The Great Deformation (140 page)

      
financial crisis (2008) and,
27
,
28
,
30
,
35

Main Street economy.
See
Economy (US Main Street after financial crisis)

Mankiw, Greg,
50
,
557

Mao Zedong,
60

Marcus, Bernard,
152

Martin, William McChesney

      
background/description,
207
,
208
,
209
,
212

      
Federal Reserve and,
112
,
133
,
207–208
,
209
,
211–212

      
financial orthodoxy and,
195
,
207–208
,
209
,
210
,
211–212
,
213
,
231
,
246
,
248
,
249
,
299
,
303
,
330
,
478
,
497

      
Heller-Tobin proposal,
248

      
LBJ and,
112
,
214

      
New York Stock Exchange,
209

      
Nixon and,
112
,
231
,
260

      
stock market crash lessons,
209
,
210
,
211

Martinez, Mel,
32

Matusow, Allen,
127

McCabe, Thomas,
206

McColl, Hugh,
394

McCracken, Paul,
117

McKinley, William B.,
296

McMaster, Harold,
599

McNamara, Robert,
216

Mead Corporation,
564
,
565

Medicaid

      
beginnings,
697

      
costs,
697–698

      
See also
Social insurance

Medicare

      
beginnings,
174
,
697

      
costs,
697–698

      
payroll taxes and,
174

      
See also
Social insurance

Meese, Ed,
263
,
416

Melamed, Leo

      
background,
286–287
,
289
,
290

      
CFTC and,
305–306
,
308
,
309
,
311
,
312–313

      
congressional agriculture committees and,
308–309

      
currency futures,
290–293
,
294
,
295
,
297
,
298
,
299
,
301
,
302
,
303
,
305–306
,
308
,
309
,
310
,
311
,
314

      
Friedman and,
290
,
291
,
292
,
306

      
futures markets,
286–288
,
290–293
,
306

      
T-bill futures,
301–303

Mellon, Andrew,
88

Meriwether, John,
385–386
,
497
,
498

Merkin, Ezra,
40

Merrill Lynch

      
before financial crisis (2008),
384–385
,
539

      
financial crisis (2008),
7
,
24
,
26

      
financial futures/options exchange,
302

      
See also
Wall Street growth

MEW (mortgage equity withdrawal)

      
housing bubble (1990s–2000s),
427–430
,
537
,
555–556

      
housing market (after 2007),
583

      
Hubbard and,
555–556

Mexican peso crisis (1994),
15
,
21
,
319

Microsoft

      
stock buybacks,
457

      
stock market and,
357–358

Middle East wars

      
defense spending,
678
,
690
,
692–693

      
effects of,
678

      
George H.W. Bush and,
79

      
George W. Bush/unfunded wars,
50
,
55
,
79–80
,
205
,
214
,
217–218
,
693

      
Obama and,
678

      
Persian Gulf wars,
78–80

Miller, Bill (of Legg Mason),
394
,
419–420
,
656

Miller, William G.,
132
,
264
,
293

Mills, Ogden,
156

Minimum wage,
709

Mises, Ludwig von,
337

Mishkin, Fred,
377–378

Mobilized discount rate,
699–702
,
706

Moley, Raymond,
143
,
144

“Momo” (momentum) traders,
456

Mondale, Walter,
309–310

Monetarist cone,
263

      
Monetary History of the United States, A
(Friedman),
265
,
271

Morgan, J. P.,
366–367
,
543
,
700

Morgan Stanley

      
bailout,
46–50
,
443–444

      
banning short selling of stock,
48–49

      
before financial crisis (2008),
22–23
,
24
,
28–29
,
47
,
384–385

      
financial crisis/bailout (2008),
20
,
22
,
23
,
46–50
,
208–209

      
financial futures/options exchanges,
301–302

      
short sells and,
47–48

      
without bailout,
6
,
22
,
24–26
,
47

      
See also
Wall Street growth

Morgenthau, Henry, Jr.

      
background,
161
,
189

      
gold price,
161–162

      
monetary policies,
193–194
,
196
,
201–202

      
World War II financing,
196
,
201–202

Mortgage equity withdrawal.
See
MEW

Mozilo, Angelo,
419

Musk, Elon,
604
,
605
,
606
,
607

Muskie, Ed,
309–310

Nadar, Ralph,
405–406

New Deal

      
deficit spending myth,
163–164

      
description/effects,
51
,
52
,
137
,
139
,
140
,
189–191

      
early programs,
159
,
163

      
harm from (overview),
159–160
,
189–194

      
legacy (overview),
169–194

      
myths of,
163–164
,
166–168

      
NRA,
159–160

      
See also specific programs

“New economics”

      
effects (overview),
232–233

      
recognizing problems,
250

      
zenith of,
249–250

      
See also specific individuals

New York Times
,
120
,
207
,
555
,
664

Newsweek
,
117
,
174

Nikkei crash,
336–337

Nitze, Paul,
215

Nixon, Richard

      
deficit spending,
106
,
112–113
,
121–122
,
204

      
description/personality,
110
,
231
,
260

      
economy/statistics,
114–118

      
on Federal Reserve,
340

      
financial/economic policy changes (1971),
45
,
52
,
89
,
107
,
109
,
115
,
133–134
,
140–141

      
freeze/effects,
119–121
,
123
,
126

      
“full-employment budget,”
121–122
,
127
,
131

      
Glass-Steagall and,
176–177

      
gold standard end and,
45
,
52
,
56
,
60
,
89
,
107
,
109
,
110
,
115
,
120
,
121
,
133–134
,
141
,
145
,
195
,
248
,
258–259
,
559

      
inflation and,
115–116
,
119
,
121
,
125
,
126
,
176–177
,
177
,
178

      
international monetary matters and,
117

      
re-election priority of,
110
,
114–115
,
122
,
145
,
258–259

      
recession (1974),
125–126

      
Social Security and,
100–101
,
131
,
173

      
“special revenue sharing” reforms,
554

      
taxes,
87

      
trade deficit,
117–118

      
Weinberger and,
80

Nobel Prize for economics,
655–656

Nortel,
480

Obama, Barack

      
defense spending,
86
,
218

      
taxes and,
675

      
See also
Stimulus (after 2008 financial crisis)

Obamacare,
698
,
699
,
710

Olivetti,
570

O'Neill, Paul,
50

O'Neill, Tip,
309–310

Online sales,
651–652

Operation Twist (US),
251–252

Palmisano, Sam,
464

Paul, Ron,
19

Paulson, Hank

      
AIG,
6–7
,
9
,
12