The Great Deformation (143 page)

      
See also specific events
;
Wall Street companies

Stockman, David

      
Blackstone,
11
,
512
,
516
,
560

      
Collins & Aikman,
572–576
,
660–661

      
indictment/dropped charges,
571
,
573–574

      
Reagan administration,
73
,
94
,
100
,
107
,
263
,
405
,
416
,
588
,
690

      
Salomon Brothers,
385
,
387

Stone, James,
310

Strong, Benjamin,
208
,
700–701

Subprime mortgages.
See
Housing bubble (1990s–2000s) and subprime mortgages

Suez Canal closing,
252

Summers, Larry

      
financial crisis/bailout (2008),
399

      
junk bonds,
526

      
stimulus,
139
,
167
,
592
,
594

SunAmerica,
9

Taft, Robert,
689

TARP (Troubled Asset Relief Program) bill/vote,
3
,
32
,
33–34
,
45
,
49
,
55
,
57

Tax Reform Act (1986),
451

Taylor, Maxwell,
216

Taylor rule,
63

TBTF.
See
“Too Big to Fail” (TBTF)

Technology boom

      
examples/description,
354–358
,
451–453

      
impacts and,
325–326
,
328

      
peak,
329

      
tax rates,
451–453

Telecom companies and stock market,
356

Telser, Lester G.,
163–164

Tennessee Valley Authority (TVA),
159

Tesla Motors

      
federal funding,
604
,
605
,
606–607

      
stimulus,
602

      
stock prices,
605–606

Thomas Amendment

      
AAA and,
160

      
ESF,
189

      
Fisher and,
183
,
186–187
,
188

      
gold standard and,
140
,
141
,
186
,
187–188
,
190
,
193

      
money printing and,
184
,
185–186

      
options description/problems,
184–188
,
193

Thomas, Elmer,
183
,
185
,
187

Tillerson, Rex,
458
,
459

Time
magazine,
249
,
250

Time Warner Inc

      
AOL merger,
465
,
466

      
M&A deals,
457
,
465–466

      
stock buybacks,
457

      
stock prices,
465–466

Tobin, James,
247–248

“Too Big to Fail” (TBTF)

      
“contagion” and,
13

      
financial crisis (2008) and,
3

      
LBOs and,
526

      
panic of 1987

      
and,
315–316
,
319

      
post-LTCM Federal Reserve actions,
334–335

      
solution to,
13

      
Wall Street mergers,
397

Tower, John,
71
,
72
,
73

Toxic assets

      
description,
22

      
investment banks,
22–23

Toys R Us Inc.,
514
,
515–516

TPG,
523
,
529

Trade credit,
661

Trade deficit

      
Nixon and,
117–118

      
US 1991–2000,
61

Travelers,
388
,
398

Traylor, Melvin,
156

Treasury bill futures

      
“interest rate futures,”
306

      
Melamed and,
301–306

Treasury bill standard

      
beginnings,
276–278

      
British consol comparison,
382–383

      
effects,
375

      
Friedman and,
273
,
277–278

Triumph of Politics, The
(Stockman),
107

Troubled Asset Relief Program (TARP) bill/vote,
3
,
32
,
33–34
,
45
,
49
,
55
,
57

Truman, Harry

      
budget/taxes and,
84
,
96
,
214–215
,
216
,
220
,
221–222
,
231

      
financing Korean War,
195
,
204–205
,
232

      
monetary policy,
206–207

Tugwell, Rexford,
155
,
156–157

TXU Corporation

      
background,
520

      
LBO,
518–519
,
520–522
,
523

Tyco,
483–484

Unemployment rate

      
future and,
687–688

      
Nixon presidency,
113

      
See also
Jobs market

Velvet Revolution (1988),
75
,
78

Verizon M&A deals,
524

Veterans bonus payment (1936),
163–164

Vietnam War

      
conventional forces and,
76
,
216

      
deficit spending,
205
,
217
,
247
,
256
,
257
,
258

      
unemployment rates,
228

Volcker, Paul

      
Federal Reserve term,
207

      
firing of,
111
,
266
,
348

      
gold standard and,
282
,
283–284

      
inflation and,
88
,
92
,
94
,
95
,
105
,
111
,
112
,
132–133
,
263–264
,
266
,
293
,
313
,
346–347
,
348
,
383
,
404

      
monetarist cone and,
263
1981–1982,
584

      
reappointment,
264

      
speculators and,
332

Wachovia Bank

      
Extended Stay America financing,
539
,
540
,
541
,
542

      
financial crisis (2008) and,
544–545

      
as mega-bank,
393
,
399

Wagner Act (1935),
159
,
160

Wal-Mart

      
effects on other stores,
514
,
515
,
562
,
564

      
Main Street America and,
649–650

Wall Street companies

      
accounting changes,
472–474

      
financial crisis/main street banks vs.,
27–32
,
35

      
financial futures beginnings,
301–303

      
fiscal cliff and,
668
,
679
,
680
,
681
,
691

      
“gambling” continuation after 2008,
542–545
,
546–547

      
“investment” illusion,
485–486

      
“operating earnings”/“earning ex-items,”
472–474

      
prime brokerage operations,
493–494

      
trading/clearing function,
493

      
See also
Stock markets
;
specific companies
;
specific individuals

Wall Street/Federal Reserve

      
August 2007 to 2008 financial crisis,
475–477

      
bond dealers and,
321–323

      
changes needed,
672

      
Fed as hostage,
338–340
,
375–376
,
475
,
477–479
,
500

      
Fed assumption of control,
338–340

      
loss of checks/balances (summary),
477–479

      
monetizing government debt,
322

      
See also
Stock market bubbles
;
specific events

Wall Street growth

      
bond market,
382
,
383–384
,
385–387

      
Federal Reserve ignoring problems,
393–394
,
398–399
,
400
,
401–403

      
interest rates,
384
,
385

      
“investment banking” houses (overview),
384–387

      
junk assets,
391–393
,
400
,
401–402
,
403

      
LTCM bailout and,
390–392

      
M&A deals,
456
,
462

      
mega-banks/mergers,
393–399

      
mergers false claims,
394–397
,
462
,
511

      
See also specific companies

Wall Street Journal
,
307
,
561

Wallace, Henry,
155

Walton family,
599
,
600

Wanniski, Jude,
88

Warburg, James,
143

Warren, George F.,
161
,
162

Warsh, Kevin,
378–379

Washington Mutual,
27

“Wealth effects” doctrine

      
Federal Reserve,
13–15
,
20–21
,
26
,
211–212
,
366
,
374
,
380
,
393
,
428
,
463
,
467
,
477