Endnotes for Rooked, by Paul Rancatore

Introduction

“over-leveraged financial system”: Kenton, Will. “Overleveraged.” Investopedia, updated April 10, 2020. https://www.investopedia.com/terms/o/overleveraged.asp

“Entrepreneurial Capitalism”: “Entrepreneurial Capitalism.” Global Entrepreneurship Institute, accessed April 18, 2020. https://news.gcase.org/entrepreneurial-capitalism

Chapter One

“Venezuela’s horrible state”: Worstall, Tim. “Venezuela’s Starving People Are Now Eating the Zoo Animals—the Parisians Had the German Excuse.” Forbes, August 17, 2017. https://www.forbes.com/sites/timworstall/2017/08/17/venezuelas-starving-people-are-now-eating-the-zoo-animals-the-parisians-had-the-german-excuse/#3d9f6501d2cc

“over $22 trillion”: U.S. Department of the Treasury, Bureau of Fiscal Services. “Total Public Debt Outstanding as of July 31, 2018.” Debt Position and Activity Report, TreasuryDirect.gov, accessed April 27, 2020. https://www.treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_0718.pdf

“high as $211 trillion”: Mauldin, John. “Your Pension Is a Lie: There’s $210 Trillion of Liabilities Our Government Can’t Fulfill.” Forbes, October 10, 2017. https://www.forbes.com/sites/johnmauldin/2017/10/10/your-pension-is-a-lie-theres-210-trillion-of-liabilities-our-government-cant-fulfill/#721f6f6865b1

“our nation’s history”: U.S. Department of Agriculture, Food and Nutrition Service. “Supplemental Nutrition Assistance Program Participation and Costs: Data as of April 10, 2020.” Accessed April 27, 2020. https://fns-prod.azureedge.net/sites/default/files/resource-files/SNAPsummary-4.pdf

“Federal Reserve (the ‘Fed’) was printing money”: Domitrovic, Brian. “QE Was a Failure.” Forbes, May 1, 2019. https://www.forbes.com/sites/briandomitrovic/2019/05/01/qe-was-a-failure/#2c989f2d518a

“quantitative easing”: Hall, Marty. “Who Prints Money in the U.S.?” Investopedia, updated April 5, 2020. https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp

“subprime class of debtors”: Chen, James. “Subprime Loan.” Investopedia, updated September 18, 2019. https://www.investopedia.com/terms/s/subprimeloan.asp

“Community Reinvestment Act (CRA)”: “Community Reinvestment Act.” Federal Financial Institutions Examination Council, last modified December 31, 2019. https://www.ffiec.gov/cra/

“Clinton Administration ‘interpreted’”: Cushman, John, Jr. “Clinton Proposes Tough New Rules on Bias by Banks.” New York Times, December 9, 1993. https://www.nytimes.com/1993/12/09/business/clinton-proposes-tough-new-rules-on-bias-by-banks.html

“so-called ‘NINJA’ loans”: Kagan, Julia. “NINJA Loan.” Investopedia, updated February 21, 2020. https://www.investopedia.com/terms/n/ninja-loan.asp

“lenders repackaged (or ‘securitized’)”: “What Role Did Securitization Play in the U.S. Subprime Mortgage Crisis?” Investopedia, updated July 15, 2019. https://www.investopedia.com/ask/answers/041515/what-role-did-securitization-play-us-subprime-mortgage-crisis.asp

“holders had been duped”: Hall, Kevin. “How Moody’s Sold Its Ratings—and Sold Out Investors.” Politics and Government, McClatchy Newspapers, June 16, 2015. https://www.mcclatchydc.com/news/politics-government/article24559855.html

“five-trillion dollars”: Frame, W. Scott, Andreas Fuster, Joseph Tracy, and James Vickery. “The Rescue of Fannie Mae and Freddie Mac.” Federal Reserve Bank of New York Staff Reports, no. 719, March 2015. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr719.pdf

“does not exist”: Carroll, Lauren. “Bill Clinton: Glass-Steagall Repeal Had Nothing to Do with Financial Crisis.” Politifact, August 19, 2015. https://www.politifact.com/factchecks/2015/aug/19/bill-clinton/bill-clinton-glass-steagall-had-nothing-do-financi/

“Gramm-Leach-Bliley Act”: Mahon, Joe. “Financial Services Modernization Act of 1999, Commonly Called Gramm-Leach-Bliley.” Federal Reserve History, November 12, 1999. https://www.federalreservehistory.org/essays/gramm_leach_bliley_act

“the primary lender”: “Structure of the Federal Reserve System.” Board of Governors of the Federal Reserve System, last updated March 3, 2017. https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm

“Consolidation under the Dodd-Frank”: Nichols, Rob. “Yes, Community Banks Are Struggling Under Dodd-Frank.” The Agenda, Politico, September 6, 2016. https://www.politico.com/agenda/story/2016/09/community-banks-dodd-frank-000197/

“resulting in a mild recession”: Joshi, Pradnya. “Shocks, Recession and 9/11: When the Fed Intervenes.” New York Times, March 14, 2017. https://www.nytimes.com/2017/03/14/business/economy/fed-interest-rate-changes.html

“the ‘false economy’”: Bliss, Shepherd. “The False U.S. Economy.” Counterpunch, January 21, 2008. https://www.counterpunch.org/2008/01/21/the-false-u-s-economy/

“‘deleveraging’—a kind word”: Dodd, Randall, and Paul Mills. “Outbreak: U.S. Subprime Contagion.” Finance and Development 45, no. 2 (June 2008). https://www.imf.org/external/pubs/ft/fandd/2008/06/dodd.htm

“‘Naked’ speculation and short-selling”: Anderson, Jenny. “S.E.C. Unveils Measures to Limit Short-Selling.” New York Times, July 16, 2008. https://www.nytimes.com/2008/07/16/business/16short.html

“mark-to-market accounting method”: Kwak, James. “The Mark-to-Market Myth.” Seeking Alpha, April 3, 2009. https://seekingalpha.com/article/129300-the-mark-to-market-myth

“simply no market”: Wiltermuth, Joy. “Mortgage Bonds at Heart of Crisis Dwindle in Supply as New Breeds Take Root.” MarketWatch, July 2, 2019. https://www.marketwatch.com/story/mortgage-bonds-at-heart-of-crisis-dwindle-in-supply-as-new-breeds-take-root-2019-07-02

“Opportunistic rivals were”: Collins, Mike. “The Big Bank Bailout.” Forbes, July 14, 2015. https://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/#3a8fd8872d83

Chapter Two

“A quasi-governmental agency”: Alford, Rob. “What Are the Origins of Freddie Mac and Fannie Mae?” History News Network, Columbian College of Arts & Sciences, George Washington University, 2003. https://historynewsnetwork.org/article/1849

“In 1968, President Johnson”: Ibid.

“government-sponsored enterprise (GSE)”: Segal, Troy. “Government-Sponsored Enterprise—GSE Definition.” Investopedia, updated April 30, 2019. https://www.investopedia.com/terms/g/gse.asp

“Most CEOs and executives”: Brannon, Ike. “Fannie Mae and Freddie Mac Exemplify the Horrors of Crony Capitalism.” Forbes, November 22, 2013. https://www.forbes.com/sites/realspin/2013/11/22/fannie-mae-and-freddie-mac-exemplify-the-horrors-of-crony-capitalism/#767bd3f57333

“the Enron scandal”: Segal, Troy. “Enron Scandal: The Fall of a Wall Street Darling.” Investopedia, updated May 29, 2019. https://www.investopedia.com/updates/enron-scandal-summary/

“over $400 million in fines”: Peters, Jeremy. “Fannie Mae to Pay $400 Million in Fines.” New York Times, May 23, 2006. https://www.nytimes.com/2006/05/23/business/23cnd-fannie.html

“Freddie Mac was fined $3.8 million”: “FEC Collects Its Largest Penalty in Corporate Activity Case.” Wiley Newsletter, May 2006. https://www.wiley.law/newsletter-1029

“set up ‘Partnership Offices’”: Creswell, Julie. “Protected by Washington, Companies Ballooned.” New York Times, July 13, 2008. https://www.nytimes.com/2008/07/13/business/13lend.html

“Some members of Congress”: Prior, Jon. “Investigation Reveals Countrywide VIP Program Scope and Influence.” HousingWire, July 5, 2012. https://www.housingwire.com/articles/investigation-reveals-countrywide-vip-program-scope-and-influence/

“Congress established an oversight”: Walker, David. “Government Sponsored Enterprises: A Framework for Strengthening GSE Governance and Oversight.” Testimony Before the Committee on Banking, Housing and Urban Affairs, U.S. Senate. United States General Accounting Office, February 10, 2004. https://www.gao.gov/assets/120/110575.pdf

“from 1998 to 2004”: McLean, Bethany. “Fannie Mae’s Last Stand.” Vanity Fair Hive, December 30, 2008. https://www.vanityfair.com/news/2009/02/fannie-and-freddie200902-2

“On September 7, 2008”: Ellis, David. “U.S. Seizes Fannie and Freddie.” CNNMoney.com, September 7, 2008. https://money.cnn.com/2008/09/07/news/companies/fannie_freddie/

Chapter Three

“CRA was drafted”: Berry, Michael, and Jessie Romero. “Community Reinvestment Act of 1977: President Jimmy Carter Signed the Community Reinvestment Act on October 12, 1977.” Federal Reserve History, October 12, 1977. https://www.federalreservehistory.org/essays/community_reinvestment_act

“practice known as redlining”: Ibid.

“Association of Community Organizations”: ACORN, Association of Community Organizations for Reform Now (website), accessed April 20, 2020. https://www.acorn.org

“Neighborhood Assistance Corporation”: NACA, Neighborhood Assistance Corporation of America (website), accessed April 20, 2020. https://www.naca.com

“CRA was amended”: Laderman, Liz. “Has the CRA Increased Lending for Low-Income Home Purchases?” FRBSF Economic Letter, Federal Reserve Bank of San Francisco, June 25, 2004. https://www.frbsf.org/economic-research/publications/economic-letter/2004/june/has-the-cra-increased-lending-for-low-income-home-purchases/

“altering the CRA evaluation process”: Ibid.

“Clinton Administration’s ‘dictate’”: Carney, John. “Here’s How the Community Reinvestment Act Led to the Housing Bubble’s Lax Lending.” Business Insider, June 27, 2009. https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6

“If banks failed”: “Revisiting the CRA: Perspectives on the Future of the Community Reinvestment Act.” Joint Publication of the Federal Reserve Banks of Boston and San Francisco, February 2009. https://www.frbsf.org/community-development/files/revisiting_cra.pdf

“Owing to its efforts”: Morgenson, Gretchen, and Eric Dash. “Bank May Buy Troubled Giant in Home Loans.” New York Times, January 11, 2008. https://www.nytimes.com/2008/01/11/business/11bank.html

“these fraudulent loans”: Smith, Aaron. “SEC Charges Former Execs of Fannie, Freddie.” CNNMoney.com, January 10, 2012. https://money.cnn.com/2011/12/16/news/companies/fannie_freddie_sec/index.htm

“much less restrictive”: Ellen, Ingrid Gould, John Napier Tye, and Mark Willis. “Improving U.S. Housing Finance Through Reform of Fannie Mae and Freddie Mac: Assessing the Options.” NYU Furman Center for Real Estate and Urban Policy, May 2010. https://www.urban.org/sites/default/files/publication/28081/1001382-Improving-U-S-Housing-Finance-through-Reform-of-Fannie-Mae-and-Freddie-Mac.PDF

“over $5 trillion”: Griffith, John. “The $5 Trillion Question: What Should We Do with Fannie Mae and Freddie Mac?” Center for American Progress, August 2, 2012. https://www.americanprogress.org/issues/economy/news/2012/08/02/12025/the-5-trillion-question-what-should-we-do-with-fannie-mae-and-freddie-mac/

“half of all mortgages”: Ibid.

“mortgage-backed security (MBS)”: Kagan, Julie. “Mortgage-Backed Security (MBS).” Investopedia, updated February 25, 2020. https://www.investopedia.com/terms/m/mbs.asp

“structured investment vehicle (SIV)”: Chen, James. “Structured Investment Vehicle (SIV).” Investopedia, updated September 12, 2019. https://www.investopedia.com/terms/s/structured-investment-vehicle.asp

“collateralized debt obligation (CDO)”: Tardi, Carla. “Collateralized Debt Obligation (CDO)”: Investopedia, updated February 3, 2020. https://www.investopedia.com/terms/c/cdo.asp

“asset-backed security (ABS)”: “Asset-Backed Security (ABS)”: Chen, James. Investopedia, updated April 19, 2020. https://www.investopedia.com/terms/a/asset-backedsecurity.asp

“Making this ruse appeal”: Krantz, Matt. “2008 Crisis Still Hangs over Credit-Rating Firms.” USA Today, updated September 13, 2013. https://www.usatoday.com/story/money/business/2013/09/13/credit-rating-agencies-2008-financial-crisis-lehman/2759025/

“credit default swap”: “Credit Default Swap: Insurance Against Non-Payment.” Corporate Finance Institute, accessed April 19, 2020. https://corporatefinanceinstitute.com/resources/knowledge/finance/credit-default-swap-cds

“AIG developed many”: Davidson, Adam. “How AIG Fell Apart.” Reuters, September 18, 2008. https://www.reuters.com/article/us-how-aig-fell-apart-idUSMAR85972720080918

“exceeded $60 trillion”: Ibid.

“total global gross”: “GDP (Current US$)” (global, 1960–2018). World Bank, accessed April 27, 2020. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD

“investors made billions”: Morgenson, Gretchen. “Credit Default Swap Market Under Scrutiny.” New York Times, August 10, 2008. https://www.nytimes.com/2008/08/10/business/worldbusiness/10iht-morgen11.1.15138610.html

“AIG . . . would go bankrupt”: Davidson, Adam. “How AIG Fell Apart.” Reuters, September 18, 2008. https://www.reuters.com/article/us-how-aig-fell-apart-idUSMAR85972720080918

“over $182 billion”: Stempel, Jonathan. “Ex-AIG CEO Greenberg Loses Appeal over 2008 Bailout.” Reuters, May 9, 2017. https://www.reuters.com/article/us-aig-bailout/ex-aig-ceo-greenberg-loses-appeal-over-2008-bailout-idUSKBN1851OU

“$500,000 executive retreat”: Lengell, Sean. “AIG Execs Hold $440K Post-Bailout Retreat.” Washington Times, October 7, 2008. https://www.washingtontimes.com/news/2008/oct/07/aig-execs-hold-440000-post-bailout-retreat/

Chapter Four

“As far back”: Bettelheim, Adriel. “McCain’s ‘Warning’ on Fannie & Freddie.” Politifact, September 17, 2008. https://www.politifact.com/article/2008/sep/17/mccains-warning-fannie-and-freddie/

“As these creditors”: Collingwood, Harris. “The Recovery’s Silent Assassin: How Debt Deleveraging Killed the Economy.” Atlantic, October 11, 2011. https://www.theatlantic.com/business/archive/2011/10/the-recoverys-silent-assassin-how-debt-deleveraging-killed-the-economy/246463/

“avalanche of stock”: “Crash Course.” Schools Brief, Economist, September 7, 2013. https://www.economist.com/schools-brief/2013/09/07/crash-course

Chapter Five

“nearly $11 trillion”: National Crisis Inquiry Commission. The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. U.S. Government Printing Office, January 2011. https://cybercemetery.unt.edu/archive/fcic/20110310173545/http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_full.pdf

“over $65 billion”: Benner, Katie. “Victims of Bernard Madoff’s Ponzi Scheme to Receive Millions More.” New York Times, April 12, 2018. https://www.nytimes.com/2018/04/12/business/madoff-ponzi-scheme-compensation.html

“James Madison noted”: Madison, James. “The Structure of the Government Must Furnish the Proper Checks and Balances Between the Different Departments.” The Federalist No. 51, February 6, 1788. Constitution Society, accessed April 19, 2020. https://www.constitution.org/fed/federa51.htm

“separations of power”: “Separation of Powers.” Legal Information Institute, Cornell Law School, accessed April 27, 2020. https://www.law.cornell.edu/wex/separation_of_powers_

“Bear Stearns did not”: Amadeo, Kimberly. “Bear Stearns, Its Collapse, and Bailout.” The Balance, updated May 30, 2019. https://www.thebalance.com/bearn-stearns-collapse-and-bailout-3305613

“poorer debt ratings”: Ibid.

“Bear Stearns . . . was bankrupt”: “Bankruptcy Filing: Bear Stearns High-Grade Structured Credit Strategies Master Fund, LTD and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund, LTD.” Fraser: Discover Economic History, Federal Reserve Bank of St. Louis, July 31, 2007. https://fraser.stlouisfed.org/title/bankruptcy-filing-4972

“JP Morgan Chase was first”: Sorkin, Andrew Ross, and Landon Thomas Jr. “JP Morgan Acts to Buy Ailing Bear Stearns at Huge Discount.” New York Times, March 16, 2008. https://www.nytimes.com/2008/03/16/business/16cnd-bear.html

“JP Morgan then raised”: Moyer, Liz. “A Decade After Its Fire-Sale Deal for Bear, a Look at What JP Morgan Got in the Bargain.” CNBC.com, March 14, 2018. https://www.cnbc.com/2018/03/14/a-decade-after-its-fire-sale-deal-for-bear-a-look-at-what-jp-morgan-got-in-the-bargain.html

“‘Never let a good crisis go to waste.’”: Seib, Gerald. “In Crisis, Opportunity for Obama.” Wall Street Journal, updated November 21, 2008. https://www.wsj.com/articles/SB122721278056345271

“Lehman was involved”: Ziegenbein, Alexander. “10 Years After the Lehman Collapse—Why Are the Shockwaves Still Being Felt?” BRINK, Marshall & McLennan, September 14, 2018. https://www.brinknews.com/10-years-after-the-lehman-collapse-why-are-the-shockwaves-still-being-felt

“$147 per barrel”: Mufson, Steven. “The Unpredictable Forces Behind Oil Prices.” Washington Post, July 1, 2011. https://www.washingtonpost.com/opinions/the-unpredictable-forces-behind-oil-prices/2011/06/30/AG3e27tH_story.html

“$90-per-barrel levels”: Berman, Arthur. “Why the Oil Price Collapse Is U.S. Shale’s Fault.” Oilprice.com, April 6, 2015. https://oilprice.com/Energy/Oil-Prices/Why-The-Oil-Price-Collapse-Is-U.S.-Shales-Fault.html

“Treasury secretary was”: Amadeo, Kimberly. “Henry M. Paulson.” The Balance, updated May 30, 2019. https://www.thebalance.com/who-is-former-u-s-treasury-secretary-henry-m-paulson-3305988

“Lehman chose not”: Yang, Stephanie. “The Epic Story of How a ‘Genius’ Hedge Fund Almost Caused a Global Financial Meltdown.” Business Insider, July 10, 2014. https://www.businessinsider.com/the-fall-of-long-term-capital-management-2014-7

“avoid roughly $200 million”: Gelsi, Steve. “Paulson Files to Sell $500 MLN of Goldman Stock.” MarketWatch, June 30, 2006. https://www.marketwatch.com/story/paulson-files-to-sell-500-mln-in-goldman-stock

“would yield billions”: MacDonald, Robert, and Anna Paulson. “AIG in Hindsight.” Journal of Economic Perspectives 29, no. 2 (Spring 2015): 81–106. https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.29.2.81

“markets will adjust”: Hester, William. “Market Valuations During U.S. Recessions.” Investment Research & Insight, Hussman Funds, March 2009. https://www.hussmanfunds.com/rsi/valuerecessions.htm

Chapter Six

“President Bush signed”: Amadeo, Kimberly. “TARP Bailout Program: Did TARP Help You or the Banks?” The Balance, updated October 28, 2019. https://www.thebalance.com/tarp-bailout-program-3305895

“investors pulled over $140 billion”: Amadeo, Kimberly. “Reserve Primary Fund, How It Broke the Buck Causing a Money Market Run.” The Balance, updated November 15, 2018. https://www.thebalance.com/reserve-primary-fund-3305671

“additional $150 billion”: “Troubled Asset Relief Program: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency.” Report to Congressional Committees. United States Government Accountability Office, December 2008. https://www.gao.gov/new.items/d09161.pdf

“Long-Term Capital Management”: Cowen, Tyler. “Bailout of Long-Term Capital: A Bad Precedent?” New York Times, December 26, 2008. https://www.nytimes.com/2008/12/28/business/economy/28view.html

“Treasury Secretary John Snow”: “John W. Snow, Chairman, Cerberus Capital Management.” Cerberus (website), accessed April 27, 2020. https://www.cerberus.com/our-firm/leadership/john-w-snow/

“company that owned Chrysler”: Story, Louise. “For Private Equity, a Very Public Disaster.” New York Times, August 8, 2009. https://www.nytimes.com/2009/08/09/business/09cerb.html

“51 percent stake”: Postelnicu, Andrei. “GM Sells 51% of Finance Arm to Cerberus-Led Group.” Financial Times, April 3, 2006. https://www.ft.com/content/001a52e2-c307-11da-a381-0000779e2340

“approached the government”: Das, Jui Chakravorty. “GMAC Bailout Could Give Cerberus a Floor and Exit.” Reuters, December 30, 2008. https://www.reuters.com/article/us-gmac-cerberus-sb/gmac-bailout-could-give-cerberus-a-floor-and-exit-idUSTRE4BT5K120081230

“PNC—National City Bank”: Bernhard, Stephen. “PNC Buying National City with Money from Bailout.” Charlotte Observer, October 25, 2008. https://www.charlotteobserver.com/news/business/article9019439.html

“the Cerberus-GM case”: Gerstein, Dan. “Chrysler’s Hidden Coffers.” Forbes, December 10, 2008. https://www.forbes.com/2008/12/09/chrysler-cerberus-bailout-oped-cx_dg_1210gerstein.html#15c924bd38f0

“It was rumored”: Lewis, Hilary. “GM, Chrysler Still Traveling Down Merger Road, but Who’s in the Driver’s Seat?” Business Insider, October 17, 2008. https://www.businessinsider.com/2008/10/gm-chrysler-still-traveling-down-merger-road-but-who-s-in-the-driver-s-seat-

“Cerberus was one of”: Gerstein, Dan. “Chrysler’s Hidden Coffers.” Forbes, December 10, 2008. https://www.forbes.com/2008/12/09/chrysler-cerberus-bailout-oped-cx_dg_1210gerstein.html#15c924bd38f0

“Bush administration nonetheless”: Amadeo, Kimberly. “Auto Industry Bailout: Was the Big 3 Bailout Worth It?” The Balance, updated March 6, 2020. https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670

“GM converted into”: Special Investigator General, Troubled Asset Relief Program. “Taxpayers Continue to Own 74% of GMAC (Rebranded as Ally Financial Inc.) from the TARP Bailouts.” Quarterly Report to Congress, January 30, 2013. https://www.sigtarp.gov/Audit%20Reports/Taxpayers_GMAC.pdf

“federal tax code”: Grossman, Andrew. “Is the Tax Code Really 70,000 Pages Long?” Slate, April 14, 2014. https://slate.com/news-and-politics/2014/04/how-long-is-the-tax-code-it-is-far-shorter-than-70000-pages.html

“allowing them to qualify”: Jones, Kristin. “Why Is Everyone Becoming a Bank Holding Company? It’s All About the Benjamins.” ProPublica, November 12, 2008. https://www.propublica.org/article/why-is-everyone-becoming-a-bank-holding-company-1112

Chapter Seven

“not one top executive”: “You Asked, We Answered: Why Didn’t Any Wall Street CEOs Go to Jail After the Financial Crisis? It’s Complicated.” Marketplace, American Public Media, accessed April 20, 2020. https://features.marketplace.org/why-no-ceo-went-jail-after-financial-crisis

“While federal prosecutors”: Ibid.

“Over $36 billion”: “Consumers Shortchanged? Oversight of the Justice Department’s Mortgage Lending Settlements.” Hearing Before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law of the Committee on the Judiciary, House of Representatives. H.R. Rep. No. 114-16 (February 12, 2015). https://republicans-judiciary.house.gov/wp-content/uploads/2016/02/114-16_93280.pdf

“DOJ took it upon themselves”: Ibid.

“‘more equal’ than others”: Orwell, George. Animal Farm. London: James Brodie, 1961.

Chapter Eight

“over a trillion dollars”: Ruffing, Kathy, and Joel Friedman. “Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits.” Center on Budget and Policy Priorities, February 28, 2013. https://www.cbpp.org/research/economic-downturn-and-legacy-of-bush-policies-continue-to-drive-large-deficits

“five thousand servicemen”: Iraq Coalition Casualty Count. icasualities.org, accessed April 20, 2020. http://icasualties.org/

“President Obama resorted”: Sachs, Jeffrey. “The New Progressive Movement.” New York Times, November 12, 2011. https://www.nytimes.com/2011/11/13/opinion/sunday/the-new-progressive-movement.html

“‘income inequality’ and ‘fairness’”: Hochschild, Jennifer. “Fits and Starts? Obama and the Transformation of American Inequality.” Pathways (Spring 2010): 9–13. https://inequality.stanford.edu/sites/default/files/media/_media/pdf/pathways/spring_2010/Hochschild.pdf

“printing money we”: Goodman, Peter. “Printing Money—and Its Price.” New York Times, December 27, 2008. https://www.nytimes.com/2008/12/28/weekinreview/28goodman.html

“newly enacted (2010) Dodd-Frank”: Kenton, Will. “Dodd-Frank Wall Street Reform and Consumer Protection Act.” Investopedia, updated May 10, 2019. https://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp

“new banking oligopoly”: Turbeville, Wallace. “The Bank Oligopoly Sucks Away Economic Value.” U.S. News & World Report, July 17, 2013. https://www.usnews.com/debate-club/should-big-banks-be-broken-up/banking-has-become-too-concentrated

“Consumer Financial Protection Bureau”: Setterlund, James. “Dodd-Frank Needs Reform: Start with the CFPB.” Forbes, April 18, 2017. https://www.forbes.com/sites/realspin/2017/04/18/dodd-frank-needs-reform-start-with-the-cfpb/#64f70a7b1624

“As Oscar Wilde”: “The bureaucracy is expanding to meet the needs of the expanding bureaucracy.” Quotation commonly attributed to Oscar Wilde. AZ Quotes. https://www.azquotes.com/quote/376913

“had 58 employees”: “Financial Report of the Consumer Financial Protection Bureau: Fiscal Year 2014.” Accessed April 28, 2020. https://files.consumerfinance.gov/f/201411_cfpb_report_fiscal-year-2014.pdf

“mushroomed to 1,668”: “Financial Report of the Consumer Financial Protection Bureau: Fiscal Year 2017.” November 25, 2017. https://files.consumerfinance.gov/f/documents/cfpb_financial-report_fy17.pdf

“cumulative salaries alone”: Ibid.

“over $5 billion”: “Smaller Banks Have Greater Compliance Burden, According to St. Louis Fed Report.” CSBS (Conference of State Bank Supervisors), April 24, 2018. https://www.csbs.org/smaller-banks-have-greater-compliance-burden-according-st-louis-fed-report

Chapter Nine

“center of controversy”: Irwin, Neil. “The Federal Reserve Was Created 100 Years Ago. This Is How It Happened.” Washington Post, December 21, 2013. https://www.washingtonpost.com/news/wonk/wp/2013/12/21/the-federal-reserve-was-created-100-years-ago-this-is-how-it-happened/

“ostensibly under congressional”: Walton, Justin. “Why Do Some People Claim the Federal Reserve Is Unconstitutional?” Investopedia, updated June 25, 2019. https://www.investopedia.com/ask/answers/082115/why-do-some-people-claim-federal-reserve-unconstitutional.asp

“historical cost accounting”: Nickolas, Steven. “How Mark-to-Market Accounting and Historical Cost Accounting Differ.” Investopedia, updated March 5, 2019. https://www.investopedia.com/ask/answers/042315/how-market-market-accounting-different-historical-cost-accounting.asp

“a new alternative”: “SEC Approves Short Selling Restrictions.” U.S. Securities and Exchange Commission, February 24, 2010. https://www.sec.gov/news/press/2010/2010-26.htm

“removing this very”: Chen, James. “Uptick Rule.” Investopedia, updated September 11, 2019. https://www.investopedia.com/terms/u/uptickrule.asp

“Coupled with rampant”: Saporito, Bill. “Are Short Sellers to Blame for the Financial Crisis?” Time, September 18, 2008. http://content.time.com/time/business/article/0,8599,1842499,00.html

Chapter Ten

“US household debt”: Leong, Richard. “U.S. Household Debt Rises to $13.3 Trillion in Second Quarter.” Reuters, August 14, 2018. https://www.reuters.com/article/us-usa-fed-debt/u-s-household-debt-rises-to-13-3-trillion-in-second-quarter-idUSKBN1KZ1QZ

“so-called dark pools”: Picardo, Elvis. “An Introduction to Dark Pools.” Investopedia, updated March 29, 2020. https://www.investopedia.com/articles/markets/050614/introduction-dark-pools.asp

“Smoot-Hawley Tariff Act”: Gardner, Sarah, and Scott Tong. “The American Protectionism Bill That Made the Great Depression Worse.” Marketplace, American Public Media, August 24, 2017. https://www.marketplace.org/2017/08/24/what-was-one-worst-pieces-us-legislation/

“loans originally written”: Samuelson, Robert. “What Caused the Housing Bubble?” RealClearPolitics, February 2, 2015. https://www.realclearpolitics.com/articles/2015/02/02/what_caused_the_housing_bubble_125463.html

“retirements increasing daily”: “How Will Boomers Affect Social Security?” National Academy of Social Insurance (website), accessed April 28, 2020. https://www.nasi.org/learn/socialsecurity/boomers

“78 million retiring”: Colby, Sandra, and Jennifer Ortman. “The Baby Boom Cohort in the United States: 2012 to 2060.” Population Estimates and Projections, U.S. Census Bureau, May 2014. https://www.census.gov/prod/2014pubs/p25-1141.pdf

Chapter Eleven

“roughly ninety-four million”: “Household Data: Annual Averages; Employment Status of the Civilian Noninstitutional Population, 1949 to Date.” Labor Force Statistics from the Current Population Survey, U.S. Bureau of Labor Statistics, last modified January 22, 2020. https://www.bls.gov/cps/cpsaat01.htm

“real wages have”: Desilver, Drew. “For Most U.S. Workers, Real Wages Have Barely Budged in Decades.” Pew Research Center, August 7, 2018. https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades

“labor participation rate”: Kiersz, Andy. “The Labor Force Participation Rate Falls to a 38-Year Low.” Business Insider, July 2, 2015. https://www.businessinsider.com/labor-force-participation-rate-falls-to-38-year-low-2015-7

“have all doubled”: “Annual U.S. Consumer Expenditures 1990–2018.” Statista, September 2019. https://www.statista.com/statistics/247455/annual-us-consumer-expenditures

“‘quantitative easing’ and”: Domitrovic, Brian. “QE Was a Failure.” Forbes, May 1, 2019. https://www.forbes.com/sites/briandomitrovic/2019/05/01/qe-was-a-failure/#ecd3bfe518a8

“Healthcare costs are”: “Global Spending on Health Is Expected to Increase to $18.28 Trillion Worldwide by 2040 but Many Countries Will Miss Important Health Benchmarks.” IHMA (Institute for Health Metrics and Evaluation), April 13, 2016. http://www.healthdata.org/news-release/global-spending-health-expected-increase-1828-trillion-worldwide-2040-many-countries?source=post_page

“we spend two times”: Sawyer, Bradley, and Cynthia Cox. “How Does Health Spending in the U.S. Compare to Other Countries?” Health System Tracker, Peterson Center on Healthcare, December 7, 2018. https://www.healthsystemtracker.org/chart-collection/health-spending-u-s-compare-countries/#item-average-wealthy-countries-spend-half-much-per-person-health-u-s-spends

“2016 Report projected”: National Center for Health Statistics. Health, United States, 2016: With Chartbook on Long-Term Trends in Health. Hyattsville, MD, 2017. https://www.ncbi.nlm.nih.gov/books/NBK453378

“tab is trillions”: Ibid.

“Affordable Care Act”: Kenton, Will. “Affordable Care Act (ACA).” Investopedia, updated October 17, 2019. https://www.investopedia.com/terms/a/affordable-care-act.asp

“We have to pass”: Pelosi, Nancy. “Pelosi Remarks at the 2010 Legislative Conference for National Association of Counties” (Nancy Pelosi website). Washington, DC, March 9, 2010. https://pelosi.house.gov/news/press-releases/pelosi-remarks-at-the-2010-legislative-conference-for-national-association-of

“Ornish Reversal Program”: Ornish Lifestyle Medicine (website), accessed April 28, 2020. https://www.ornish.com/undo-it

“preventive (versus curative)”: Maciosek, Michael, et al. “Greater Use of Preventive Services in U.S. Health Care Could Save Lives at Little or No Cost.” Health Affairs 29, no. 9 (September 2010). https://www.healthaffairs.org/doi/full/10.1377/hlthaff.2008.0701

“14 million people enrolled”: Fehr, Rachel, Cynthia Cox, and Larry Levitt. “Data Note: Changes in Enrollment in the Individual Health Insurance Market Through Early 2019.” Kaiser Family Foundation, August 21, 2019. https://www.kff.org/private-insurance/issue-brief/data-note-changes-in-enrollment-in-the-individual-health-insurance-market-through-early-2019/

“‘Medicare for all’”: Christopher, Andrea. “Single Payer Healthcare: Pluses, Minuses, and What It Means For You.” Harvard Health Publishing, Harvard Medical School, June 27, 2016. https://www.health.harvard.edu/blog/single-payer-healthcare-pluses-minuses-means-201606279835

“Independent Payment Advisory”: Cubanski, Juliette, and Tricia Neuman. “FAQs: What’s the Latest on IPAB?” Kaiser Family Foundation, November 3, 2017. https://www.kff.org/medicare/issue-brief/faqs-whats-the-latest-on-ipab

“thirty-seventh in the world”: World Health Organization. Health Systems: Improving Performance. World Health Report 2000. https://www.who.int/whr/2000/en/whr00_en.pdf

“Before Obama, 84 percent”: Cohen, Robin, Briand Ward, and Jeannine Schiller. “Health Insurance Coverage: Early Release of Estimates from the National Health Interview Survey, 2010.” National Center for Health Statistics, Centers for Disease Control and Prevention, last reviewed November 6, 2015. https://www.cdc.gov/nchs/data/nhis/earlyrelease/insur201106.htm

“full sixth of”: “National Health Expenditure Data: Historical.” Centers for Medicare & Medicaid Services, last modified December 17, 2019. https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NationalHealthAccountsHistorical

“Toby Cosgrove . . . noted”: Kern, Christine. “Obama Administration Considering Cleveland Clinic Chief Executive as Next Head.” Health IT Outcomes, June 9, 2014. https://www.healthitoutcomes.com/doc/obama-administration-considering-cleveland-clinic-chief-0001

“fifty-seven ‘gold’ plans”: Andrews, Michelle. “What Happens to a Congressman’s Health Insurance if Obamacare Goes Down?” Shots: Health News from NPR, April 12, 2017. https://www.npr.org/sections/health-shots/2017/04/12/523335954/what-happens-to-a-congressmans-health-insurance-if-obamacare-goes-down

“subsidize 72 percent”: Larsen, Stephanie. “Do Members of Congress Enjoy Free Health Care?” Snopes.com, March 15, 2017. https://www.snopes.com/fact-check/members-congress-health-care

“we could keep”: Jackson, Brooks. “Reality Confronts Obama’s False Promise.” FactCheck.org, October 29, 2013. https://www.factcheck.org/2013/10/reality-confronts-obamas-false-promise/

“Certificate of Need Licensing”: Kagan, Julia. “Certificate of Need (CON).” Investopedia, updated June 7, 2018. https://www.investopedia.com/terms/c/certificate-of-need.asp

“current ‘preventive’ health care”: Goetzel, Ron. “Do Prevention or Treatment Services Save Money? The Wrong Debate.” Health Affairs 28, no. 1 (January/February 2009). https://www.healthaffairs.org/doi/full/10.1377/hlthaff.28.1.37

“Congress must regain”: U.S. House of Representatives Committee on the Budget. “Reclaiming Constitutional Authority Through the ‘Power of the Purse.’” House Budget Committee Majority Staff Working Paper, August 2, 2016. https://republicans-budget.house.gov/uploadedfiles/article-i.pdf

“Congress must return”: Ibid.

“independent regulatory commissions”: Dudley, Susan. “Make ‘Independent’ Regulatory Agencies More Accountable to the Public.” Forbes, May 9, 2017. https://www.forbes.com/sites/susandudley/2017/05/09/make-independent-regulatory-agencies-more-accountable-to-the-public/#23de2117d639

“stock split-offs”: Young, Julie. “Split-Off.” Investopedia, updated July 5, 2019. https://www.investopedia.com/terms/s/split-off.asp

“corporate inversions”: Neely, Michelle Clark, and Larry Sherrer. “A Look at Corporate Inversions, Inside and Out.” Federal Reserve Bank of St. Louis, February 13, 2017. https://www.stlouisfed.org/publications/regional-economist/first_quarter_2017/a-look-at-corporate-inversions-inside-and-out

“billions in tax revenues”: Gunn, Rita, and Thomas Lys. “The Paradoxical Impact of Corporate Inversion on U.S. Tax Revenue.” SSRN.com, January 12, 2016. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2596706

“save the taxpayers”: “JCT Estimates Record $1.6 Trillion in Tax Breaks in 2017.” Committee for a Responsible Federal Budget, March 28, 2017. https://www.crfb.org/blogs/jct-estimates-record-16-trillion-tax-breaks-2017

“Sarbanes-Oxley Act”: Kenton, Will. “Sarbanes-Oxley (SOX) Act of 2002.” Investopedia, updated February 4, 2020. https://www.investopedia.com/terms/s/sarbanesoxleyact.asp

“penalized small companies”: Vitez, Osmond. “The Impact of Sarbanes-Oxley on Small Business.” Chron.com (Houston Chronicle), accessed April 28, 2020. https://smallbusiness.chron.com/impact-sarbanes-oxley-small-business-3797.html

“subsidies that the oil”: “Oil and Gas Subsidies: Overview.” Taxpayers for Common Sense, November 14, 2008. https://www.taxpayer.net/energy-natural-resources/oil-and-gas-subsidies-overview1/

“US Renewable Fuel Standard”: “Renewable Fuel Standard.” Alternative Fuels Data Center, Energy Efficiency & Renewable Energy, U.S. Department of Energy, accessed April 28, 2020. https://afdc.energy.gov/laws/RFS.html

“over four hundred thousand”: Hanson, Blaine. “California Agriculture, Water and You.” Department of Land, Air and Water Resources, University of California, Davis, accessed April 28, 2020. https://www.pge.com/includes/docs/pdfs/shared/edusafety/training/pec/water/blaine-hanson_water_forum_complete.pdf

“fertilizers to grow”: “Increase in Ethanol Production from Corn Could Significantly Harm Water Quality.” ScienceDaily, October 11, 2007. https://www.sciencedaily.com/releases/2007/10/071010120538.htm

“takes 1.3 gallons”: Steil, Mark. “The Ethanol Equation.” Minnesota Public Radio, March 21, 2005. http://news.minnesota.publicradio.org/features/2005/03/21_steilm_ethanolenergy

“ethanol takes 15 percent”: Carter, Colin, Gordon Rausser, and Aaron Smith. “The Effect of the U.S. Ethanol Mandate on Corn Prices.” Unpublished manuscript, accessed April 28, 2020. https://www.ourenergypolicy.org/wp-content/uploads/2013/07/The-Effect-oftheUS-Ethanol-Mandate-on-Corn-Prices-.pdf

“drives up food prices”: Pollan, Michael. “How to Feed the World.” Newsweek, May 19, 2008. https://michaelpollan.com/articles-archive/how-to-feed-the-world

“Corporate Average Fuel Economy”: “Corporate Average Fuel Economy (CAFE) Standards.” U.S. Department of Transportation, updated August 11, 2014. https://www.transportation.gov/mission/sustainability/corporate-average-fuel-economy-cafe-standards

“EPA Endangerment Finding”: “Overview of EPA Endangerment Finding.” Environmental Defense Fund, September 1, 2011. https://www.edf.org/overview-epa-endangerment-finding

“the Keystone Pipeline”: “What Is the Keystone XL Pipeline?” StateImpact, NPR, accessed April 28, 2020. https://stateimpact.npr.org/texas/tag/keystone-xl-pipeline/

“2.5 million miles”: Groeger, Lena. “Pipelines Explained: How Safe Are America’s 2.5 Million Miles of Pipelines?” ProPublica, November 15, 2012. https://www.propublica.org/article/pipelines-explained-how-safe-are-americas-2.5-million-miles-of-pipelines

“additional pipelines will”: “Ready or Not, Here Comes New U.S. Pipeline Infrastructure.” Pipeline & Gas Journal 245, no. 1 (January 2018). https://pgjonline.com/magazine/2018/january-2018-vol-245-no-1/features/ready-or-not-here-comes-new-us-pipeline-infrastructure

“Currently, we consume”: “How Much Gasoline Does the United States Consume?” U.S. Energy Information Administration, updated March 3, 2020. https://www.eia.gov/tools/faqs/faq.php?id=23&t=10

“Fossil and Liquid”: “U.S. Energy Facts Explained.” U.S. Energy Information Administration, updated August 28, 2019. https://www.eia.gov/energyexplained/us-energy-facts

“‘Sanctuary Cities’”: Lee, Jasmine, Rudy Omri, and Julia Preston. “What Are Sanctuary Cities?” New York Times, updated February 6, 2017. https://www.nytimes.com/interactive/2016/09/02/us/sanctuary-cities.html

“Arnold Ahlert wrote”: Ahlert, Arnold. “Globalism Undermines Patriotism.” The Patriot Post, September 10, 2018. https://patriotpost.us/articles/58137-globalism-undermines-patriotism-2018-09-10

“1942 Mexican Farm Labor”: Hines, Sarah. “The Bracero Program: 1942–1964.” CounterPunch, April 21, 2006. https://www.counterpunch.org/2006/04/21/the-bracero-program-1942-1964/

“immigrants worked under”: Ibid.

“repatriation of funds”: Estevez, Dolia. “Remittances Supersede Oil as Mexico’s Main Source of Foreign Income.” Forbes, May 16, 2016. https://www.forbes.com/sites/doliaestevez/2016/05/16/remittances-supersede-oil-as-mexicos-main-source-of-foreign-income/#38e766811754

“cancelled the Bracero”: Cadei, Emily. “Fifty Years Later, the Immigration Bill That Changed America.” Newsweek, September 14, 2015. http://www.lbjlibrary.org/press/lbj-in-the-news/fifty-years-later-the-immigration-bill-that-changed-america

“created his ‘Great Society’”: “Great Society.” History.com, updated August 28, 2018. https://www.history.com/topics/1960s/great-society

“LBJ’s ‘War on Poverty’”: Matthews, Dylan. “Everything You Need to Know About the War on Poverty.” Washington Post, January 8, 2014. https://www.washingtonpost.com/news/wonk/wp/2014/01/08/everything-you-need-to-know-about-the-war-on-poverty/

“one of his policies”: “Lyndon Johnson’s ‘Great Society.’” UShistory.org, accessed April 20, 2020. https://www.ushistory.org/us/56e.asp

“over three million”: Badger, Emily. “What Happened to the Millions of Immigrants Granted Legal Status Under Ronald Reagan?” Washington Post, November 26, 2014. https://www.washingtonpost.com/news/wonk/wp/2014/11/26/what-happened-to-the-millions-of-immigrants-granted-legal-status-under-ronald-reagan/

“speech in 2012”: Obama, Barack. “Remarks by the President on Immigration.” White House, Office of the Press Secretary. Washington, DC, June 15, 2012. https://obamawhitehouse.archives.gov/the-press-office/2012/06/15/remarks-president-immigration

“Deferred Action for Childhood”: Ibid.

“old as thirty-seven”: “Consideration of Deferred Action for Childhood Arrivals (DACA).” U.S. Citizenship and Immigration Services, accessed April 28, 2020. https://www.uscis.gov/archive/consideration-deferred-action-childhood-arrivals-daca

“‘Escort Services for’”: Shapiro, Lauren. “Surge of ‘Unaccompanied Children.’” FactCheck.org, July 18, 2014. https://www.factcheck.org/2014/07/surge-of-unaccompanied-children/

“Organization of American States”: Lee, Brianna, and Danielle Renwick. “The Organization of American States.” Council on Foreign Relations, updated March 10, 2020. https://www.cfr.org/backgrounder/organization-american-states

“The Fourteenth Amendment”: “14th Amendment to the U.S. Constitution: Primary Documents in American History.” Library of Congress, Research Guides, accessed April 19, 2020. https://guides.loc.gov/14th-amendment

“anchor babies”: Barro, Josh. “Just What Do You Mean by ‘Anchor Baby’?” New York Times, August 28, 2015. https://www.nytimes.com/2015/08/30/upshot/just-what-do-you-mean-by-anchor-baby.html

“According to the”: Ahlert, Arnold. “Globalism Undermines Patriotism.” The Patriot Post, September 10, 2018. https://patriotpost.us/articles/58137-globalism-undermines-patriotism-2018-09-10

“recent study conducted”: Zarandi, Mohammad Fazel, Jonathan Feinstein, and Edward Kaplan. “Yale Study Finds Twice as Many Undocumented Immigrants as Previous Estimates.” Yale Insights, Yale School of Management, September 21, 2018. https://insights.som.yale.edu/insights/yale-study-finds-twice-as-many-undocumented-immigrants-as-previous-estimates

“1996 Illegal Immigration”: “Illegal Immigration Reform and Immigrant Responsibility Act of 1996.” Ballotpedia, accessed April 19, 2020. https://ballotpedia.org/Illegal_Immigration_Reform_and_Immigrant_Responsibility_Act_of_1996

“seven hundred thousand visa”: Vaughan, Jessica, and Preston Huennekens. “Analyzing the New Visa Overstay Report.” Center for Immigration Studies, September 6, 2018. https://cis.org/Report/Analyzing-New-Visa-Overstay-Report

“U-6 unemployment rate”: Kenton, Will. “The U-6 (Unemployment) Rate.” Investopedia, updated September 6, 2019. https://www.investopedia.com/terms/u/u6-rate.asp

“H-1B, B-1, and L-1”: “L-1 Versus H-1B Visa.” SGM Law Group, accessed April 19, 2020. https://www.immi-usa.com/l1-versus-h1b-visas

“spend several times more”: Sherman, Amy. “Does the United States Spend More per Student than Most Countries?” PolitiFact, April 21, 2015. https://www.politifact.com/factchecks/2015/apr/21/jeb-bush/does-united-states-spend-more-student-most-countri/

“fail to rank”: Tures, John. “How American Students Truly Rank in International Testing.” Observer.com, January 15, 2018. https://observer.com/2018/01/how-american-students-truly-rank-in-international-testing/

“Common Core”: Common Core State Standards Initiative (website), accessed April 19, 2020. http://www.corestandards.org

“College student-loan debt”: Lobosco, Katie. “Student Loan Debt Just Hit $1.5 Trillion. Women Hold Most of It.” CNNMoney.com, June 5, 2018. https://money.cnn.com/2018/06/05/pf/college/student-loan-stats/index.html

“over 1,100 percent”: “Cost of College Degree in U.S. Has Increased 1,120 Percent in 30 Years, Report Says.” HuffPost, August 15, 2012. https://www.huffpost.com/entry/cost-of-college-degree-increase-12-fold-1120-percent-bloomberg_n_1783700

“As the government provided”: Campos, Paul. “The Real Reason College Tuition Costs So Much.” New York Times, April 4, 2015. https://www.nytimes.com/2015/04/05/opinion/sunday/the-real-reason-college-tuition-costs-so-much.html

“twelve banks”: “Federal Reserve Banks: The Twelve Federal Reserve Districts.” Board of Governors of the Federal Reserve, last updated April 24, 2017. https://www.federalreserve.gov/aboutthefed/federal-reserve-system.htm

“eliminated the gold”: “Roosevelt’s Gold Program, 1933.” Federal Reserve History, November 22, 2013. https://www.federalreservehistory.org/essays/roosevelts_gold_program

“Present-day Venezuela”: Fisher, Max, and Amanda Taub. “How Venezuela Went from the Richest Economy in South America to the Brink of Financial Ruin.” Independent, May 21, 2017. https://www.independent.co.uk/news/long_reads/how-venezuela-went-from-the-richest-economy-in-south-america-to-the-brink-of-financial-ruin-a7740616.html

“the term progressive”: Pestritto, Ronald. “Progressivism and America’s Tradition of Natural Law and Natural Rights.” Natural Law, Natural Rights, and American Constitutionalism, Witherspoon Institute, 2011. http://www.nlnrac.org/critics/american-progressivism

Anatomy of a Meltdown

“Quasi-privatization of Fannie Mae”: Baker, Dean. “The Future of Fannie and Freddie.” American Affairs 2, no. 1 (Spring 2018). https://americanaffairsjournal.org/2018/02/future-fannie-freddie

“Modified Community Reinvestment”: Carney, John. “Here’s How the Community Reinvestment Act Led to the Housing Bubble’s Lax Lending.” Business Insider, June 27, 2009. https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6

“NINJA loans are created”: Kagan, Julia. “NINJA Loan.” Investopedia, updated February 21, 2020. https://www.investopedia.com/terms/n/ninja-loan.asp

“Federal Reserve lowers”: Kirchhoff, Sue. “Fed Cuts Interest Rates to Near Zero to Combat Economic Recession.” ABC News, December 16, 2008. https://abcnews.go.com/Business/story?id=6474821&page=1

“Economy slows further”: Hall, Mary. “Who Was to Blame for the Subprime Crisis?” Investopedia, updated January 12, 2020. https://www.investopedia.com/articles/07/subprime-blame.asp

“Subprime loans default”: Ibid.

“More companies are”: “Employment Situation News Release.” U.S. Bureau of Labor Statistics, last modified January 9, 2009. https://www.bls.gov/news.release/archives/empsit_01092009.htm