The Great Deformation (136 page)

Energy tax,
607–608

ESF (Exchange Stabilization Fund),
188–189

Eurodollar futures,
310
,
311
,
312

Exchange Stabilization Fund (ESF),
188–189

Experian,
567–568
,
570

Extended Stay America,
538
,
539
,
540
,
541–542
,
544
,
545
,
547

ExxonMobil

      
shale gas drilling companies and,
522

      
stock buybacks/strategy,
457
,
458
,
459
,
460

Fair Labor Standards Act (1938),
160

Fannie Mae.
See
Housing/Fannie Mae and Freddie Mac

Federal Open Market Committee (FOMC),
265
,
267
,
331
,
332–333
,
338
,
339
,
340
,
344
,
373
,
378

Federal Reserve

      
beginnings,
88
,
197

      
design,
176
,
208
,
209
,
268

      
monetary central planning beginnings,
285
,
289

      
purpose,
122
,
200–201
,
268

      
reforms needed,
707

      
Treasury Department relationship,
196
,
200
,
201
,
205–207

      
“wealth effects” doctrine,
13–15
,
20–21
,
26
,
211–212
,
366
,
374
,
380
,
393
,
428
,
463
,
467
,
477

      
World War II and,
199–200
,
201

      
See also specific individuals
;
Wall Street/Federal Reserve

Financial crisis (2008)

      
bank run and,
24–28
,
32–33

      
as “BlackBerry Panic of 2008,”
45

      
compared to meltdowns (1987/2000–2001),
577–578

      
denial before,
377–381

      
false depression call/comparison,
578–579
,
583–588
,
593
,
595
,
612

      
false panic of,
32–34
,
444–446
,
583–588

      
interest rates,
445
,
446
,
503

      
liquidation process,
25–26

      
“money” vanishing,
402–403

      
pre-crisis deficit,
589–591

      
stock markets following,
367–368

      
urban legends of,
32
,
39
,
45

      
See also
Housing bubble (1990s–2000s)

Financial crisis (2008) aftermath

      
factors breaking fall,
585–586

      
fear,
583–588

      
Great Depression comparison,
585
,
586

      
household finances,
368–369

      
PCE (personal consumption expenditure),
586

      
return to pre-crisis conditions,
629–630

      
service vs. manufacturing economy effects,
585–588

      
social insurance,
590–591

Financial crisis (2008) bailout

      
amounts,
7
,
49

      
auto loan business example,
444

      
“contagion risk” and,
5
,
6
,
8–9
,
10
,
12
,
19
,
26
,
27–28
,
32–33
,
43–44
,
399

      
dissenters,
19

      
effects,
10
,
11
,
12
,
19
,
25
,
37

      
effects without,
19–20
,
24–26
,
32
,
42

      
Fed scaring Congress,
8
,
9
,
10
,
32
,
33–34
,
38
,
45–46

      
free-market capitalism vs.,
12–13
,
21

      
investigations into,
7
,
33

      
lack of analysis,
44

      
lack of debt reduction,
629

      
New Deal legend and,
167

      
purpose,
42

      
TARP bill/vote,
3
,
32
,
33–34
,
45
,
49
,
55
,
57

      
See also specific companies
;
specific individuals

Financial crisis of future

      
description,
669–671

      
free market capitalism and,
671

Financial futures

      
cash settlements and,
311–313

      
Eurodollar futures,
310
,
311
,
312

      
Federal Reserve moves and,
302–303

      
gambling regulation and,
311–312

      
physical delivery and,
310–311
,
312–313

      
signals from,
302–303

      
volatility,
304–305

      
See also
Chicago “Merc” (CME)
;
Melamed, Leo

Fink, Larry,
441
,
442
,
668

First Data Corporation LBO,
518–519
,
530–531

First Solar

      
history,
599–600

      
Solyndra vs.,
600
,
602

Fiscal cliff

      
defense spending and,
680
,
681
,
692–693

      
Keynesian doctrine and,
679–683
,
690–691

      
as new normal,
682–686
,
690–693

      
significance,
668–669

      
social insurance,
686–688
,
692

      
tax cuts and,
680
,
681

      
Wall Street and,
668
,
679
,
680
,
681
,
691

Fisher, Irving

      
monetary policies,
183
,
186–187
,
188
,
190–191
,
193

      
Thomas Amendment and,
183
,
186–187
,
188

Fisker Automotive

      
federal funding,
602
,
606–607

      
history/cars,
602–604

Fisker, Henrik,
603
,
604

“Fixed rule” monetary theory,
261–262
,
263
,
265
,
266
,
338

Floating currencies

      
adoption/description,
284

      
commodity price inflation examples,
124
,
125

      
global inflation,
124–126
,
133

      
gold standard end effects,
56
,
60
,
109–111
,
124–126
,
133–135
,
176–177
,
231

      
instability,
289
,
296–297
,
300–301

      
state central banks and,
109–110

      
US supporters of,
120
,
123
,
142
,
196
,
234
,
264

FOMC (Federal Open Market Committee),
265
,
267
,
331
,
332–333
,
338
,
339
,
340
,
344
,
373
,
378

Food stamp program

      
description/problems,
181–182

      
growth,
650

      
See also
Social insurance

Forbes
,
422

Ford auto company,
572

Ford, Edsel,
155

Ford, Gerald

      
administration,
304
,
305

      
New York City request for federal money,
129

      
Simon and,
20
,
127

      
spending/taxes,
87
,
126–127
,
130–131

Ford, Henry,
155

“Fracking” and Wall Street,
522–523

Freddie Mac.
See
Housing/Fannie Mae and Freddie Mac

Freescale Semiconductor Inc.,
514
,
516–518

Friedman, Milton

      
background,
119

      
beliefs/doctrines,
43
,
142
,
172–173
,
183
,
186
,
196
,
206
,
234
,
261–262
,
264–265
,
285
,
495

      
Big government legacy,
272–273

      
financial futures,
310
,
311

      
“fixed rule” monetary theory,
261–262
,
263
,
265
,
266
,
338

      
floating currency and,
14
,
142
,
196
,
234
,
260
,
264
,
273
,
274
,
284
,
285
,
288
,
295
,
302
,
312

      
Great Depression theories,
42
,
184
,
186
,
243
,
268
,
269–272
,
277

      
Nixon and,
260
,
274

      
open market operations,
267–269

      
social insurance,
553

      
Wall Street speculation and,
265–267
,
278
,
284