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 Feds 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 Reserves Financial Accounts of the United States database; see www.federalreserve.gov/releases/z1. The Federal Reserves 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 SECs 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. 4863.
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, 18671960 . 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: Americas 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 Americas Essential Institution Works, and How It Doesnt. 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 Systemand 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 Bernankes 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), 16768aggregator bank, 391
Agnew, Bob, 3, 187, 429
Ahamed, Liaquat, 561
Ahronee, Nicole, 3031
AIG, xxiv, 202, 260, 264, 27094, 319, 36468, 371, 375, 42123
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, 2023, 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, 38789
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, 6263, 70, 87, 8990
auction-rate securities, 2012 Augusta, Georgia, 10 automobile industry, 37677
Bachus, Spencer, 492
Bagehot, Walter, 45, 116, 144, 148, 165, 268, 410, 469, 525 Bagehots dictum, 45
Baicker, Katherine, 109
Bailey, Deborah, 218, 226
Bair, Sheila, 151, 153, 242, 277, 298, 315, 32224, 327, 32931, 34042, 354, 36062, 36871, 39192, 44243, 454, 515 bait-and-switch practice, 100
bank capital, 136
Bank for International Settlements (BIS), 82, 11819, 454 bank holding company, 310
banking regulation and supervision, 92106
Banking Supervision and Regulation, Division of (Board of Governors), 93, 152, 453
Bank of America, 140, 15051, 153, 168, 190, 25457, 25960, 263, 26668, 298, 354, 37377 Bank of Canada, 144, 149, 184, 258, 278, 294, 296, 348, 481, 552
Bank of England, 46, 88, 118, 16465, 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, 4041, 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, 5960, 23637, 325, 47172, 495 Barclays Bank, 25960, 263, 26669 Bartiromo, Maria, 12627
Basel, Switzerland, 454
Basel Committee on Banking Supervision, 454 Basel I Accord of 1988, 454
Basel II Accord of 2004, 45455
Basel III Accord of 2010, 45456
Baxter, Tom, 214
Bear, Joseph, 210
Bear Stearns, x, 140, 179, 19899, 206, 20825, 243, 249, 25152, 259, 267, 28283, 28789, 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), 3738, 43, 53, 108, 115, 123, 424 Bernanke, Anna (Friedmann) (wife):
education and career, 3031, 108, 38687
marriage and family life, 3032, 3638, 4344, 67, 108, 115, 127, 187, 193, 386, 531, 555 social and work-related events, 53, 115, 133, 155, 16768, 321, 381, 38384, 42425, 467, 546
Bernanke, Ben:
academic interests, 1214, 21, 2425, 30
baseball, interest in, 1415, 16, 24, 68, 133, 139, 312, 501, 523, 562 college education and teaching, 2142
Council of Economic Advisers, 10730 family background and childhood, 520 history, love of, 8, 21, 24, 30, 33 leadership lessons, department chair, 54 leadership lessons, school board, 3738, 50
marriage and family life, 3032, 3638, 4344, 67, 108, 115, 127, 187, 193, 386, 531, 555 racism and segregation, experience of, 4, 1617, 24
religious background and practices, 4, 710, 16, 22
social and work-related events, 53, 68, 133, 155, 16768, 321, 381, 38384, 42425, 467 Bernanke, Edna (Friedman) (mother), 5, 911, 53, 53031
Bernanke, Fred (uncle), 7
Bernanke, Joel (son), 3738, 43, 53, 108, 115, 424, 546 Bernanke, Jonas (grandfather), 67, 17
Bernanke, Lina (grandmother), 7
Bernanke, Mortimer (uncle), 1011, 15, 17
Bernanke, Nan (sister), 8
Bernanke, Philip (father), 5, 911, 53, 53031
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, TySheoma, 6
Bezman, Steve, 425
Bies, Sue, 53, 54, 87, 8889, 94, 97, 9899, 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, 5089
Blank, Gary, 109
Blankfein, Lloyd, 2056, 259, 29697, 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, 57879
BNP Paribas, 133, 140, 143, 145, 259, 326, 401 Board of Governors of the Federal Reserve System:
appointment and early service, 5065 background, 4748, 5455
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, 100101
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, 34 Research and Statistics, Division of, 57 Reserve Banks and, 50
service limits, 113
Boardroom (Eccles Building), 5758 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, 11213, 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, 1078, 11011, 118 FDIC appointments, 151
Federal Reserve Board appointments, 43, 5051, 53, 114, 116, 121, 235, 236 financial crisis and, ixxi, 16566, 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, 12829
BusinessWeek, 488
Camp, Dave, 49596
Cantor, Eric, 32021, 492, 521
Cape Town, South Africa, 181 capital injections, 33739, 35253 Capital One Financial Corp., 171, 235
Capital Purchase Program (CPP), 35254, 356, 365, 37071 Card, Andy, 110, 11415
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, 6263
Bank for International Settlements and, 82, 11819 creation of, 4446
deflation and, 6364 forecasting accuracy of, 56 heads of, 53
independence of, 70, 175, 191, 237
inflation targeting and, 3940, 56, 74, 17273 as lender of last resort, 4546, 47, 144, 243 strategy paper with Mishkin on, 3839
swap lines, 157, 163, 18384, 2078, 278, 294, 300, 307, 347, 349, 410 transparency of, 40, 5556, 5859, 70, 73, 172
CFTC, see Commodity Futures Trading Commission
Chance Academy, 38687 character loans, 103
Charlotte, North Carolina, 5, 78
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, 17679, 192, 194, 213, 222, 259, 271, 354, 36871, 37476, 403 Clark, Tim, 244
Clearing House Association, 150
Clinton, Bill, 5253, 110, 192, 218, 236, 296, 301, 486, 5012, 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, 36566, 36567 Collins, Susan, 462
Columbia University, 38, 68, 114, 235, 389 commercial banking, 297
commercial paper, 13840, 145, 152, 159, 17778, 205, 301, 307, 34345, 358, 4014 Commercial Paper Funding Facility (CPFF), 34445, 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), 13839, 141 Congressional Budget Office (CBO), 53, 229, 388, 493, 538 conservatorship, 243, 24546
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, 98106
Continental Illinois, 247
Cooper Union (Manhattan), 437
Coover, Robert, 15
core inflation, 500
Corker, Bob, 312, 432, 46061, 463, 492, 493, 495, 553
Council of Economic Advisers (CEA), 42, 72, 10713, 118, 135, 191, 284, 382, 486, 493
Countrywide Financial, 96, 134, 147, 15253, 190, 241, 254, 298 covered bonds, 391
cowboy capitalism, 350, 474
Cox, Chris, 198, 210, 214, 235, 25051, 255, 263, 284, 299300, 3045, 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, 4013 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, 12829
Davis, Todd, 4
Davis Polk law firm, 52 Dean Witter Reynolds, 297 Decatur, Stephen, 167 deflation:
central banks and, 6364 defined, 33
FOMC and, 71 housing bubble and, 90
interest rates and, 61, 6263, 72 Japan and, 4041, 77 monetary policy and, 3536, 90 unemployment and, 33, 79
DeLong, Brad, 310
Denver, Colorado, 31
Depfa, 327
deposit insurance, 36, 400401 derivatives, 202
Deutsche Postbank, 333
Dexia, 327
Diamond, Peter, 485, 487
Dillon, James W., 5
Dillon, South Carolina, 36, 1119, 356, 41516 Dillon High School, 12, 415
Dimon, Jamie, 212, 213, 21719, 22122, 259, 353, 55455 Dinallo, Eric, 274
discount rate, 145, 148, 152
discount window, 14445, 14751, 153, 156, 183
Dodd, Chris, xii, 16364, 17071, 175, 19899, 21819, 284, 31516, 338, 361, 377, 430, 433, 44243, 45659, 46166 Dodd-Frank Act, 48, 46266, 473, 481, 485, 487, 553
Dole, Bob, 151
Domestic Policy Council, 110
dot-com bubble and recession, 5960, 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, 17374, 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, 48384
Enron, 60, 12324
Enzi, Mike, 316
equity stripping practice, 100 Espada, Joe, 523
European Central Bank (ECB), 118, 14445, 15758, 16364, 184, 207, 220, 238, 258, 266, 294, 296, 32627, 347, 47577, 48082, 5068, 52426
European Financial Stability Facility, 480
European Union, 475, 482
Evans, Charlie, 195, 420, 527, 532 Exchange Stabilization Fund, 301, 307 executive compensation, 31820
Fannie Mae and Freddie Mac, x, 96, 111, 203, 2067, 22734, 236, 23941, 24347, 261, 271, 282, 372
FDIC, see Federal Deposit Insurance Corporation
FDICIA, see Federal Deposit Insurance Corporation Improvement Act
Fed bills, 39192
Federal Advisory Council, 298
Federal Deposit Insurance Corporation (FDIC), 49, 95, 97, 121, 136, 15253, 226, 232, 24142, 252, 298, 300, 32224, 32831, 34043, 352 54, 35962, 36971, 464
Federal Deposit Insurance Corporation Improvement Act (FDICIA), 323 federal funds rate, 5960, 6162, 144, 148, 471
Federal Housing Administration, 16566, 34546
Federal Housing Finance Agency (FHFA), 234, 240, 24445 Federal Open Market Committee (FOMC):
background, 49, 56
Bernanke as chairman, 12223, 125, 18081 Board of Governors and, 48, 58
consensus decision making, 239 deflation and, 71
economic projections, 17374 emergency conference calls, 144, 149 Federal Reserve Banks and, 48, 58, 72
Greenspan and, 58, 6062, 73, 75, 76, 81, 12223, 54344 housing market and bubble and, 8789
interest rates and, 48, 5960, 63, 7778, 141 monetary policy and, 63, 78, 12223, 172
Federal Reserve Act: anniversary of, 560 approval of, 47
institutions eligible to borrow, 148
Section 13(3), xii, 158, 204, 205, 2089, 23334, 283, 294, 34344, 365, 464 Section 23A, 151, 153, 268
voting requirements, 217 Federal Reserve Banks:
advisory roles with, 38, 50 background, 4647
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, 4450
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, 92106 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, 31415, 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, 2930, 429, 484, 551, 561, 565
Fisher, Richard, 150, 160, 162, 188, 197, 209, 223, 238, 319, 347, 348, 420, 459, 461, 48889, 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, 32627
Fortune magazine, 249Fowler, John, 13
Fox, Lynn, 116
Frank, Barney, xii, 117, 163, 165, 175, 196, 231, 28485, 293, 316, 346, 422, 437, 443, 447, 451, 463, 47071, 492, 52728 Franklin, Aretha, 383
Freddie Mac, see Fannie Mae and Freddie Mac Freedom of Information Act, 116, 452
Frenkel, Jacob, 276
Friedman, Herschel (grandfather), 78, 23
Friedman, Masia (grandmother), 79
Friedman, Milton, 30, 3334, 41, 47, 6465, 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, 24850, 25255, 258, 264, 299
Galbraith, John Kenneth, 33
GAO, see Government Accountability Office Geithner, Carole, 381
Geithner, Tim:
AIG concerns, xii, 27071, 275, 27778, 28182, 28586, 288, 294, 36566, 423 background, 78
bank bailouts and, 198
Bear Stearns concerns, 206, 207, 212, 21314, 218, 221 on Bernanke, 385
Board service, 486 dinner honoring, 53435
financial crisis discussions, 142, 14950, 154, 155, 156, 158, 162, 172, 187, 193, 195, 299, 308, 474, 479, 5057, 510, 526 GSE concerns, 243
implementing new programs, 34041, 347, 354 inflation target discussions, 526
interest rates, consulting on, 128, 188 legislative proposal, 43839, 44244, 458
Lehman concerns, x, 25152, 255, 25859, 26263, 265, 26768 market expectation discussions, 185, 186
monetary policy discussions, 175, 470 monoline insurer concerns, 201
as New York Fed president, 7879, 117, 220 Obama and, 369, 38081, 38995, 42728 published works, 427
on securities law, 267 stress-test idea, 394
TARP plan and, 319, 32324 as Treasury secretary, 43839 Wachovia and, 331
General Electric, 336
General Motors, 377, 397
Gensler, Gary, 296
George, Esther, 539, 55556, 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, 43940, 466 global savings glut, 92
GMAC, 397
Golden West Financial Corporation, 298
Goldman, Marcus, 296
Goldman, Nathan, 1415
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, 29293
Gorton, Gary, 243
Government Accountability Office (GAO), 229, 44849, 465 government-sponsored enterprises (GSEs), 22734, 236, 240, 24344, 247 Gramley, Lyle, 147, 155
Gramley, Marlys, 155
Gramlich, Ned, 5354, 62, 80, 87, 9899, 102, 1046, 123, 155, 159 Gramlich, Ruth, 155
Gramm, Phil, 23536
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, 3536
factors dictating severity of, 3435, 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, 4067
Greece, financial crisis in, 475, 47682, 505 Greenberg, Ace, 21011
Greenberg, Hank, 27274, 287
Greenbook (FOMC), 56
Greenlaw, David, 184
Greenspan, Alan:
background, 48, 6869 Bear Stearns and, 220
Board members, swearing in, 5253 on consumer protection, 99100, 105 Council of Economic Advisers and, 72 dinner honoring Geithner, 534
dinner honoring Paulson, 383 Drexel situation and, 215
FOMC meetings, 58, 6062, 73, 75, 76, 81, 12223, 54344 forecasting skills, 56
on GSEs, 229 haircuts, 190
inflation targeting and, 39, 70, 7476, 526 on inflows of foreign money, 92
Kohn and, 5152 McCain on, 113
monetary policy, approach to, 6970, 76, 80, 90, 115, 431 on mortgage lending, 87, 89, 103
on nationalizing banks, 39495 personality and views, 6870 on price stability, 71 published works by, 16768 on recession, 200
retiring as chairman, 113, 115 on security bubble, 4
on tax cuts, 120
as the Maestro, 55, 69 WWGD?, 23839
Greenspan put, 146 Gregg, Judd, 284, 432, 451 Greider, William, 55 Gross, Brian, 171
Group of 7 (G-7), 34952, 369, 435, 470 Group of 20 (G-20), 181, 34950, 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, 1920, 2126, 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, 500501
Hitler, Adolf, 431
Hodes, Paul, 422
Hoenig, Tom, 160, 170, 195, 288, 45960, 469, 484, 48889, 491, 539, 552 HOEPA, see Home Ownership and Equity Protection Act
hold-to-maturity price, 31415, 317 Holtz-Eakin, Douglas, 493
Home Affordable Modification Program (HAMP), 38990, 512 Home Affordable Refinance Program (HARP), 389, 512
Home Ownership and Equity Protection Act (HOEPA), 100104, 18687 Hoover, Herbert, 356
Hope for Homeowners (H4H), 34546, 360, 362 Hope Now program, 166, 360
House Budget Committee, 191
House Financial Services Committee, 58, 98, 117, 163, 165, 196, 231, 306, 31617, 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, 4344, 110, 114, 389 Humphrey, Hubert, 49 Humphrey-Hawkins Act (1978), 49 Humphrey-Hawkins hearings, 49, 89, 543 Hurricane Katrina, 11112
Hussein, Saddam, 450
Hutchison, Kay Bailey, 461
Hypo Real Estate, 327, 348
IKB, 14041, 143, 348 illiquid firms, 39798
IMF, see International Monetary Fund IndyMac, 22627, 23233, 36061 inflation targeting:
central banks and, 3940, 56, 17273 constrained discretion, 39
flexible, 74, 172
Greenspan and, 39, 70, 7476, 526
Japan and, 4041
monetary policy and, 74, 124 setting explicit objectives, 379
ING, 326
interbank market, 137, 168, 4045 interest on reserves, 325, 333, 472 interest rates:
asset-price bubbles and, 6263 Bagehots dictum on, 45 deflation and, 61, 6263, 72 discount rates, 145, 148, 152
federal funds rate, 5960, 6162, 144, 148, 471 monetary policy effects on, 38, 4041, 49, 77, 80, 418 subprime lending and, 8688, 9094, 1012, 135 zero lower bound, 6162, 64, 70, 73, 75, 37879
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, 15356, 24244, 424, 428, 48485, 524, 531, 555 James, Bill, 300
James, Harold, 34
Japanese earthquake (2011), 499500 Jarrett, Valerie, 558
Jay Bee Drugs, 6, 1012, 17
J.C. Flowers & Co., 218, 265, 27576
Jefferson, Thomas, 44
Jester, Andy, 116
jobless recovery, 60, 7071, 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, 21214, 21622, 242, 249, 251, 255, 259, 267, 298, 32224, 332, 353 jumbo mortgages, 2034
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, 2729, 60, 486
Khomeini, Ayatollah, 431
Killinger, Kerry, 241
King, Mervyn, 118, 164, 220, 266, 294, 326, 34647, 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, 31719, 51920, 530, 565
Kohlberg, Kravis, Roberts, 27576
Kohn, Don:
AIG concerns, 270, 27577, 280, 294 on announcing liquidity measures, 208 background, 5152
Bear Stearns concerns, 209, 212, 21314, 220
Board service, 5758, 66, 72, 76, 123, 124, 17273, 181, 382, 391, 42526, 445, 452, 467, 485 at Brookings Institution, 563
dinner honoring Geithner, 534 Federal Reserve Act anniversary, 560
financial crisis discussions, 117, 14950, 15356, 158, 162, 172, 187, 189, 193, 195, 308, 322, 324, 32627, 32931 Gramley and, 147
GSE concerns, 233, 23839, 240, 242, 243, 244 inflation target, adoption of, 526
interest rates, consulting on, 128, 188 Kohn Death March, 154
Lehman concerns, 25253, 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, 32830, 353, 354
Krauthammer, Charles, 422
Kreditantsalt, 264
Kroszner, Randy, 124, 153, 155, 17172, 180, 186, 195, 235, 277, 32324, 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, 2089, 288, 417, 421, 484, 532 Lagarde, Christine, 5089
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, 2056, 218, 22425, 242, 24869, 27172, 27481, 28795, 299, 343, 373, 4048 Lehrer, Jim, 417
lender of last resort, 4546, 47, 144, 243 leveraged lending, 249
leverage ratio, 45556 Lew, Jack, 538, 554
Lewis, Ken, 25457, 26668, 354, 37376 Liang, Nellie, 358, 47374, 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, 24546 Logue, Ron, 150, 354
Lombard Street (Bagehot), 45, 116
London School of Economics, 244
Long-Term Capital Management (LTCM), 21011, 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, 37375 Mack, Connie, III, 152
Mack, Connie, IV, 293
Mack, John, 259, 297, 299300, 354
Macomber, Ed, 187, 429
Madigan, Brian, 14344, 152, 193, 201, 204, 212, 325, 372, 385, 429, 484 Madison, James, 44
Maiden Lane LLC, 222
Making Homes Affordable program, 38990 Mankiw, Greg, 107, 109
Manning, Ken, 1718, 22, 424
Marcel Marceau communications strategy, 75 margin calls, 203
Marthas 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, 3033, 118, 428, 485, 486, 487 Maturity Extension Program, 520, 526, 529, 531
maximum employment (dual mandate), 48, 70, 74, 172, 17374, 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, 32122, 356 McCain, Roberta, 321
McCarthy, Callum, 266
McColl, Hugh, 25657
McConnell, Mitch, 492, 521
McCulley, Paul, 137
McDonough, Bill, 58
McTeer, Bob, 62, 73
Merkel, Angela, 525
Merkley, Jeff, 43132
Merrill, Charles, 265
Merrill Lynch, 16869, 176, 179, 192, 206, 245, 253, 25960, 26567, 295, 311, 354, 37376 Mester, Loretta, 565
Mexico, 363
Meyer, Harold, 210
Minehan, Cathy, 87
Minsky, Hyman, 8283
Mishkin, Frederic:
Board service, 124, 17172, 209, 217, 235 on central bank framework, 3839
financial crisis discussions, 149, 16162, 182, 19394, 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, 6263, 90 Board members speaking about, 7374 deflation and, 3536, 90
Federal Reserve System and, 4849, 5556 FOMC and, 63, 78, 12223, 172
Greenspans approach to, 6970, 76, 80, 90, 115, 431 historical approach to, 30
housing bubble and, 9193
inflation targeting and, 3840, 74, 124 interest rates and, 38, 4041, 49, 77, 80, 418 Keynesians on, 2728
New Classical economics on, 29
semi-annual report to Congress on, 15354, 173, 462 Volckers approach to, 71
money market mutual funds, 279, 293, 300302, 304, 307 monoline insurers, 178, 201
Montgomery Township, New Jersey, 37 Moody credit rating, 139, 168, 210
moral hazard, 147, 162, 204, 21819, 22425, 261, 477 Morgan, Henry, 297
Morgan, J. Pierpont, 45, 47, 179, 213
Morgan Stanley, 124, 179, 206, 243, 245, 249, 253, 259, 26566, 270, 279, 289, 29598, 300, 31112, 354 mortgage-backed securities (MBS), 85, 22731, 236, 240, 24547, 275, 372, 393, 41920, 484 Mortgage Bankers Association of America, 147
mortgage foreclosures, 16566, 35960, 38990 mortgage servicers, 16667
Moskow, Michael, 72
Moynihan, Daniel Patrick, 432
Mozilo, Angelo, 153, 457
Mudd, Daniel, 229, 239, 24546
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 Peoples Action, 187
National Press Club, 367, 498
National Science Foundation, 26, 30
National Security Council, 110
National Spelling Bee, 13, 190
NationsBank (NCNB), 25657
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, 2830
Newell, Richard, 112
New Keynesian synthesis, 2930, 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, 31719 Norman, Laurence, 156
Norman, Montagu, 55
Norquist, Grover, 487
North Augusta, South Carolina, 10
Northern Rock mortgage lender, 16465, 326, 457 Northwestern University, 53
Norwich, Connecticut, 7
Nussle, Jim, 284
Obama, Barack, 6, 271, 305, 321, 356, 359, 369, 38084, 38790, 425, 42729, 437, 44546, 459, 461, 466, 468, 482, 485, 49293, 495, 504, 509, 512, 527, 531, 535, 53738, 54950, 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 ONeal, Stan, 169, 176, 265
ONeill, Paul, 128
Open Market Trading Desk (New York Fed), 57, 194 originate-to-distribute model (securitization), 8586, 9697 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, 35354, 36869
Panic of 1907, 45, 47, 95, 137, 139, 213, 399 Panic of 20072009, 401, 474
Papademos, Lucas, 326
Papandreou, George, 476, 479, 482
Parkinson, Patrick, 255, 439, 453
Parsons, Richard, 368
Paul, Rand, 449, 571
Paul, Ron, 44951, 531
Paulson, Hank:
AIG concerns, xi, xii, 27576, 278, 28485, 28889, 36566 background, 12829, 296
Bear Stearns concerns, 21314, 218, 221
blueprint for financial system, 43538, 44445 capital injections and, 33739, 35354
CPP and, 35354, 356 dinner honoring, 383
dinner honoring Geithner, 534
financial crisis discussions, ix, 164, 165, 166, 189, 299, 30110, 31213 fiscal stimulus discussions, 191
G-7 meeting and, 350
GSE concerns, 231, 24546 Hope Now program, 360
Lehman concerns, x, 25154, 256, 25859, 263, 26667 meeting with, 14243
Merrill Lynch and, 37374
TARP plan and, 31416, 31820, 332, 33839, 341, 34445, 362, 371, 37577 as Treasury secretary, 128, 198, 23334, 244
Wachovia and, 324, 32930, 33233 Paulson, Wendy, 129, 383
PBS, 417
PDCF, see Primary Dealer Credit Facility Pelley, Scott, 41516
Pelosi, Nancy, xii, 191, 3056, 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, 31719, 347, 419, 48889, 51920, 527, 565 Poloz, Stephen, 553
Poole, Bill, 160, 170, 180, 19495 populists, 44, 151, 320, 450, 451, 464 Posen, Adam, 29293
Powell, Jay, 540, 541, 561
PPIP, see Public-Private Investment Program predatory lending, 97, 100103, 106
Prescott, Edward, 28
Presidents Working Group on Financial Markets (PWG), 435 price stability (dual mandate), 49, 70, 74, 449, 471, 486, 527 Primary Dealer Credit Facility (PDCF), 22021, 249, 251, 305 primary dealers, 206, 22021
Prince, Chuck, 176
Princeton University, 32, 34, 3638, 4142, 79, 108, 116, 119, 546
Princeton University Press, 523 private-label securitization, 9697 Proctor, Rita, 67, 116, 217, 321, 562
Public Company Accounting Oversight Board, 123 Public-Private Investment Program (PPIP), 39394 put, 14647
Putin, Vladimir, 431
quantitative easing (QE), 418, 42021, 532, 536 Quince, Edward, 116
Raines, Franklin, 229
Rajan, Raghuram, 83
Rand, Ayn, 69, 108
Raskin, Sarah Bloom, 48586, 487, 489, 512, 51617, 561 Reagan, Ronald, 114
receivership, 243, 245 recessions:
dot-com bubble and, 5960, 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, 92106 Reich, John M., 232, 242, 277
Reid, Harry, xii, xiii, 120, 284, 285, 306, 377 Reifschneider, David, 488
Reinhart, Vincent, 57, 143, 29293
repurchase agreements (repos), 13839, 203, 205, 249, 259, 4013 Research and Statistics, Division of (Board of Governors), 57 Reserve Primary Fund, 279, 404
Resolution Trust Corporation (RTC), 309 retail funding, 13839
Rhineland off-balance-sheet vehicle, 14041 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, 4748, 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, 53435 Rucker, Darius, 4
Russian debt default, 16162, 211 Ryan, Paul, 495, 528
Sachs, Samuel, 296
St. Eugene Hospital (McLeod Medical Center), 1819 St. Johns College (Annapolis, Maryland), 108 Samuelson, Paul, 2627, 381
Sanders, Bernie, 433, 44950, 452, 461, 46465
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
Schaums Outline of Calculus, 13
Schenk, Everett, 259
Schumer, Chuck, 232
Schwartz, Alan, 21112
Schwartz, Anna, 30, 3334, 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, 9596, 141, 169, 198, 218, 25051, 253, 260, 263, 279, 284, 435 securities lending, 27576
Securities Market Program (ECB), 480
securitization (originate-to-distribute model), 8586, 9697
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, 13739, 148, 151, 158, 205 Shearson Lehman, 248
Sheets, Nathan, 429
Shelby, Richard, 199, 260, 43031, 443, 456, 458, 461, 487, 495 Shiller, Robert, 82, 91
Shirakawa, Masaaki, 266, 294, 348, 481, 552 short-selling, 249, 299300
Simons Rock College (Great Barrington, Massachusetts), 43, 108, 424, 546 Simpson, Alan, 510
Sirri, Eric, 284
SIVs, see structured investment vehicles
60 Minutes, 167, 41516, 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, 29495, 307, 367, 385, 416, 426, 42829, 49798, 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), 13839, 141 Stability and Growth Pact, 47677
Stalin, Joseph, 431
Standard & Poors 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, 3334, 63, 210 in 1987, 63, 145
Stockton, Dave, 57, 16061, 170, 182, 206, 22223, 429, 512 Strat-o-Matic baseball game, 1415
Strauss-Kahn, Dominique, 508, 509
Stress Test (Geithner), 427stress tests, 39297, 468, 473, 482 Strong, Benjamin, 47, 63
Date: 2016-04-22 ; view: 866