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Ideology, Policy, and Pain

Ideology, Policy, and Pain. Professor James Hackney Northeastern University School of Law. Ideology. F.A. Hayek, The Road to Serfdom (1944) Milton Friedman, Free to Choose (1980) University of Chicago. Reagan Revolution Ideology of free markets Individualism

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Ideology, Policy, and Pain

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  1. Ideology, Policy, and Pain Professor James Hackney Northeastern University School of Law

  2. Ideology F.A. Hayek, The Road to Serfdom (1944) Milton Friedman, Free to Choose (1980) University of Chicago • Reagan Revolution • Ideology of free markets • Individualism • Deregulation : Daniel Yergin, The Commanding Heights (2002)

  3. Policy Glass-Steagall Act of 1932 • Gramm-Leach-Bliley (1999): Financial Services Modernization Act (repeal of Glass-Steagall) • Commodity Futures Modernization Act (2000) (derivatives)

  4. Pain • Restructured Financial Institutions • Goldman Sachs: Bank CDOs: diversification CDSs : hedging (derivatives) HOUSING BUBBLE

  5. new POLICY • Dodd-Frank Wall Street Reform & Consumer Protection Act (2010) • Financial Stability Oversight Council • Consumer Financial Protection Bureau (Elizabeth Warren) • Volker Rule (MF Global) • Americans for Financial Reform: www.ourfinancialsecurity.org

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