The Great Deformation (141 page)

      
auto industry bailout,
613
,
614–615

      
background/description,
48
,
50

      
financial crisis/bailout (2008),
5
,
6–7
,
8
,
9
,
10
,
12
,
20
,
21
,
25
,
27
,
36
,
48
,
50
,
171
,
613

      
General Electric,
36–37
,
41

      
Morgan Stanley,
48

      
stock market and,
21

Paulson, John,
494–496
,
545
,
547

“Payrolls being skipped,”
32
,
39
,
45

Peak Debt

      
effects,
644–648
,
668–669

      
fiscal cliff and,
680
,
681
,
682
,
692

Pelosi, Nancy,
594
,
595

Penn Central,
15

Perkins, Francis,
175

Perot, Ross,
480

Persian Gulf wars

      
effects,
79–80

      
Reagan's defense buildup and,
78–80

Pittman, Key,
162

Plaza Accord (September 1985),
293
,
336–337
,
348

Poage, W. R.,
308

Pork-belly trading,
286–287

Portfolio insurance,
313
,
317–318

Prime funds

      
commercial paper market,
35

      
correction to,
35

      
financial crisis (2008),
33–34
,
35

Prince, Chuck,
316
,
398

Proctor & Gamble stock buybacks,
457
,
460–461

Public Works Administration (PWA),
164–165

Rajaratnam, Raj,
502–503

Rand, Ayn,
13
,
321
,
325
,
338

Rand, James H.,
156–157

Rattner, Steve,
621
,
623
,
663

RCA and stock market,
355

Reagan, Ronald/economics

      
administration,
20

      
Chicago speech/plan,
71
,
72
,
73
,
91

      
defense budget,
70–73
,
80–84
,
85
,
100

      
defense buildup,
74–78
,
80
,
90
,
217

      
federal spending/deficits,
57
,
59
,
219
,
351
,
689

      
Greenspan and,
13
,
71
,
315

      
GSEs,
405
,
406

      
household net worth inequities,
68

      
legacy,
55

      
Merc and,
309–310

      
myths on,
51
,
57–59
,
62
,
65
,
67–69
,
87
,
89–90
,
99–103
,
348
,
417
,
674

      
“no recession” assumption,
92–95

      
Rosy Scenario errors,
91–95

      
Social Security reform plan and,
99–100
,
101–104

      
“starve the beast” myth,
87
,
99

      
supply-side vision and,
66–69

      
true legacy,
98
,
106–107
,
109

      
“unearned benefits” and,
100–101
,
102
,
103

      
See also
Reagan, Ronald/tax policy

Reagan, Ronald/tax policy

      
description,
89–91
,
451

      
inflation and,
88
,
92
,
93–95

      
Laffer curve and,
87–88

      
myths on,
89–90
,
91
,
95–99

      
origins,
87–89

      
Rosy Scenario errors,
91–95

      
tax bill/vote buying (1981),
95–97
,
98

      
tax increases,
97–98
,
99
,
103

      
“welfare state” taxes and,
103–105

      
See also
Reagan, Ronald/economics

Real estate development

      
insufficient demand,
547–548

      
See also
Hotel construction
;
Housing bubble (1990s–2000s)

Realogy Corporation,
514

Recommendations.
See
Solutions

Reconstruction Finance Corporation (RFC),
153
,
154
,
162

Regan, Don,
20
,
348

Reid, Harry,
594
,
595

Republican politicians

      
anti-tax doctrine origins,
87–89

      
“deficits don't matter,”
51
,
55
,
56
,
91
,
108
,
275
,
379
,
590
,
647
,
669

      
Keynesian boom with Reagan/Bush (George H. W.),
59–60

      
See also specific individuals

Reserve Prime Fund,
33

Reuters news service,
681

RFC (Reconstruction Finance Corporation),
153
,
154
,
162

R.H. Donnelley & Sons,
510–513

Ridgeway, Matthew,
216

Ritholtz, Barry,
476

RJR-Nabisco,
513

Romney, George,
559

Romney, Mitt/presidential campaign

      
blaming Obama for recession,
556–557

      
Bolton and,
554

      
capitalism misunderstanding,
555

      
false economic basis of,
570–571

      
Hubbard and,
555
,
556

      
national debt and,
552
,
675

      
overview,
551–557
,
559

      
Reagan rhetoric and,
557
,
558

      
Ryan budget and,
552–553
,
554
,
689

      
tax cuts and,
552

Romney, Mitt/wealth

      
Delphi and,
664

      
misunderstanding bubble finance,
557–558
,
559
,
570–571

      
See also
Bain Capital

Roosa bonds (US),
251

Roosevelt, Franklin D.

      
“bank holiday,”
150
,
158

      
banking crisis and,
138–139
,
150

      
Exchange Stabilization Fund (ESF),
188–189

      
gold price and,
161–162
,
187–189
,
190

      
gold standard,
139
,
140–142
,
149
,
157
,
158
,
161–162
,
189–190
,
192
,
194

      
Hoover and,
138
,
139
,
155–156

      
internationalist advisors,
192

      
London Economic Conference (1933) and,
139
,
144–145
,
187
,
190
,
191

      
miracle legend,
150

      
“monetary economics” and,
160–163

      
monetary policies (World War II),
131
,
196–197
,
199–204

      
panic responsibilities,
156–159

      
policies,
89

      
See also
Great Depression
;
New Deal

Roosevelt, Teddy,
317

Rostenkowski, Dan,
310

Rosy Scenario errors,
91–95

Rove, Karl,
50
,
446
,
536
,
673

Rubin, Robert,
21
,
332
,
399

Rumsfeld, Don

      
defense spending,
689
,
690

      
Ford administration,
305

Russell 2000 index,
654–657

Russian default (1998),
15
,
16
,
62
,
332–334

Ryan, Paul

      
auto industry bailout and,
620

      
blaming Obama for recession,
556–557

      
budget,
222
,
552–553
,
554
,
675
,
689

S&P futures contracts

      
during 2000s,
329–330
,
341
,
363–365
,
481

      
growth rate (1990s),
329
,
334

      
launch,
313

      
panic of October 1987,
314–315
,
318
,
320

      
portfolio insurance,
313
,
317–318

      
problems with,
305
,
313

Safire, Bill,
120

Salomon Brothers

      
in 1980s,
385–386
,
387–388

      
financial futures,
301–302
,
306–308

      
mergers,
398

      
“profitability,”
385–386

Salomon, William,
306

Samsung,
516
,
517

Samuelson, Paul,
174–175
,
595n

Sanders, Bernie,
19

Sarbanes-Oxley statements,
473
,
708

Savings/savers

      
Fed strategies' effects on,
496