The Great Deformation (138 page)

Grocery stores/sales,
649–651

GSE (government-sponsored enterprise)

      
description,
170–171
,
580

      
nationalizing,
171
,
580

      
See also
Housing bubble (1990s–2000s)
;
Housing/Fannie Mae and Freddie Mac

Guardian Savings and Loan,
440

Guardian Trust Group,
155

Gutfreund, John,
387

Haldeman, Bob,
114–115
,
117
,
122
,
284

Harbour Report
,
618

Harrah's LBO,
518–519

Hartford Steam Boiler,
9

Hazlitt, Henry,
117

HCA Inc. LBO,
518–519
,
524–525
,
526
,
527
,
529

Health-care inflation,
696–699

Health care system

      
abolishing health insurance,
709–710

      
employer health insurance problems,
696–697

      
groups priced out of system,
696–697
,
698

      
problems overview,
696–699

      
See also specific components

Hedge funds

      
description/role of,
486–487
,
491–494
,
499–500
,
501–502

      
inside information and,
493
,
502–503

      
John Paulson and,
494–496

      
Keynesian foundation/speculation and,
491–492

      
liquidity function myth,
490–491

      
options/OTC derivatives,
489–490

      
SEC regulation and,
496

      
statistics on,
486
,
494
,
499

Heller, Walter

      
deficit-financed tax cuts,
249
,
674

      
Heller-Tobin proposal,
247–248

      
Kennedy and,
226–229
,
231
,
247–249
,
674

      
“new economics”/mistakes,
226–229
,
247–249

Hertz,
514

Hewlett-Packard

      
M&A deals,
461
,
462–463

      
stock buybacks,
457
,
461–463

Hicks, John,
595n

Hilton Hotels

      
“bridge loans” and,
534–535

      
LBO,
518–519
,
533–536

Hoover, Herbert

      
banking crisis and,
153
,
158

      
FDR and,
138
,
139
,
155–156

      
gold standard,
190

      
Great Depression and,
145
,
148–150
,
166
,
167
,
315

      
letter to president-elect FDR,
155–156

      
panic blame and,
156
,
158

      
policies/beliefs,
138
,
345
,
673
,
674
,
689

Hopkins, Harry,
165

Hotel construction

      
description,
537–538
,
546
,
547

      
LBOs and,
538–542
,
545

Household leverage ratio changes,
642–644

Housing and Community Development Act (1992),
406–407

Housing bubble (1990s–2000s)

      
adjustable rate mortgages (ARMS),
434

      
“Alt-A” mortgages,
429
,
435–437
,
439

      
causes,
17–18
,
369
,
370

      
collapse/effects,
370
,
431

      
description,
18
,
26
,
28
,
340
,
346
,
369–370
,
374–375
,
376–377
,
379
,
391
,
425–427
,
430–431

      
Fed ignoring problems,
431–432
,
433
,
436
,
437–438

      
“flipping” houses,
425
,
427

      
“gross originations,”
426–427

      
GSE background,
405–409

      
GSE hidden losses,
410

      
GSE speculation,
414

      
home builders/stocks,
432–433

      
home finance subsidies,
412–413

      
home ownership rate,
435

      
homeowners' leveraged buyouts (LBO),
425

      
household consumption and,
372–373
,
429–430
,
537

      
household savings and,
369

      
HUD ownership strategies,
412–413
,
419

      
interest rates,
369
,
426
,
431
,
433
,
434

      
legislation and,
404–405
,
408

      
MEW (mortgage equity withdrawal),
427–430
,
537
,
555–556

      
money-printing policies,
439–440

      
mortgage broker industry,
418–419

      
mortgage lender changes,
404–405
,
414–416
,
418–419
,
537

      
mortgage securitization,
419–421
,
438–440
,
441

      
partnerships/K street,
141–142

      
S&L deregulation/disaster and,
405
,
416–418

      
“second lien” mortgages,
436–437

      
unregulated mortgage brokers/banks,
414–415

Housing bubble (1990s–2000s) and subprime mortgages

      
background,
28–30

      
companies involved,
421–422
,
440
,
441
,
442

      
description,
421–424
,
435–437
,
440–442

      
Fed and,
433–435

      
fraud,
421–423
,
424
,
440
,
441

      
GMAC,
40

      
interest rates and,
423–424

      
“twofer” households,
40

Housing/Fannie Mae and Freddie Mac

      
after housing crash,
30
,
693

      
evolution/problems,
169–172
,
405–406
,
407–408
,
409
,
439
,
580

      
Fannie Mae Foundation/money,
411

      
hidden losses,
410

      
New Deal origins,
169–171
,
172

      
speculators and,
414

      
stock prices,
407–408

Housing market (after 2007)

      
baby boom retirement effects,
647–648

      
down payment amount and,
580

      
FHA insurance and,
579–580

      
home-buyers' tax credit/fraud,
580–581

      
housing lobby and,
580

      
MEW-II doctrine and,
583

      
mortgage rate/refinancing,
581–583

      
need for reform,
693–694

Howe, Louis,
144

Hubbard, R. Glenn

      
background,
555

      
economic views/advice,
50
,
555–556
,
558

Hudson City Bancorp,
396

Hull, Cordell,
143
,
144

Humphrey, George,
20
,
214
,
215
,
220

Humphrey-Hawkins Act,
701
,
706

Humphrey, Hubert

      
economic beliefs/policies,
217
,
229

      
Merc visit,
309–310

Hurricane Sandy,
603

IBM

      
sales,
465

      
stock buybacks,
457
,
463–465

Iceland banking system,
377–378

Ickes, Harold,
165

Immelt, Jeff,
35
,
36
,
37
,
41
,
471

Income tax

      
abolishing,
711

      
beginnings,
88

Indy Mac,
27

Inside Mortgage Finances
,
436

Insull, Samuel,
16

Intel,
357–358
,
453
,
485

Interest rates (short-term)

      
early 2000s,
17–18

      
1955–1964,
299–300

      
See also specific individuals

International Monetary Fund (IMF),
236
,
256

“Investment banks”

      
description/problems,
22–23

      
purpose,
24

      
See also specific banks

Isakson, Johnny,
580

Jackson, Mike and AutoNation,
624–625
,
626–630

Japan

      
debt,
703–704

      
equity bubble,
336–337

      
“zaitech” theory/effects,
210–211

JDS Uniphase,
480–481
,
485

Jedinak, Russell,
440

Jobs market

      
breadwinner jobs,
632
,
634–635
,
636