The Great Deformation (142 page)

      
household consumption/debt vs.,
371–373

Schlesinger, Arthur, Jr.,
150

Schlesinger, James,
600

Schultze, Charles,
132

Schwartz, Alan,
392

Schwarzman, Steve,
11

Schweiker, Richard/plan,
101–103

Seevers, Gary,
312

Shadow banking system,
375
,
376
,
478

Shale oil production,
522
,
694–695

Shearson and Co.,
306
,
398

Shelby, Richard,
621

Shiller, Robert,
428

Shultz, George

      
background,
121

      
floating currency and,
120
,
123
,
281
,
284
,
292

      
monetary advice to Nixon,
106
,
119
,
120
,
121
,
122
,
123
,
127
,
131
,
265

      
welfare state and,
219

Simon, Bill

      
Ford administration,
20
,
127
,
305

      
Melamed financial futures,
305
,
306

      
monetary beliefs,
20
,
127–128
,
129

Simon, Paul,
309

Six Day War,
252

Skilling, D. Van,
568

Smith, Adam,
160
,
191
,
274
,
317
,
416

Smith, Al,
141

Smith Barney,
388
,
398

Smithsonian Agreement (1971),
282–283

Smoot-Hawley tariff bill,
138
,
144
,
190

Snyder, John W.,
206–207

Social insurance

      
abolishing,
708–709

      
block-grant proposal and,
553

      
financial crisis aftermath,
590–591

      
future costs/problems,
686–688
,
692

      
means-testing and,
172
,
173
,
175
,
553
,
554
,
709

      
payroll tax,
173–174
,
175

      
Peak Debt and,
648

      
problems,
173–175
,
553
,
648
,
676–677
,
686–688

      
Reagan and,
103–105

      
Romney-Ryan and,
552
,
553–554

      
spending,
174
,
553

      
stimulus (after 2008 financial crisis),
591
,
593
,
594
,
595
,
611–612

      
See also specific types

Social Security

      
description/problems,
172–175

      
Greenspan/Reagan rescue plan,
98
,
99–100
,
101–104

      
New Deal origins,
172
,
174
,
175

      
Nixon's “double indexing” provision,
100–101
,
131
,
173

      
See also
Social insurance

Social Security Act (1935),
172

Société Générale,
7
,
10

Solutions

      
federal agencies to eliminate,
709

      
free market/state separation,
708–709

      
honest public finance and,
674–676

      
Keynesian doctrine and,
673
,
674
,
676–677

      
means-tested safety net,
709
,
710

      
Omnibus Amendment,
707–708

      
overview,
672–674

      
steps overview,
706–712

Solyndra,
600–602

Soviet Union

      
collapse/aftermath,
75
,
78
,
86

      
crop failure (1963–1964),
247

Sower, Mark,
482

Speculative finance

      
beginnings,
286–287
,
288–289

      
description,
289

      
futures markets beginnings,
286–288

      
hedging,
288
,
289
,
292

      
pork-belly markets,
286–287

      
See also
Financial futures

Sprague, Oliver,
198

Sprinkel, Beryl

      
background,
263
,
301

      
financial futures,
302

      
“monetarist cone,”
263

St. Germain, Freddie,
177–178

Stage Stores Inc.,
562–563
,
564

Staples,
563–564

“Starve the beast” myth,
87
,
99

Starwood Hotels and Resorts,
534

Steagall, Henry B.,
176
,
178

      
See also
Glass-Steagall

Stein, Herb,
123
,
219
,
311
,
315

Stemberg, Tom,
563

Stimulus (after 2008 financial crisis)

      
debt and,
589
,
593

      
description,
167
,
591–597

      
education,
593
,
594
,
595–596

      
electric vehicles/batteries development,
602–607

      
ERP (“Economic Recovery Payment”),
592–593

      
inequities,
591–592
,
593

      
legislation,
584

      
light rail,
610–611

      
Medicaid,
593
,
594

      
MWP (“Making Work Pay”),
591–593

      
needs and,
611–612

      
New Deal and,
139
,
140

      
payroll taxes and,
592
,
593
,
594

      
process,
588–589

      
project examples/funding amounts,
608–609

      
roads,
609–610

      
social insurance and,
591
,
593
,
594
,
595
,
611–612

      
Solyndra,
600–602

      
special interest groups and,
593–594
,
595–596

      
state/local funding vs. federal funding,
597

      
tax credits,
592

Stock buybacks

      
company examples,
456–458
,
459
,
460–470
,
472

      
company executive pay,
457–459
,
464–465

      
effects (summary),
470–471
,
478

      
Fortune top companies,
466–467

      
“prosperity” illusion with,
467
,
471

      
role/description,
455–456
,
457–458
,
478

      
“sunset” strategies and,
459
,
460

      
taxes and,
457–458
,
459–460
,
467

Stock market bubbles

      
ADC loans,
325

      
Bernanke ignoring,
449–450

      
capital gains changes,
590

      
company examples,
354–359
,
487–489

      
early 2000s downturn and,
373–374

      
following 1987 crash,
322
,
328–329

Greenspan bubbles (summary),
479

Greenspan/Federal Reserve and,
322–325
,
329–332
,
345–346
,
361–364
,
375
,
448–449
,
450–451

Greenspan ignoring,
330–332
,
335–336
,
337–338
,
340
,
358–360
,
449

      
household finances and,
361–364

      
mortgages,
324
,
376

      
NASDAQ index,
329–330
,
336
,
337
,
346
,
365
,
481

      
savings vs.,
337–338
,
359–360
,
361
,
362
,
363
,
364

Stock market crash (October 1987)

      
comparison to 2008 financial crisis,
577–578

      
description,
303
,
305
,
314–315
,
326
,
403

      
Greenspan and,
303
,
305
,
314–317
,
318
,
319
,
320–321
,
350

      
meaning of/ignoring,
318–321

Stock markets

      
bull market culture (1980s–2000),
343–344
,
349–353

      
crash (1929–1930),
137
,
146
,
150
,
344–345

      
“exit” transactions,
509

      
“free market” illusion (by 2007),
475–477

      
Japan's “zaitech” theory/effects,
210–211

      
margin (brokers') loans,
209–210

      
meltdown (2000–2001),
345–346
,
374
,
505
,
577–578

      
Panic of 1907,
366–367
,
700

      
“price discovery” and,
476
,
503

      
transformation to gambling (summary),
478–479