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Days of Crony Capitalist Plunder

  • 5 days ago · 7:00 PM

Join the Boston Austrian Economics Group as we embark upon chapter three of the superb contemporary history "The Great Deformation: The Corruption of Capitalism in America" by David Stockman. The group will discuss the weekly reading and some study questions posted below.

The readings are not required to attend our meeting, and as always, anyone interested in economics is welcome. Fuji has plenty of free parking in the big garage and is accessible via the Orange Line "Assembly" stop. Please feel free to call Andrew at (917)[masked] with any questions.

READING: 

"The Great Deformation," Part 1, Chapter 3: Days of Crony Capitalist Plunder
View or download online: http://www.riosmauricio.com/wp-content/uploads/2013/07/The-Great-Deformation_David-A.-Stockman.pdf

STUDY QUESTIONS:

1. What was GE Capital doing that caused it to “need” a bailout? 

2. What did Secretary Paulson say was threatening GE? 

3. Explain how an ABCP works. 

4. How did the originator of a consumer loan benefit from selling it to an ABCP conduit? 

5. How were industrial companies who used commercial paper to fund working capital needs able to meet their commitments when they could not roll over the commercial paper? 

6. How did Milton Friedman contribute to the bailout of 2008? 

7. Who was the head of the FDIC and what did she think of the bailouts? 

8. Why was the bailout of Morgan Stanley unnecessary? What ultimately convinced Paulson to save it? 

9. How did Keynesianism provide academic cover for the bailout? 

10. How was Hank Paulson appointed treasury secretary? 

11. What is Stockman’s conclusion about the roots of the 2008 crisis?

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  • Catherine T.

    Questions:

    1. What was GE Capital doing that caused it to “need” a bailout?
    2. What did Secretary Paulson say was threatening GE?
    3. Explain how an ABCP works.
    4. How did the originator of a consumer loan benefit from selling it to an ABCP conduit?
    5. How were industrial companies who used commercial paper to fund working capital needs able to meet their commitments when they could not roll over the commercial paper?
    6. How did Milton Friedman contribute to the bailout of 2008?
    7. Who was the head of the FDIC and what did she think of the bailouts?
    8. Why was the bailout of Morgan Stanley unnecessary? What ultimately convinced Paulson to save it?
    9. How did Keynesianism provide academic cover for the bailout?
    10. How was Hank Paulson appointed treasury secretary?
    11. What is Stockman’s conclusion about the roots of the 2008 crisis?

    November 27

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