第125章（1 / 1）
(Herbert Greenspan), 21
Regan, Don, 92-93, 98
regulation, 370-76, 388, 430-31, 491-92
AG's rules of thumb for, 374-75
counterparty surveillance, 370-71, 373, 489
economic future and, 467, 468, 489-93, 502
government, 15, 256, 264-65, 273, 279, 280,
291,292,372-76,489,502
Reinhart, Vincent, 377
religion, 17, 140n, 252, 271, 272
Reminiscences of a Stock Operator (Lefevre), 28
Republicans, Republican Party, 58, 75, 86, 96, 111 13,
122, 148, 158, 208, 211, 221, 222, 233^8,
504
budget surplus and, 184, 185
FOMCand, 152
Republic Steel, 45, 47
Reserve Bank of Australia, 292, 293
Resolution Trust Corporation (RTC), 116-17, 290
retirement, 174, 406, 409-22, 482, 504
age at, 413n
defined-benefit pensions and, 419-22
extension of labor force participation vs., 411
ratio of dependent elderly to workers and,
409-10
see also Medicare; pensions, pension funds; Social
Security
Reuss, Henry, 70
Revolutionary War, 480
Reynolds, 49, 50
risk taking, risk, 140, 256, 272-73, 276, 356, 365,
434, 488-89, 492, 498, 503
aversion to, 17, 273, 360, 365
moral hazard and, 189
profits and, 368-70
Rivers, Larry, 27
Rivlin, Alice, 145, 162, 173, 176
Rockefeller, David, 81, 84
Rockefeller, John D., 444, 449
Rockefeller, Nelson, 80
Rogers, John H., 361 n
Roosa, Robert, 84
Roosevelt, Franklin Delano, 31, 159, 246, 337, 431,
439
New Deal and, 21, 30, 279, 504
Roosevelt, Theodore, 336
Roth, William, 92
Rove, Karl, 223
Royal Dutch Shell, 336, 339n, 438
Rubin, Robert, 7, 145, 146, 157-62, 170, 210, 220,
405
Asian contagion and, 188, 189-90, 195
budget surplus and, 185
Russian crisis and, 193
stock market and, 174-75, 179
Rubinomics, 161, 236
rule of law, 15, 16, 255-56, 297, 365, 396, 502
economic future and, 467, 468, 469-70, 503
in Europe, 277, 287
in Russia, 190, 327, 331-32, 500
Smith and, 261
in United States, 52, 278
Rumsfeld, Donald, 62, 64, 209, 210
Russia, 135-36, 139-40, 259, 275, 293, 310, 322 23,
334n
debt default of, 190-96, 250, 328, 331
future of, 500
market capitalism in, 123-24, 139-40, 323-27,
503
oil and gas in, 190, 324-31, 440, 443
oligarchs in, 139, 140, 190, 324, 326
property rights in, 139-40, 190, 327, 331-32,
389, 500
shock therapy in, 138—40
technology in, 331, 388
see also Soviet Union
Safire, William, 57
Sala-i-Martin, Xavier, 259n-60n
Samuelson, Robert, 230
S&P 500, 207, 224, 426n, 465
Sao Tome and Principe, 258-59
Sarbanes, Paul, 154-55, 221, 478
Sarbanes-Oxley Act (2002), 374, 430-31
Sarkozy, Nicolas, 288, 500
Saudi Arabia, 79-80, 334n, 351, 438n
oil of, 79, 438n
Saudi Aramco, 79, 439, 440, 442
savings, 12, 138, 185, 270, 348-52, 362, 369, 384 88,
478,499
cross-border, 348, 352, 484
in developing vs. industrialized countries, 13,
386, 484
domestic, current account balance and, 348—49,
350
excess of, 13-14
future standards of living and, 413
investment vs., 348-49, 385, 386-87
savings accounts, 114, 115
savings and loans (S&Ls), 6, 114-17, 290, 357n
SBC Communications, 229
Scargill, Arthur, 283
Scholes, Myron, 193
527
INDEX
Schubert, Franz, 298
Schumann, Robert, 20
Schumer, Chuck, 405
Schumpeter, Joseph, 48, 51, 167, 174
science education, 399, 403, 405
Scotland, 260-61, 265
Scowcroft, Brent, 65
Second Treatise of Civil Government (Locke), 252n
Securities and Exchange Commission, 33, 257, 375,
431
Securities Industry and Financial Markets Association,
83 n
Seevers, Gary, 64
Seidman, Bill, 116
self-interest, 256, 262, 368, 490
Sen, Amartya, 253
Senate, U.S., 7, 8, 64, 115, 156, 158, 199, 222, 223
Banking Committee of, 8, 10, 150, 239
Bentsen in, 144, 145^46
Budget Committee of, 70, 185, 217, 219
Clinton budget and, 148, 149
Ethics Committee of, 115
Republican control of 211
service economy, 173, 315, 401, 470
Shanghai, 298,301,308
Shaw, Artie, 23, 27
Sheiner, Bill, 26
Shevardnadze, Eduard, 135
Shultz, George, 91, 92-93, 312
Siegman, Charlie, 189
Siemens, 381
silicon, 11,12
Silicon Valley, 127, 164, 167, 181, 271, 504
Silva, Luiz Inacio Lula da, 340, 341
Silva, Mario (Murray Goldsmith), 20
Simon, Bill, 67, 91
Simons, James, 405
Singapore, 13, 188, 253, 275, 276, 311, 312
education in, 399, 400
Singh, Manmohan, 318-19, 321-22
Sitaryan, Stepan, 128, 129, 130
skilled workers, shortage of, 399^00, 404-7, 409,
413,505
Skilling, Jeffrey, 423
Skinner, Richard Dana, 44
Smith, Adam, 10, 250n, 257, 260-66, 276, 370,
502
invisible hand of, 15, 89, 262, 325, 367, 488
Smith, John, 283
Snow, John, 238, 241
Snowe, Olympia, 222
socialism, 126, 130-31, 139, 141, 252, 272, 281,
300
in China, 295
Fabian, 264-65, 266, 283-84, 317, 480, 499, 501
in India, 265, 316-19, 382, 501
social safety nets, 13, 272, 305, 481, 504
in Europe, 276-77, 280-81, 283, 285, 286, 291
Social Security, 109, 143, 146-47, 237, 280, 41 In,
412-14,415-19,504
budget surplus and, 185, 186, 215
defined-benefit plans vs., 421-22
indexing of, 94, 125
"lockboxes" and, 417
reform of, 94-96, 211, 215, 217, 218, 220,
241
Social Security Board of Trustees, 411
"soft landing," use of term, 155-56, 163
software, 164, 169, 493-94, 495
solar power, 453
Solidarity, 125, 132
Solomon, Claire, 23
Solow, Robert, 474
Song of Love, 20
Sonthi Boonyaratglin, 313
South Korea, 13, 188-89, 190, 260, 334n
China compared with, 384, 477
Soviet bloc, former, 132, 309, 326
market capitalism and, 12, 502
Soviet Union, 40, 88-89, 122, 123-31, 134-41,
182,251,281,298,300,333
AG's travels to, 119, 123-30, 135-37, 190
arms race and, 129-30
collapse of, 8, 12,40, 123-24, 135-41, 161, 190,
250, 259, 275, 315, 329, 365, 366, 382
food shortages in, 126, 136
military of, 136, 137
nuclear power in, 453
nuclear weapons of, 8, 34
in space race, 155
as superpower, 137
transition to market economy in, 136-39
see also Russia
space race, 155
Spain, 273, 351
specialization, 262, 502
U.S. current account deficit and, 347, 353, 356,
359, 361
Spencer, Herbert, 278-79
Sperling, Gene, 158, 170, 182-83, 186
stabilization fund, 259, 330
stagflation, 60-61, 72
Stalin, Joseph, 126, 127, 281, 299, 504
Standard Oil of New Jersey, 336, 438
Standard Oil trust, 444
standards of living, 13, 256, 257, 259n-60n, 265,
275,335,337,356,391
central planning and, 127
in China, 251, 297, 299
competition and, 268-69, 392-96
democracy and, 332
in East Asia, 313,315
in East vs. West Germany, 131-32
future, 413, 468, 489
globalization and, 364, 365, 393, 395-96
in Latin America, 335, 341-42
in Russia, 324, 331
Smith's views on, 261, 263
technology and, 13, 192
in United States, 181, 249, 335, 388, 408, 413,
468
Star Wars missile defense, 128, 129-30
528
INDEX
State of the Union address (1976), 73
State of the Union address (1991), 120
State of the Union address (1998), 186
statistics, 31, 35, 171-73
steel, 42,45-47,49, 50-51, 183, 268, 421
Stein, Herb, 61,63,64
Stevens, George, Jr., 202
Stockman, David, 91-93, 118, 213
stock market, stock, 28, 50, 63, 83, 217, 424, 439,
465-66, 495
in 1980s, 6, 9, 102-10, 113, 174
in 1990s, 144, 154, 161, 164-66, 171, 174-79,
188,200-202
in 2000s, 5, 7, 202, 206-7, 224, 228, 229,481
bubble in, 166, 175, 178, 200-202, 206, 207,
230,467,485
in China, 307
crashes of, 5, 6, 7, 9, 44, 104-10, 111,113, 174,
175, 177-78, 201, 224,365, 378, 465-67,
485, 488
future of, 485-86, 488, 498
Internet, 164, 168, 196, 197, 200
pension funds and, 420-21
price of, 14, 165, 166, 174-79, 201-2, 225, 307,
390,421,426-27,465-66
Social Security and, 218
stock options, 184, 224, 394n, 427, 432-35
"Stock Prices and Capital Evaluation" (Greenspan),
165
Stockton, David, 250
strikes, 49, 50, 125, 282
Suez Canal, 463
Suez Company, 273
Suharto, President, 188, 275, 312
Summers, Larry, 158, 159-60, 170, 183, 193, 210
Asian contagion and, 188, 190
Fed-Treasury turf war and, 198, 199
Sununu, John, 244
supply-side argument, 239—40
Supreme Court, U.S., 110, 206, 255, 284, 444
surpluses:
budget, see budget surplus
U.S. current account deficit and, 353-59
Sweden, 275, 399
Taiwan, 13,303,309,311,312
tariffs, 161, 264, 292, 314, 319, 395
decline in, 12, 149
tax cuts, 67, 71,85, 156
budget surplus and, 185-87, 218-23
Clinton and, 143, 145,213
of G. W. Bush, 54, 215, 216, 218-24, 233, 234,
236, 238-39, 242
9/11 and, 7, 8-9
in 1960s, 54-55
of Reagan, 92,215
taxes, 52, 122, 183-87, 216, 224, 461
British, 499
carbon, 455
on dividends, 238-39
gas, 460,461, 462
G.H.W.
Bush's pledge against, 112, 113, 114,
119, 120
G. W. Bush's rebates and, 223-24
Medicare and, 414, 416, 417
rebate on, 68, 71,223-24
Social Security and, 94, 96, 413, 416, 417
surcharge on, 60, 61
Taylor, Bill, 373
technology, 11-12, 13, 360, 432, 434, 461, 482n,
493
in developing countries, 388, 389, 459, 473
in East Asia, 13,313,314
income inequality and, 393, 397, 398-99, 401,
402
medical, 414
natural gas, 450, 452
oil, 437-38, 447, 448, 450,457
output increases and, 17, 471n, 474-76, 500
spread of risk and, 488-89
stock effects of, 379
see also information technology
telecommunications, 200, 372, 379, 395
deregulation ot, 82
telegraph, 48
telegraph operators, 22, 49, 169
telephones, 49
tennis, 73, 74, 298, 396
terrorism, 78, 225, 226-28, 364, 365, 440
economic future and, 467, 469
war on, 238, 243
see also 9/11 terrorist attacks
Texaco, 438
Texas, 444, 450
Texas Railroad Commission, 444, 456, 457
textiles, 62, 261, 314, 395, 471
Thailand, 188, 260, 312-13
Thatcher, Denis, 283
Thatcher, Margaret, 282-83, 499, 502
Theory of the Leisure Class, The (Veblen), 270
Three Mile Island, 453-54
thrift industry, 114-17, 290, 358
Tietmeyer, Hans, 15
Time, 9n, 55, 77, 105,223
tin cans, 49-50
Today show, 80
Townsend, William Wallace, 44^5 , 49, 51
Townsend-Greenspan, 45-51, 55-56, 64-65, 77 78,81,98,249
competition of, 268
Lincoln Savings and, 115
monthly GNP at, 69
women economists at, 74
Townsend Skinner, 44
trade, 126, 141, 180, 187-88, 251, 261, 263, 265,
362
black market compared with, 139—40
cross-border, 357, 366-67, 397
current accounts and, 347, 348, 351, 352-53,
356, 357, 360-62
in East Asia, 313-16
free, 12,14, 89, 149, 261, 284, 287
529
INDEX
trade (conr.) Unocal, 274, 389n
globalization and, 267, 365-69, 395-96, 397 USA Today, 147, 174, 194, 220, 240
liberalization o￡ 12, 365 U.S.-Vietnam Bilateral Trade Agreement, 315-16
NAFTA and, 113, 149, 157, 158 Utopian movement, 264
in natural gas, 450, 451, 452
tariffs and, 12, 149 value-added, 181, 304, 314, 330-31, 356, 369n,
trade deficit, 114, 306n, 351, 353 492
trading firms, giant, 108 Veblen, Thorstein, 270, 272
transportation bill, 234 Venezuela, 13, 157, 258, 337, 477
treasury bonds, 191, 195, 228, 237 oil of, 339-40
Treasury Department, U.S., 93, 109, 111, 158, 159, Venice, 180-81,271,456
162,183,210,342 Vento, Bruce, 194
Asian contagion and, 188, 189 Vietnam, 315-16, 320, 322
budget surplus and, 213-14, 217, 224 Vietnam War, 55-56, 60, 243, 311, 316, 476n
Fed's turf war with, 198-99, 210 Volcker, Paul, 34, 104, 150
foreign purchases of obligations o￡ 349 as Fed chairman, 84-86, 93, 99, 103, 113, 479,
treasury notes, 84, 367, 377-78, 390, 484, 498 483, 491
treasury securities, 108, 214, 236-37,420 Reagan's relationship with, 93-94, 113
foreign obligations and, 357n Volkswagen, 381 n
triggers, notion of, 215-16, 221-23, 241
Trinidad, 45In wage controls, 15-16, 72, 398n, 435-36
Trowbridge, Alexander, 95 Nixon's wage and price controls, 16, 61-62, 63,
trucking, trucks, 71, 72, 460 297, 344,395, 446n, 482
Truman, Harry, 38, 87, 250, 493 wages, 15,82, 127, 172,393-98,433,448,477,
Truman, Ted, 250 491
trust, 124, 140-41, 255-57, 278 downward pressure on, 13, 366, 381-84, 479,
tuberculosis, 25-26, 29 481
Turner, Frederick Jackson, 279 in East Asia, 311,313
Tyson, Laura, 170
increases in, 171, 381
indexing of, 84, 125
Ukraine, 136,325,326-27 inflation and, 138, 170, 228
unemployment, 280, 284, 285, 288, 306, 338 real, 393, 400-401
in Great Depression, 32, 284 Wall Street, 31, 42, 44, 83, 102, 104, 168
natural level of (NAIRU), 170 AG's father on, 20-21,28
in 1970s, 60-61, 62-63, 67, 70-71, 73, 75, budget deficit and, 147
82-83 crash of 1987 and, 106-9
in 1980s, 85-86, 87 innovative debt markets on, 117
in 1990s, 161, 169, 174,328 Russia's default and, 191-95
in 2000s, 8, 10, 169, 207, 229, 232, 328, 470 Wall Street Journal, 177, 244, 275-76, 321
unemployment insurance, 280, 305 Wal-Mart, 207, 395
United Kingdom, 135, 276, 334n, 440, 452 Walters, Barbara, 80-81, 97
current account deficit o￡ 351 Walters, Lou, 80
Riture of, 499-500 War Production Board, 46-47
United Nations (UN), 239, 410, 411, 412, 455 Warsaw Pact, dissolution of, 135
United States, 290-93, 334n, 335, 336 Washington Post, 140, 152, 240
elderly-to-worker ratio in, 410 Wasserman, Lew, 81
fertility rate in, 410 Watergate, 59, 63, 75, 245
foreign investment in, 388 wealth, 256-57, 261-63, 278, 300, 335, 337, 354,
immigration into, 19, 24, 157, 279-80, 397, 400, 397-98, 432, 486, 504
406-8, 410, 418, 468, 470, 505 ambivalence toward, 272
isolationism of, 158, 192 distribution ofj 401 n
manufacturing in, 5-6, 46, 49-50, 62, 77-78, Smith's views on, 261-64
103, 395-96, 470, 475-76, 495. wealth effect, 165-66
natural gas use in, 450-51, 452 Wealth of Nations, The (Smith), 250, 257, 261-64,
1960s in, 56-57 265
oil consumption of, 439, 440, 445, 460 weapons of mass destruction, 8, 239, 463
populism in, 255, 343-44, 392, 483 Weatherstone, Dennis, 79
post-9/11 challenge to, 226-28 Webvan, 197
property rights in, 388, 389, 468 welfare state, 272-73, 276, 281, 291, 364-65, 399,
protectionism in, 141,149, 160, 395, 498 481,499
savings in, 185,362,369 Wellington Fund, 45
530
Western Europe, 281, 335, 365, 382
Russia's natural gas and, 325, 326-27
Westmoreland, William, 56
Wharton Econometrics, 98
Whip Inflation Now (WIN), 66
White House Correspondents' Dinner, 97
wind power, 453
Wittgenstein, Ludwig, 39
Wolfensohn, Jim, 275
Wolfowitz, Jacob, 35
Wolfowitz, Paul, 35
Woods, Tiger, 298n
Woodward, Bob, 203, 224-25
World Bank, 29-30, 188, 275, 319n, 330
antiglobalization dissidents and, 267
income and, 307, 330, 336, 469
poverty rate figures from, 259n
Soviet delegation to, 137
WorldCom, 226, 374, 424, 429-30
World Trade Center, attacks on, 1, 3, 4, 153
INDEX
World Trade Organization (WTO), 297-98, 455
World War I, 363-64, 366, 475, 480
World War II, 12, 24-30, 34, 46, 280, 311, 359,
400,401,481
oil rationing in, 460n
scientific work in, 38
technology and, 474, 476, 482n
Wu, Lucille, 74
Yavlinsky, Grigory, 124n, 137
Yellen, Janet, 156, 166
Yeltsin, Boris, 134-35, 138, 140, 153, 190, 191,
323, 325, 327-28
zaibatsu (Japanese conglomerates), 183
Zarb, Frank, 73
Zedillo, Ernesto, 341
Zhou Xiaochuan, 298
Zhu Rongji, 294-95
Zimbabwe, 13, 276, 339, 477
532