book zf ai/iire oJ Cii/？ita/ism.Data showing that in 2005and 2006more subprime mortgage loans were made to middle and upper income borrowers than to lower and moderate income borrowers are from page 71oY Civil Rights and the Mortgage C’risis，published by the U.S.Commission on Civil Rights in 2009.The fact that the dollar volume of subprime loans made to more affluent borrowers was nearly double that of less affluent borrowers is from page 72of the same publication.The fact that other institutions purchased more subprime loans than Fannie Mae and Freddie Mac is shown on pages 102and 103of Clvil Rights and the Mortgage Crisis.Professor Lawrence J.White’s remarks about the protected status of Moody’s，Fitch，and Standard 8c Poor’s are from page 2of the January 2005Financial Sen？es Outlook，published by the American Enterprise Institute.The proposition that regulators did not have evidence of potential problems in the housing market in 2005was discussed on page 154o？Financial Sho？t ，by Mark Zandi.The conclusion that the full extent of the housing market collapse cannot be determined until some time after the housing market bottoms out was on page 160of an article titled “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in Critical Review，Vol.21，combined numbers 2and 3（2009）.Disagreements among experts as to the value of “toxic”assets，including Treasury secretary Timothy Geithner’s claim that many banks believe their assets to be more valuable than they really are，were noted on pages 160and 161of the same article.Barney Frank’s proposed legislation to further increase the FHAs loan limits was reported on page B6of the November 20，2009issue of the /Veui Work Z"imri，in an article tided “F.H.A.Extends Easy Loans to Wealthier Areas，”which began on page A1.The fact that a 1.4percent decline in home prices beginning in 2006led to a wave of foreclosures was noted on page 23of Meltdown，by Thomas E.Woods，Jr.The fact that about 23percent of American homeowners owe more on their mortgages than their properties are worth was reported on the front page of the November 24，2009issue of the Wall Street journal，under the headline “1in 4Borrowers Under Water.”The fact that about 588，000borrowers defaulted on their mortgages in 2008，even though they could afford the payments，was reported on the same page.The factunder the titleUpturn in Housing May Be Reversing.”That lending money to home buyers had been a highly profitable and low risk endeavor for banks for nearly a century was stated on page 1o？Financial Shocli by Mark Zandi.The comment from the official at Standard 8c Poor"s about the historic stability of the mortgage market is quoted from page 171of an article titled “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in Critical Review？，Vol.21，combined numbers 2and 3（2009）.The billion dollar losses suffered by executives at Lehman Brothers and at Bear Steams as a result of receiving compensation in the form of their banks’stock，which became devalued due to the .banks’subprime investments，were noted on page 150of that same article.The account of Lehman Brothers CEO Richard Fuld being “raked over the coals”in Congressional hearings is from page B6of the July 31，2009issue of the /Veui Worn Z’imei，in a story beginning on page B1under the headline “It May Be Outrageous，but Wall Street Pay Didn’t Cause This Crisis.“The angry e-mails that were sent to Moody’s after it downgraded some of its ratings on subprime investment vehicles were discussed on page 136of an article tided “A Crisis of Politics，Not Economics：Complexity，Ignorance，and Policy Failure”in the journal Critical Review，Yol.21，combined numbers 2and 3（2009）.Adam Smith"s remarks about politicians can be found on page 435of his T’3e fFeii/tb nJ/Vnituiis，Modern Library edition.The quote from the Soviet economists about the interconnected nature of prices is from page 172of Z’6e Turning Point，by Nikolai Shmelev and Vladimir Popov.Hillary Clinton’s calls for a tripling of the number of Section 8housing vouchers and more public housing were reported on page BE of the October 31，2000issue of the New York Times，under the tide “Lazio Sought to Make a Legislative Mark in Housing.”Senator Hillary Clinton’s proposal to assist homeowners facin.g foreclosure was reported in an article from the August 18，2007/Veu？Purt Z’imei on the Web，under the headline “Waking Up to the Real Estate Nightmare.”That a higher share of homeowners than renters had housing costs exceeding 50percent of household income in 2006was shown on page 28of 7’3e State ofthe 1"？Iation’s Housing 2008，published by the Joint Center for Housing Studies of Harvard University in 2008.Information about policy changesthat more than 14percent of FHA-insured loans were at least one month past due in the third quarter of 2009was reported on page B6of the November 20，2009issue of the her Yoni Times，in an article beginning on page B1with the headline “Mortgage Delinquencies Soar.”The fact that one in four people with mortgages in Florida is behind in payments is from page B6of the same article.The declining capital reserves of the FHA were reported on page A6of the November 13，2009issue of the Wall Street Journal under the headline “Housing Agency Reserves Fall Far Below Minimum.”The decline in the F？IC’s deposit-insurance fund was reported on page A2of the September 30，2009issue of the Wall Street Journal，’in an article titled “Bank-Bailout Fund Faces Years in Red as Failures Jolt System.”The fact that the FDIC’s deposit-insurance fund had fallen to below one-fifth of its statutory minimum is from page 89of the September 26，2009issue of The Economist，in an article tided “Fiscal Iceberg.“The fact that the FDIC in 2009planned to raise 145billion by requiring banks to prepay their deposit premiums through 2012was reported on page A2of tire September 30，2009issue of the Wall Street Journal，in an article titled “Bank-Bailout Fund Faces Years in Red as Failures Jolt System，"and also on page 8of the Business section of the November 13，2009issue of the Boston Globe，in an article titled “Banks to Prepay $45B for Insurance Fees.”That a disproportionate share of the banks that failed during the Great Depression of the 1930s were in states with laws against branch banking was noted on pages 31，55，and 58oY FDRi Folly written by Jim Powell，while the statement that about 90percent of these unit banks failed during the Great Depression can be found on the same pages.The fact that Canada experienced no bank failures during the Great Depression is from page 352o？z1Monetary H’istory ofthe United States.-1867-1960，written by Milton Friedman and Anna Jacobson Schwartz.Information about the differences between banks in Canada and the United States is from page A17of the May 7，2009issue of the Wall Street Journal，under the headline “Regulation Didn’t Save Canada’s Banks.”The decline in GDP for the first quarter of 2009in the United States is noted on page B3of the May 30，2009issue of the INer Yorli Times，in an article tided “Revising Report，U.S.Says 1st Q_uarter Washome buyers in Tucson relied on 100percent financing to purchase a home in 2005was reported on page D2of the December 22，2005issue of the Wall Street formal，in an article beginning on page D1under the headline "Housing Affordability Hits 14-Year Low.”The Republican proposal of granting “government-backed，40/o fixed mortgages“to credit-worthy borrowers was mentioned on page A13of the February5，2009issue of the Wall StreetJournal，under the headline “The GOP Has a Dumb Mortgage Idea.”Congressman Barney Frank’s reference to Franklin D.Roosevelt is quoted from page A3of the October 15，2008issue of the hell SfrretJonriiiz/，in an article titled “Democrats Mull 1300Billion Stimulus.”The claim that the New Deal ”wasn’t stimulative enough”is from the front page of the February 11，2009issue of the Los lngeles Times，under the headline “A Time for Boldness Beyond the New Deal.”Data showing that the annual unemployment rate exceeded 20percent in the united States from 1932through 1935is shown on page 126of Part 1of Hétori？al Statelier ofthe UnitedStates.-Colonial Times to 1970，a publication of the U.S.Bureau of the Census published in 1975.Ways in which Franklin D.Roosevelt"s New Deal policies were a further extension of the approach used by his predecessor，Herbert Hoover，are discussed on pages 148and 149of The For.gotten Man written by Amity Shlaes and in Chapter 3of JD ？ts folly by Jim Powell.Walter Lippmann’s remark that Roosevelt’s New Deal was a ”continuous evolution”of Hoover’s measures is from page 757o？z1Hétory of the American Peof？le，written by Paul Johnson.President Hoover’s recognition that his interventions iii the economy were unprecedented is from page 29of The Memoirs of Herbert Hoover.-The treat Def？ression，1929-1941.Data on page 77of Out oJtion by Richard Vedder and Lowell Gallaway show that the unemployment rate never fell below 20percent during the first 21months of FDR’s administration.Walter Lippmann’s comments about how maintaining pre-depression prices and wages during a depression leads to unsold goods and unemployed workers are quoted from page 92of FDR’s Folly，by Jim Powell.Information about unemployment rates in the wake of the October 1929stock market crash and after the signing of the Smoot-Hawley tariffs are from page 77of Out of Work by Richard Vedder and Lowell Gallaway.That FDR issuedremained low throughout the Great Depression is from page 161of the same book.The statement that lending by banks during the 1930s was at about hat：I the level of the 1920s is from page BE of the January 27，2009issue of the her York Times，from an article beginning on page B1under the headline “Something to Fear，After All.”The fact that the unemployment rate never feh below the double-digit level for any year during FDR’s first two terms in office is shown on page 77of Out oJlForéby Richard Vedder and Lowell Gallaway.The study which concluded that the New Deal policies prevented a normal recovery in the economy and prolonged the Great Depression was published in the August 2004issue of the /oiimiz/oJPo/ifirii/Economy，“in an article titled “New Deal Policies and the Persistence of the Great Depression：A General Equilibrium Analysis.”Unemployment rates in the United States for the years 1937，1940，1941，1942，and 1943to 1945are shown on page 126of Part 1of Historical Statistics of the United States.-Colonial Times to 1970，a publication of the U.S.Bureau of the Census published in 1975.The federal deficit for the years 1936and 1940can be found on page 1105of Part 2of the same publication.FDR’s discussion of “Dr.New Deal”and “Dr.Win-the-War”can be found on pages 569to 571of The Public Paf？ers andAddresses ofFranlilin D.Roosevelt.-1943Volume，published by Harper 8c Brothers.The fact that FDR enlisted the leadership of individuals from the business and financial sectors when mobilizing the United States for World War II is discussed on pages 22，23，and 24of Def？ression，War，and Cold War.-Challenging the Myths of Confiict and Prosf？erity by Robert Higgs.The decline in the velocity of the circulation of money during the Great Depression was discussed on pages 301to 303o？A Monetary History ofthe United States.-1867——1960by Milton Friedman and Anna Jacobson Schwartz.Media criticisms of President Ronald Reagan for not intervening in the economy in the aftermath of the stock market crash of October 1987can be found on page A35of the October 22，1987issue of the her York Times，under the headline “Abroad at Home：It’s Morning Again”；on page A2of the October 29，1987issue of the Washington Post，in an article titled “Fiddling While Wall St.Burns”；and section 4，page 27of the November 22，1987issue of the her York Times，in a column titled“Banking and Finance in the Twentieth Century，”written by Eugene N.White and published in T’Zie Cambridge Economic History of the United States，Volume 3.-The Z’uieiifiet3Century，edited by Stanley L.Engerman and Robert E.Gallman.The comments from J.A.Schumpeter on non-intervention in an economy during a downturn are from page 110of his essay “Depressions：Can We Learn from Past Experience？”in Essays of ]M .Scliumj？eter，edited by Richard V.Clemence.Karl Marx’s remark about ”crackbrained meddling by the authorities”is from his letter to Friedrich Engels dated February 3，1851and reprinted on page 275of Volume 38of their Collected Work in the edition published in Moscow in 1982.The advertisement signed by hundreds of economists in January 2009stating that increased government spending had not succeeded in pulling the United States out of the Great Depression and would not succeed in alleviating the current economic crisis appeared on page All of the January 28，2009issue of the 7/eu？Peru Z"imei，under the headline，”With all due respect Mr.President，that is not true.”The comments of Alan Reynolds about the severity of recessions after the creation of the Federal Reserve appeared on page Al3of the August 21，2009issue of the hell St：reet journalunder the headline “Big Government，Big Recession.”Walter Lippmann’s comments about the goals of the New Deal were quoted on page xv of FDRs Folly by Jim Powell.That many of the decision makers of the New Deal administration were advocates of government intervention and in favor of restructuring the economy，even before the stock market crash of 1929and the Great Depression，is discussed on pages 3，10，and 15o？FDRs Folly by Jim Powell，and also pages 53to 56and 64to 69o？The Forgotten Man by Amity Shlaes.Professor Alan Blinder’s comments on the stimulus bill of 2009are from page A13of the February 4，2009issue of the Wall Street journal，under the headline “My Economic Wish List.”The fact that the Obama administration’s pay czar increased the base salaries of some of the employees under his review is from page C1of the October 28，2009issue of the Wall Street journal，in an article tided ”Pay Czar Increased Base Pay at Firms.”Rahm Emanuel’s remarks about crisis as an opportunity not to be ‘wasted”were quoted on page 25of the February 1，2009statement that most economists believe the current recession will end before much of the stimulus spending takes hold is quoted from page A17of the September 1，2009issue of the Wall Street journal under the tide “What Happened to the ‘Depression"？”Paul Johnson’s quote can be found on page 138of 7"6e Quotable Paul Jettison edited by George J.Marlin，et at.
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