The Great Deformation (137 page)

Frist, Thomas,
528–529

Full-employment budget

      
Heller/stimulus and,
227–229

      
“new economics” and,
227–229
,
232

      
Nixon and,
121–122
,
127
,
131

Future recommendations.
See
Solutions

GAFO sales,
651

“Gain on sale” profit scam,
37–39

Garman,
488
,
489

Garn-St. Germain bill (1982),
177–178

Garner, John Nance,
194

Gates, Bill,
453

GE Capital,
39
,
41

Geithner, Tim

      
monetary policies,
246

      
“stress tests,”
666

General Electric

      
bailout,
3
,
36–37
,
41–42

      
before 2008,
356–357
,
467–470
,
472

      
EPS/stock price changes,
467–470
,
472

      
M&A deals,
472

      
stock buybacks,
472

      
toxic assets,
3
,
35–36

General Motors

      
before financial crisis (2008),
572
,
616–618

      
DIP loans and,
614
,
616–617
,
619

      
payables-receivables strategy,
617

      
strike (1970),
114

General Motors Acceptance Corporation

      
bailout,
40
,
42
,
576

      
subprime auto loans/housing mortgages,
40

General Motors bailout

      
description,
614–616

      
downsizing vs.,
618–619
,
621

      
problems overview,
621–623

      
reasons for,
619–621

      
suppliers,
660
,
661
,
662
,
663

      
UAW/wage bill and,
619
,
620–621
,
660
,
662

      
See also
Lear Corporation

George, Walter,
194

Gephardt, Richard,
309

Gingrich, Newt,
104

Glass, Carter

      
background/doctrines,
142
,
176
,
197

      
FDR/treasury and,
143
,
156
,
157
,
161

      
Federal Reserve and,
197
,
198
,
199
,
209
,
268
,
321

Glass-Steagall,
13
,
168
,
176–178
,
208
,
396
,
399

Glass-Steagall II,
707

“Global” firm definition,
7

Gold standard

      
British default (1931),
118
,
138
,
142–143
,
149
,
153
,
182
,
240–241
,
242
,
244

      
British devaluation of pound/effects,
252–256
,
284

      
deterioration of,
247–249
,
250–252
,
258–259

      
European countries (late 1920s–1931),
118
,
138
,
142–143
,
149
,
153
,
182
,
238
,
240–241
,
242
,
244

      
FDR actions/effects,
138–139
,
140–142
,
149
,
157
,
158
,
161–162
,
189–190
,
192
,
194

      
flaws,
243–245

      
gold pool establishment/history,
246–247
,
253–257

      
gold selection reasons,
237–238

      
Heller-Tobin proposal,
247–249

      
history,
235–236
,
295–296

      
London Economic Conference (1933) and,
139
,
143–145
,
187
,
190
,
191

      
panic of 1960,
235
,
236–237
,
243

      
restoration by countries (1925–1928),
142

      
Thomas Amendment and,
140
,
141
,
186
,
187–188
,
190
,
193

      
US currency swap lines,
250–251
,
253

      
See also
Bretton Woods monetary system

Gold standard end

      
effects,
56–57
,
273–275
,
281–284

      
misunderstanding consequences,
281–287

      
Smithsonian Agreement (1971),
282–283

      
See also
Speculative finance

“Goldilocks economy,”
233
,
377
,
443

Goldman Sachs

      
Alltel LBO and,
523

      
auto industry bailout and,
664

      
Bain Capital and,
562

      
before financial crisis (2008),
22–23
,
28–29
,
384–385

      
crash of 1929/Great Depression and,
16
,
155

      
financial crisis/bailout,
3
,
4
,
7
,
8
,
10
,
24
,
48
,
49

      
financial futures/options exchanges,
301–302

      
inside information and,
493
,
502–503

      
profits (2009),
3–4

      
tax break (2012),
676

      
Tesla Motors,
604
,
605–606

      
toxic assets,
22–23

      
without bailout,
6
,
8
,
20
,
22
,
24–26

      
See also
Wall Street growth
;
specific individuals

Gore, Al,
309
,
604

Gorman, Joseph,
567–568

Gramm-Leach-Bliley repeal act (Glass-Steagall),
177

Great Depression

      
bank crisis timing,
154–155

      
bank failure causes (1920–1933),
151–155

      
consumer prices,
89

      
Federal Reserve banks (October 1929–March 1933),
269–272

      
global trade and,
145–147

      
Hoover recovery and,
148–150
,
166
,
167

      
inventory liquidation,
147
,
148

      
Keynesian cure and,
148

      
myth on recovery,
202

      
roots/causes of,
42–43
,
137–138
,
145–148
,
151
,
183–184
,
225–226

      
silver price and,
162

      
US exports and,
137–138
,
145–147
,
151

      
See also specific individuals

Great Inflation,
346
,
347
,
383
,
384
,
385
,
404–405
,
418

Great Moderation,
250
,
345
,
365
,
380
,
381
,
431
,
443
,
454
,
490
,
504
,
508
,
512
,
530

Green energy

      
energy tax vs.,
607–608

      
stimulus and,
598–608

      
See also specific companies

Greenberg, Hank,
9–10

Greenspan, Alan

      
background/policies,
13–14
,
56
,
58
,
62
,
212
,
249–250

      
business debt and,
453–454

      
debt growth/effects,
62–66
,
323

      
easing campaign (1987–1992),
349–353

      
on “free market” transactions,
471

      
gold standard and,
56
,
61
,
323
,
351–352

      
Great Depression and,
323

      
“home bias” theory,
326–327

      
housing boom and,
18

      
inflation and,
352
,
353–354

      
interest rates,
266
,
314

      
“irrational exuberance,”
330
,
331
,
334
,
336
,
358

      
LTCM bailout and,
15
,
16–17
,
62
,
141
,
319
,
332
,
334–335
,
389
,
390–392

      
money-printing,
340
,
447–448

      
old economy and,
325

      
prosperity illusion and,
107
,
448

      
“Put” description/effects,
17–18

      
rate cutting (2001),
340–341

      
Russian default and,
332–334

      
Social Security rescue plan,
98
,
102–104

      
stock market crash (October 1987),
303
,
305
,
314–317
,
318
,
319
,
320–321
,
350

      
TBTF doctrine,
13

      
wealth effects doctrine,
13–15
,
374

      
See also
Stock market bubbles
;
specific events