Broken Bargain by Kathleen Day

Broken Bargain by Kathleen Day

Author:Kathleen Day
Language: eng
Format: epub
ISBN: 9780300223323
Publisher: Yale University Press

William McChesney Martin, the Fed chairman under Presidents Truman, Eisenhower, Kennedy, Johnson, and Nixon, famously said a central banker’s job was to “take away the punch bowl just when the party gets going.”31 Alan Greenspan, Fed chairman before and during the bubble, didn’t see his job that way.

Neither did lawmakers. In the housing boom of the 1990s, home prices went up because demand for housing and home renovations increased. In the 2000s, prices went up because people were investing in housing solely because prices were going up. The dog was chasing its own tail. Elected officials and regulators took no action, allowing too many people at too many corporations too much access to other people’s money with virtually no policing.


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