54, 119, 256

 

Federal Reserve System:

 

background, 44–50

 

state member banks and, 95

 

see also central banks; Federal Reserve Banks; FOMCFederal Trade Commission (FTC), 104

 

“Fed lite” approach to supervision, 105 Feinberg, Ken, 414

 

Feldstein, Martin, 25, 114, 156, 163, 428

 

Ferguson, Niall, 493

 

Ferguson, Roger, 52, 54, 55, 79, 87, 116, 117, 123, 217, 236, 560 FGIC, see Financial Guarantee Insurance Company

 

FHFA, see Federal Housing Finance Agency FICO (Fair Isaac and Company) scores, 83 financial accelerator theory, 35


Financial Guarantee Insurance Company (FGIC), 178, 201 Financial Product Safety Commission, 445

 

financial regulatory system, 92–106 Financial Services Authority (UK), 266 Financial Stability Forum, 435, 525 Financial Stability Oversight Council, 462 financial stability report, 88, 117

 

Financial Times, 176, 260, 295, 557Fine, Camden, 447, 461, 463

 

fire sales, 314–15, 317, 399

 

First Bank of the United States, 44 First Tennessee Bank, 53

 

First Union Corp., 298 fiscal cliff, 537

 

fiscal policy, 27, 476, 504

 

Fischer, Stan, 29–30, 429, 484, 551, 561, 565

 

Fisher, Richard, 150, 160, 162, 188, 197, 209, 223, 238, 319, 347, 348, 420, 459, 461, 488–89, 524, 565 Fitch credit rating, 139, 178, 277

 

Flaherty, Jim, 470

 

FleetBoston, 257

 

flexible inflation targeting, 74, 172 Florence, South Carolina, 5, 15, 19 Flowers, J. Christopher, 265

 

FOMC, see Federal Open Market Committee Ford, Gerald, 72, 113

 

Fordham University, 7

 

Ford Motor Company, 277, 377 foreign exchange rate (dollar), 169 Fort Bliss, Texas, 523

 

Fortis, 326–27

 

Fortune magazine, 249Fowler, John, 13

 

Fox, Lynn, 116

 

Frank, Barney, xii, 117, 163, 165, 175, 196, 231, 284–85, 293, 316, 346, 422, 437, 443, 447, 451, 463, 470–71, 492, 527–28 Franklin, Aretha, 383

 

Freddie Mac, see Fannie Mae and Freddie Mac Freedom of Information Act, 116, 452

 

Frenkel, Jacob, 276

 

Friedman, Herschel (grandfather), 7–8, 23

 

Friedman, Masia (grandmother), 7–9

 

Friedman, Milton, 30, 33–34, 41, 47, 64–65, 290, 398 Friedmann, Lenka (mother-in-law), 31

 

Friedmann, Otto (father-in-law), 31 Friedmann, Victor (brother-in-law), 31 FTC, see Federal Trade Commission Fukui, Toshihiko, 118, 220

 

Fuld, Dick, 205, 248–50, 252–55, 258, 264, 299


 

Galbraith, John Kenneth, 33


GAO, see Government Accountability Office Geithner, Carole, 381

 

Geithner, Tim:

 

AIG concerns, xii, 270–71, 275, 277–78, 281–82, 285–86, 288, 294, 365–66, 423 background, 78

 

bank bailouts and, 198

 

Bear Stearns concerns, 206, 207, 212, 213–14, 218, 221 on Bernanke, 385

 

Board service, 486 dinner honoring, 534–35

 

financial crisis discussions, 142, 149–50, 154, 155, 156, 158, 162, 172, 187, 193, 195, 299, 308, 474, 479, 505–7, 510, 526 GSE concerns, 243

 

implementing new programs, 340–41, 347, 354 inflation target discussions, 526

 

interest rates, consulting on, 128, 188 legislative proposal, 438–39, 442–44, 458

 

Lehman concerns, x, 251–52, 255, 258–59, 262–63, 265, 267–68 market expectation discussions, 185, 186

 

monetary policy discussions, 175, 470 monoline insurer concerns, 201

 

as New York Fed president, 78–79, 117, 220 Obama and, 369, 380–81, 389–95, 427–28 published works, 427

 

on securities law, 267 stress-test idea, 394

 

TARP plan and, 319, 323–24 as Treasury secretary, 438–39 Wachovia and, 331

 

General Electric, 336

 

General Motors, 377, 397

 

Gensler, Gary, 296

 

George, Esther, 539, 555–56, 559

 

Georgetown (Washington, D.C.), 54, 67

 

Georgetown University, 382, 523

 

George Washington University, 523

 

Georgia State University, 257

 

Gertler, Mark, 34, 38, 63, 503

 

Giamatti, Bart, 501

 

Giamatti, Paul, 501

 

Giannini, A. P., 256

 

Gibson, Mike, 277

 

Gilchrist, Simon, 35

 

Gilleo, Lenny, 190

 

Gingrich, Newt, 521

 

Ginnie Mae, 372

 

Glass, Carter, 46

 

Glass-Steagall Act, 297, 439–40, 466 global savings glut, 92

 

GMAC, 397


Golden West Financial Corporation, 298

 

Goldman, Marcus, 296

 

Goldman, Nathan, 14–15

 

Goldman Sachs, 129, 194, 203, 206, 253, 259, 263, 265, 267, 270, 279, 289, 294, 296, 310, 327, 354 gold standard, 33, 34, 36, 44

 

Gonzαlez, Henry, 58

 

Goodfriend, Marvin, 292–93

 

Gorton, Gary, 243

 

Government Accountability Office (GAO), 229, 448–49, 465 government-sponsored enterprises (GSEs), 227–34, 236, 240, 243–44, 247 Gramley, Lyle, 147, 155

 

Gramley, Marlys, 155

 

Gramlich, Ned, 53–54, 62, 80, 87, 98–99, 102, 104–6, 123, 155, 159 Gramlich, Ruth, 155

 

Gramm, Phil, 235–36

 

Gramm-Leach-Bliley Act (1999), 105

 

Grassley, Chuck, 422

 

Grayson, Alan, 451

 

Great Barrington, Massachusetts, 424

 

Great Crash, The (Galbraith), 33

 

Great Depression:

 

enduring lessons of, 35–36

 

factors dictating severity of, 34–35, 47, 63, 65 historical approach to, 30, 33, 398 international context of, 34

 

Keynes on, 27

 

personal interest in, 8, 33, 38, 42, 124 subprime mortgage crisis comparison, 82

 

Great Inflation, 71

 

Great Moderation, 92, 97

 

Great Recession, 182, 406–7

 

Greece, financial crisis in, 475, 476–82, 505 Greenberg, Ace, 210–11

 

Greenberg, Hank, 272–74, 287

 

Greenbook (FOMC), 56

 

Greenlaw, David, 184

 

Greenspan, Alan:

 

background, 48, 68–69 Bear Stearns and, 220

 

Board members, swearing in, 52–53 on consumer protection, 99–100, 105 Council of Economic Advisers and, 72 dinner honoring Geithner, 534

 

dinner honoring Paulson, 383 Drexel situation and, 215

 

FOMC meetings, 58, 60–62, 73, 75, 76, 81, 122–23, 543–44 forecasting skills, 56

 

on GSEs, 229 haircuts, 190


inflation targeting and, 39, 70, 74–76, 526 on inflows of foreign money, 92

 

Kohn and, 51–52 McCain on, 113

 

monetary policy, approach to, 69–70, 76, 80, 90, 115, 431 on mortgage lending, 87, 89, 103

 

on nationalizing banks, 394–95 personality and views, 68–70 on price stability, 71 published works by, 167–68 on recession, 200

 

retiring as chairman, 113, 115 on security bubble, 4

 

on tax cuts, 120

 

as “the Maestro,” 55, 69 WWGD?, 238–39

 

Greenspan put, 146 Gregg, Judd, 284, 432, 451 Greider, William, 55 Gross, Brian, 171

 

Group of 7 (G-7), 349–52, 369, 435, 470 Group of 20 (G-20), 181, 349–50, 438, 493, 494 Gruenberg, Marty, 121

 

Grunwald, Michael, 430

 

GSEs, see government-sponsored enterprises Guha, Krishna, 295

 

Guynn, Jack, 87

 

Gyeongju, South Korea, 494

 

haircuts (on repo transactions), 190 Hambley, Win, 117

 

Hamilton, Alexander, 44, 213

 

HAMP, see Home Affordable Modification Program Harker, Patrick, 565

 

HARP, see Home Affordable Refinance Program

 

Harvard University, 10, 18, 19–20, 21–26, 31, 32, 428, 445, 486 Hatch, Orrin, 513

 

Hawkins, Augustus, 49

 

hawks and doves (policymakers), 57 HBOS, 352

 

health care, 539, 557

 

“helicopter drop” of money, 64, 119, 146, 579 Hennessey, Keith, 111, 116, 118, 316 Henry, Patrick, 521

 

Hilsenrath, Jon, 295, 500–501

 

Hitler, Adolf, 431

 

Hodes, Paul, 422

 

Hoenig, Tom, 160, 170, 195, 288, 459–60, 469, 484, 488–89, 491, 539, 552 HOEPA, see Home Ownership and Equity Protection Act


hold-to-maturity price, 314–15, 317 Holtz-Eakin, Douglas, 493

 

Home Affordable Modification Program (HAMP), 389–90, 512 Home Affordable Refinance Program (HARP), 389, 512

 

Home Ownership and Equity Protection Act (HOEPA), 100–104, 186–87 Hoover, Herbert, 356

 

Hope for Homeowners (H4H), 345–46, 360, 362 Hope Now program, 166, 360

 

House Budget Committee, 191

 

House Financial Services Committee, 58, 98, 117, 163, 165, 196, 231, 306, 316–17, 395 House Republican Conference, 316

 

housing market and bubble, see subprime lending and financial crisis HSBC, 254

 

Hubbard, Al, 110, 111, 114, 118, 382 Hubbard, Glenn, 42, 43–44, 110, 114, 389 Humphrey, Hubert, 49 Humphrey-Hawkins Act (1978), 49 Humphrey-Hawkins hearings, 49, 89, 543 Hurricane Katrina, 111–12

 

Hussein, Saddam, 450

 

Hutchison, Kay Bailey, 461

 

Hypo Real Estate, 327, 348

 

IKB, 140–41, 143, 348 illiquid firms, 397–98

 

IMF, see International Monetary Fund IndyMac, 226–27, 232–33, 360–61 inflation targeting:

 

central banks and, 39–40, 56, 172–73 constrained discretion, 39

 

flexible, 74, 172

 

Greenspan and, 39, 70, 74–76, 526

 

Japan and, 40–41

 

monetary policy and, 74, 124 setting explicit objectives, 379

 

ING, 326

 

interbank market, 137, 168, 404–5 interest on reserves, 325, 333, 472 interest rates:

 

asset-price bubbles and, 62–63 Bagehot’s dictum on, 45 deflation and, 61, 62–63, 72 discount rates, 145, 148, 152

 

federal funds rate, 59–60, 61–62, 144, 148, 471 monetary policy effects on, 38, 40–41, 49, 77, 80, 418 subprime lending and, 86–88, 90–94, 101–2, 135 zero lower bound, 61–62, 64, 70, 73, 75, 378–79

 

International Finance, Division of (Board of Governors), 57

 

International Journal of Central Banking, 55


International Monetary Fund (IMF), 118, 349, 479, 508 investment banking, 297

 

Ip, Greg, 175, 295

 

Iqaluit, Canada, 470

 

Iraq War, 61, 73, 76

 

Irrational Exuberance (Shiller), 82

 

Irwin, Neil, 295, 500

 

Issa, Darrell, 376

 

Jackson, Alphonso, 165, 166

 

Jackson, Andrew, 44

 

Jackson Hole conferences, 63, 81, 83, 89, 153–56, 242–44, 424, 428, 484–85, 524, 531, 555 James, Bill, 300

 

James, Harold, 34

 

Japanese earthquake (2011), 499–500 Jarrett, Valerie, 558

 

Jay Bee Drugs, 6, 10–12, 17

 

J.C. Flowers & Co., 218, 265, 275–76

 

Jefferson, Thomas, 44

 

Jester, Andy, 116

 

jobless recovery, 60, 70–71, 90 Johanns, Mike, 432

 

Johnson, Clay, 50

 

Johnson, Karen, 57

 

Johnson, Lyndon, 28, 296

 

Johnson, Tim, 224

 

Joint Economic Committee, 125, 126, 134, 316, 450, 522, 545 Jones, Lee, 25

 

Jorgenson, Dale, 25

 

JPMorganChase, x, 150, 151, 212–14, 216–22, 242, 249, 251, 255, 259, 267, 298, 322–24, 332, 353 jumbo mortgages, 203–4

 

Kamin, Steve, 524

 

Kelley, Janet, 68

 

Kelley, Mike, 68, 79

 

Kelly, Bob, 259, 354

 

Kennedy, John F., 28, 560

 

Kent, Elise (daughter-in-law), 424

 

Kerviel, Jιrτme, 195

 

Keynes, John Maynard, 27, 200, 387

 

Keynesianism, 27–29, 60, 486

 

Khomeini, Ayatollah, 431

 

Killinger, Kerry, 241

 

King, Mervyn, 118, 164, 220, 266, 294, 326, 346–47, 348, 470, 481, 552, 569 Kintyre House (Dillon, South Carolina), 4

 

Kissinger, Henry, 78

 

Klane, Larry, 171, 235

 

Klobuchar, Amy, 461

 

Knickerbocker Trust, 45


Kocherlakota, Narayana, 317–19, 519–20, 530, 565

 

Kohlberg, Kravis, Roberts, 275–76

 

Kohn, Don:

 

AIG concerns, 270, 275–77, 280, 294 on announcing liquidity measures, 208 background, 51–52

 

Bear Stearns concerns, 209, 212, 213–14, 220

 

Board service, 57–58, 66, 72, 76, 123, 124, 172–73, 181, 382, 391, 425–26, 445, 452, 467, 485 at Brookings Institution, 563

 

dinner honoring Geithner, 534 Federal Reserve Act anniversary, 560

 

financial crisis discussions, 117, 149–50, 153–56, 158, 162, 172, 187, 189, 193, 195, 308, 322, 324, 326–27, 329–31 Gramley and, 147

 

GSE concerns, 233, 238–39, 240, 242, 243, 244 inflation target, adoption of, 526

 

interest rates, consulting on, 128, 188 Kohn Death March, 154

 

Lehman concerns, 252–53, 257

 

market expectation discussions, 185, 186 monoline insurer concerns, 201

 

on uncharted waters, 183 Kohn, Gail, 52

 

Korea Development Bank, 254

 

Kos, Dino, 57, 194

 

Kovacevich, Dick, 328–30, 353, 354

 

Krauthammer, Charles, 422

 

Kreditantsalt, 264

 

Kroszner, Randy, 124, 153, 155, 171–72, 180, 186, 195, 235, 277, 323–24, 382, 417, 560 Krugman, Paul, 113, 395, 518

 

Kucinich, Dennis, 376

 

Kuroda, Haruhiko, 552, 570

 

Kyl, Jon, 334, 492, 521

 

Lacker, Jeff, 128, 160, 189, 208–9, 288, 417, 421, 484, 532 Lagarde, Christine, 508–9

 

large-scale asset purchases (LSAPs), 379, 418 Latta, South Carolina, 3

 

LaWare, John, 116

 

Lazear, Eddie, 118, 284

 

Lehman, Emanuel, 248

 

Lehman, Henry, 248

 

Lehman, Herbert, 248

 

Lehman, Mayer, 248

 

Lehman Brothers, x, 205–6, 218, 224–25, 242, 248–69, 271–72, 274–81, 287–95, 299, 343, 373, 404–8 Lehrer, Jim, 417

 

lender of last resort, 45–46, 47, 144, 243 leveraged lending, 249

 

leverage ratio, 455–56 Lew, Jack, 538, 554


Lewis, Ken, 254–57, 266–68, 354, 373–76 Liang, Nellie, 358, 473–74, 481 libertarianism, 69, 108

 

Liddy, Ed, 285, 319, 423

 

Liesman, Steve, 295

 

Lincoln, Abraham, 425

 

Lipsky, John, 508

 

loan flipping practice, 101 Lockhart, Jim, 240, 245–46 Logue, Ron, 150, 354

 

Lombard Street (Bagehot), 45, 116

 

London School of Economics, 244

 

Long-Term Capital Management (LTCM), 210–11, 215, 260

 

Lords of Finance (Ahamed), 561LSAPs, see large-scale asset purchases

 

LTCM, see Long-Term Capital Management Lucas, Robert, 28

 

Lukken, Walt, 284

 

Ma, Yo-Yo, 524

 

MAC (material adverse change) clause, 373–75 Mack, Connie, III, 152

 

Mack, Connie, IV, 293

 

Mack, John, 259, 297, 299–300, 354

 

Macomber, Ed, 187, 429

 

Madigan, Brian, 143–44, 152, 193, 201, 204, 212, 325, 372, 385, 429, 484 Madison, James, 44

 

Maiden Lane LLC, 222

 

Making Homes Affordable program, 389–90 Mankiw, Greg, 107, 109

 

Manning, Ken, 17–18, 22, 424

 

Marcel Marceau communications strategy, 75 margin calls, 203

 

Martha’s Vineyard, Massachusetts, 429

 

Martin, Preston, 124

 

Martin, Willam McChesney, 57, 113, 520 Martin Building (Washington, D.C.), 57, 190, 497

 

Massachusetts Institute of Technology (MIT), 18, 30–33, 118, 428, 485, 486, 487 Maturity Extension Program, 520, 526, 529, 531

 

maximum employment (dual mandate), 48, 70, 74, 172, 173–74, 449, 471, 527 Mayer, Christopher, 389

 

Mayflower Hotel (Washington, D.C.), 13, 190

 

MBIA Inc., 178, 201

 

MBS, see mortgage-backed securities McAfee, Bill, 563

 

McCain, John, 113, 196, 260, 320, 321–22, 356 McCain, Roberta, 321

 

McCarthy, Callum, 266

 

McColl, Hugh, 256–57


McConnell, Mitch, 492, 521

 

McCulley, Paul, 137

 

McDonough, Bill, 58

 

McTeer, Bob, 62, 73

 

Merkel, Angela, 525

 

Merkley, Jeff, 431–32

 

Merrill, Charles, 265

 

Merrill Lynch, 168–69, 176, 179, 192, 206, 245, 253, 259–60, 265–67, 295, 311, 354, 373–76 Mester, Loretta, 565

 

Mexico, 363

 

Meyer, Harold, 210

 

Minehan, Cathy, 87

 

Minsky, Hyman, 82–83

 

Mishkin, Frederic:

 

Board service, 124, 171–72, 209, 217, 235 on central bank framework, 38–39

 

financial crisis discussions, 149, 161–62, 182, 193–94, 197 on inflation targeting, 56

 

MIT, see Massachusetts Institute of Technology Mitchell, Andrea, 68

 

Mitsubishi UFJ, 312

 

Moffett, David, 246

 

Monetary Affairs, Division of (Board of Governors), 51, 57, 143, 372

 

Monetary History of the United States, A (Friedman and Schwartz), 30monetary policy:

 

asset-price bubbles and, 62–63, 90 Board members speaking about, 73–74 deflation and, 35–36, 90

 

Federal Reserve System and, 48–49, 55–56 FOMC and, 63, 78, 122–23, 172

 

Greenspan’s approach to, 69–70, 76, 80, 90, 115, 431 historical approach to, 30

 

housing bubble and, 91–93

 

inflation targeting and, 38–40, 74, 124 interest rates and, 38, 40–41, 49, 77, 80, 418 Keynesians on, 27–28

 

New Classical economics on, 29

 

semi-annual report to Congress on, 153–54, 173, 462 Volcker’s approach to, 71

 

money market mutual funds, 279, 293, 300–302, 304, 307 monoline insurers, 178, 201

 

Montgomery Township, New Jersey, 37 Moody credit rating, 139, 168, 210

 

moral hazard, 147, 162, 204, 218–19, 224–25, 261, 477 Morgan, Henry, 297

 

Morgan, J. Pierpont, 45, 47, 179, 213

 

Morgan Stanley, 124, 179, 206, 243, 245, 249, 253, 259, 265–66, 270, 279, 289, 295–98, 300, 311–12, 354 mortgage-backed securities (MBS), 85, 227–31, 236, 240, 245–47, 275, 372, 393, 419–20, 484 Mortgage Bankers Association of America, 147


mortgage foreclosures, 165–66, 359–60, 389–90 mortgage servicers, 166–67

 

Moskow, Michael, 72

 

Moynihan, Daniel Patrick, 432

 

Mozilo, Angelo, 153, 457

 

Mudd, Daniel, 229, 239, 245–46

 

Mudd, Roger, 229

 

Mueller, Ann, 383

 

Mueller, Robert, 383 Mui, Ylan, 550 murder boards, 120 Murray, Bill, 529

 

Myrtle Beach, South Carolina, 15, 133, 555

 

national banks, 95, 96

 

National Bureau of Economic Research, 42, 182, 378 National Cathedral School, 108

 

National Credit Union Association, 95 national currency, 44

 

National Economic Council, 110, 118, 124, 362 National Industrial Recovery Act (1933), 36 National Monetary Commission, 45

 

National People’s Action, 187

 

National Press Club, 367, 498

 

National Science Foundation, 26, 30

 

National Security Council, 110

 

National Spelling Bee, 13, 190

 

NationsBank (NCNB), 256–57

 

Naval Observatory, 502

 

Nazareth, Annette, 52

 

NBC News, 68

 

NCNB (NationsBank), see NationsBank NeighborWorks America, 360

 

NetBank Inc., 168

 

Neuberger Berman, 254, 258

 

New Bill James Historical Baseball Abstract, The, 133New Classical economics, 28–30

 

Newell, Richard, 112

 

New Keynesian synthesis, 29–30, 525 news conferences, 185

 

New York Cotton Exchange, 248

 

New Yorker, The, 367

 

New York Stock Exchange, 265

 

New York Times, 113, 196, 295, 361, 395, 487New York University, 68, 538

 

9/11 attacks, 44, 52, 145, 249 Nixon, Richard, 28, 72, 78, 129, 431 nominal GDP targeting, 317–19 Norman, Laurence, 156


Norman, Montagu, 55

 

Norquist, Grover, 487

 

North Augusta, South Carolina, 10

 

Northern Rock mortgage lender, 164–65, 326, 457 Northwestern University, 53

 

Norwich, Connecticut, 7

 

Nussle, Jim, 284

 

Obama, Barack, 6, 271, 305, 321, 356, 359, 369, 380–84, 387–90, 425, 427–29, 437, 445–46, 459, 461, 466, 468, 482, 485, 492–93, 495, 504, 509, 512, 527, 531, 535, 537–38, 549–50, 557

 

Obama, Michelle, 6

 

Obamacare (Affordable Care Act), 557

 

OCC, see Office of the Comptroller of the Currency Occupy Wall Street, 521

 

off-balance-sheet vehicles, 140, 158, 177

 

Office of Federal Housing Enterprise Oversight (OFHEO), 96, 228, 233, 234 Office of Financial Stability Policy and Research, 473

 

Office of Management and Budget (OMB), 538

 

Office of the Comptroller of the Currency (OCC), 47, 95, 97, 153, 233, 243, 245, 250, 328, 436 Office of Thrift Supervision (OTS), 95, 96, 97, 152, 168, 226, 272, 274, 298, 323, 444, 463 OFHEO, see Office of Federal Housing Enterprise Oversight

 

oil prices, 25, 170, 238 Olmstead, Frederick Law, 555

 

Olson, Mark, 53, 54, 67, 123, 171, 560

 

OMB, see Office of Management and Budget O’Neal, Stan, 169, 176, 265

 

O’Neill, Paul, 128

 

Open Market Trading Desk (New York Fed), 57, 194 originate-to-distribute model (securitization), 85–86, 96–97 Ortiz, Guillermo, 118

 

OTS, see Office of Thrift Supervision Overend, Gurney, and Co., 165

 

packing practice, 101 Paletta, Damian, 245 Palin, Sarah, 492

 

Pandit, Vikram, 259, 328, 331, 353–54, 368–69

 

Panic of 1907, 45, 47, 95, 137, 139, 213, 399 Panic of 2007–2009, 401, 474

 

Papademos, Lucas, 326

 

Papandreou, George, 476, 479, 482

 

Parkinson, Patrick, 255, 439, 453

 

Parsons, Richard, 368

 

Paul, Rand, 449, 571

 

Paul, Ron, 449–51, 531

 

Paulson, Hank:

 

AIG concerns, xi, xii, 275–76, 278, 284–85, 288–89, 365–66 background, 128–29, 296

 

Bear Stearns concerns, 213–14, 218, 221


blueprint for financial system, 435–38, 444–45 capital injections and, 337–39, 353–54

 

CPP and, 353–54, 356 dinner honoring, 383

 

dinner honoring Geithner, 534

 

financial crisis discussions, ix, 164, 165, 166, 189, 299, 301–10, 312–13 fiscal stimulus discussions, 191

 

G-7 meeting and, 350

 

GSE concerns, 231, 245–46 Hope Now program, 360

 

Lehman concerns, x, 251–54, 256, 258–59, 263, 266–67 meeting with, 142–43

 

Merrill Lynch and, 373–74

 

TARP plan and, 314–16, 318–20, 332, 338–39, 341, 344–45, 362, 371, 375–77 as Treasury secretary, 128, 198, 233–34, 244

 

Wachovia and, 324, 329–30, 332–33 Paulson, Wendy, 129, 383

 

PBS, 417

 

PDCF, see Primary Dealer Credit Facility Pelley, Scott, 415–16

 

Pelosi, Nancy, xii, 191, 305–6, 334, 361, 377 Peloton Partners, 203, 208

 

penalty rate, 148, 202 Pence, Karen, 512 Pence, Mike, 493 Penn Central, 343

 

Peoples Bank of China (PBOC), 348

 

Perez, Thomas, 558

 

Perry, Rick, 521, 557

 

Peterson, Pete, 78

 

Pianalto, Rose, 497

 

Pianalto, Sandy, 489, 497, 540, 552, 565

 

Pisani, Bob, 150

 

Pittard, Dana, 523

 

Plosser, Charlie, 188, 194, 209, 223, 317–19, 347, 419, 488–89, 519–20, 527, 565 Poloz, Stephen, 553

 

Poole, Bill, 160, 170, 180, 194–95 populists, 44, 151, 320, 450, 451, 464 Posen, Adam, 292–93

 

Powell, Jay, 540, 541, 561

 

PPIP, see Public-Private Investment Program predatory lending, 97, 100–103, 106

 

Prescott, Edward, 28

 

President’s Working Group on Financial Markets (PWG), 435 price stability (dual mandate), 49, 70, 74, 449, 471, 486, 527 Primary Dealer Credit Facility (PDCF), 220–21, 249, 251, 305 primary dealers, 206, 220–21

 

Prince, Chuck, 176

 

Princeton University, 32, 34, 36–38, 41–42, 79, 108, 116, 119, 546


Princeton University Press, 523 private-label securitization, 96–97 Proctor, Rita, 67, 116, 217, 321, 562

 

Public Company Accounting Oversight Board, 123 Public-Private Investment Program (PPIP), 393–94 put, 146–47

 

Putin, Vladimir, 431

 

quantitative easing (QE), 418, 420–21, 532, 536 Quince, Edward, 116

 

Raines, Franklin, 229

 

Rajan, Raghuram, 83

 

Rand, Ayn, 69, 108

 

Raskin, Sarah Bloom, 485–86, 487, 489, 512, 516–17, 561 Reagan, Ronald, 114

 

receivership, 243, 245 recessions:

 

dot-com bubble and, 59–60, 91 in early ’80s, 71

 

financial accelerator theory on, 35 Greenspan on, 200

 

historical ends to, 71

 

Reconstruction Finance Corporation, 451

 

Reddy, Sudeep, 491

 

redlining, 102

 

Reed, Jack, 315, 333

 

Regan, Don, 114

 

regulation and supervision of financial markets, 92–106 Reich, John M., 232, 242, 277

 

Reid, Harry, xii, xiii, 120, 284, 285, 306, 377 Reifschneider, David, 488

 

Reinhart, Vincent, 57, 143, 292–93

 

repurchase agreements (repos), 138–39, 203, 205, 249, 259, 401–3 Research and Statistics, Division of (Board of Governors), 57 Reserve Primary Fund, 279, 404

 

Resolution Trust Corporation (RTC), 309 retail funding, 138–39

 

Rhineland off-balance-sheet vehicle, 140–41 Rice, Condoleezza, 118

 

Riksbank (Sweden), 348

 

Roberts, John, 383

 

Robertson, Linda, 460

 

Rocky Hill, New Jersey, 37, 382

 

Romer, Christina, 37, 382, 388, 526

 

Romer, David, 37

 

Roosevelt, Franklin, 36, 47–48, 116, 210, 248, 296, 305, 356, 469 Roosevelt Room (White House), ix, 110, 304

 

Rose, Charlie, 550


Rose Garden (White House), 308

 

Rosen, Harvey, 109

 

Rosengren, Eric, 150, 178, 182, 189, 195, 255, 307, 489, 559 Rove, Karl, 109, 110

 

Royal Bank of Scotland, 259, 352 RTC, see Resolution Trust Corporation

 

Rubin, Bob, 119, 296, 301, 331, 383, 534–35 Rucker, Darius, 4

 

Russian debt default, 161–62, 211 Ryan, Paul, 495, 528

 

Sachs, Samuel, 296

 

St. Eugene Hospital (McLeod Medical Center), 18–19 St. John’s College (Annapolis, Maryland), 108 Samuelson, Paul, 26–27, 381

 

Sanders, Bernie, 433, 449–50, 452, 461, 464–65

 

Sanford, Mark, 4

 

San Juan, Puerto Rico, 424

 

Santelli, Rick, 390

 

Sargent, Thomas, 28

 

Sarkozy, Nicholas, 508

 

Savage, Tom, 273

 

Sawyer, Diane, 523

 

Schafer, Alan, 23

 

Schapiro, Mary, 250

 

Schδuble, Wolfgang, 493, 509

 

Schaum’s Outline of Calculus, 13

 

Schenk, Everett, 259

 

Schumer, Chuck, 232

 

Schwartz, Alan, 211–12

 

Schwartz, Anna, 30, 33–34, 47, 65, 290, 398 SEC, see Securities and Exchange Commission Second Bank of the United States, 44

 

Secrets of the Temple (Greider), 55

 

Securities and Exchange Commission (SEC), 52, 95–96, 141, 169, 198, 218, 250–51, 253, 260, 263, 279, 284, 435 securities lending, 275–76

 

Securities Market Program (ECB), 480

 

securitization (originate-to-distribute model), 85–86, 96–97

 

Senate Committee on Banking, Housing, and Urban Affairs, 51, 79, 109, 115, 117, 163, 171, 234, 306, 320, 430 Senate Democratic Caucus, 316

 

September 11 attacks, 44, 52, 145, 249 SFP, see Supplementary Financing Program

 

shadow banking system, 137–39, 148, 151, 158, 205 Shearson Lehman, 248

 

Sheets, Nathan, 429

 

Shelby, Richard, 199, 260, 430–31, 443, 456, 458, 461, 487, 495 Shiller, Robert, 82, 91

 

Shirakawa, Masaaki, 266, 294, 348, 481, 552 short-selling, 249, 299–300


Simon’s Rock College (Great Barrington, Massachusetts), 43, 108, 424, 546 Simpson, Alan, 510

 

Sirri, Eric, 284

 

SIVs, see structured investment vehicles

 

60 Minutes, 167, 415–16, 430, 496, 502, 562Skidmore, Dave, 3, 64, 244, 418, 551, 563 Slaughter, Matt, 109

 

Smith, Adam, 28, 417

 

Smith, Henry, 385

 

Smith, Michelle, ix, xiii, 119, 127, 146, 155, 185, 193, 218, 244, 263, 277, 286, 294–95, 307, 367, 385, 416, 426, 428–29, 497–98, 542, 551 Smith, Mike, 30

 

Snow, John, 118, 128, 538

 

Snowmageddon, 471

 

Social Security Administration, 240

 

Sociιtι Gιnιrale (SocGen), 195

 

Solow, Robert, 27

 

Sonnenschein, Hugo, 36

 

Sorkin, Andrew Ross, 501

 

Sosin, Howard, 273

 

South of the Border tourist attraction, 5, 23, 415 sovereign wealth funds, 179, 231

 

Spain, 478, 482

 

Special Library (Board), 144

 

special-purpose vehicles (conduits), 138–39, 141 Stability and Growth Pact, 476–77

 

Stalin, Joseph, 431

 

Standard & Poor’s credit rating, 139, 168, 277, 511 Stanford University, 32, 36, 64, 118, 493

 

Stanley, Harold, 297

 

Starr, Cornelius Vander, 272

 

state member banks (state-chartered banks), 95, 99 State Street Bank (Boston), 150, 354

 

Stearns, Robert, 210

 

Steel, Bob, 198, 213, 324, 331

 

Stefansson, Coryann, 395

 

Stein, Jeremy, 540, 549, 556, 561 sterilization, 237, 325

 

Stern, Gary, 173, 189, 194, 530 sticky prices and wages, 27, 28, 29 stock market crashes:

 

in 1929, 30, 33–34, 63, 210 in 1987, 63, 145

 

Stockton, Dave, 57, 160–61, 170, 182, 206, 222–23, 429, 512 Strat-o-Matic baseball game, 14–15

 

Strauss-Kahn, Dominique, 508, 509

 

Stress Test (Geithner), 427stress tests, 392–97, 468, 473, 482 Strong, Benjamin, 47, 63


Date: 2016-04-22; view: 866


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