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| economic stimulus act of 2008: The Budget and Economic Outlook , 2008 |
| economic stimulus act of 2008: Confronting Policy Challenges of the Great Recession Eskander Alvi, 2017-11-20 This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez. |
| economic stimulus act of 2008: Money Well Spent? Michael Grabell, 2012-01-31 The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's audacity of hope met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country. |
| economic stimulus act of 2008: The New New Deal Michael Grunwald, 2012-08-14 In a riveting account based on new documents and interviews with more than 400 sources on both sides of the aisle, award-winning reporter Michael Grunwald reveals the vivid story behind President Obama’s $800 billion stimulus bill, one of the most important and least understood pieces of legislation in the history of the country. Grunwald’s meticulous reporting shows how the stimulus, though reviled on the right and the left, helped prevent a depression while jump-starting the president’s agenda for lasting change. As ambitious and far-reaching as FDR’s New Deal, the Recovery Act is a down payment on the nation’s economic and environmental future, the purest distillation of change in the Obama era. The stimulus has launched a transition to a clean-energy economy, doubled our renewable power, and financed unprecedented investments in energy efficiency, a smarter grid, electric cars, advanced biofuels, and green manufacturing. It is computerizing America’s pen-and-paper medical system. Its Race to the Top is the boldest education reform in U.S. history. It has put in place the biggest middle-class tax cuts in a generation, the largest research investments ever, and the most extensive infrastructure investments since Eisenhower’s interstate highway system. It includes the largest expansion of antipoverty programs since the Great Society, lifting millions of Americans above the poverty line, reducing homelessness, and modernizing unemployment insurance. Like the first New Deal, Obama’s stimulus has created legacies that last: the world’s largest wind and solar projects, a new battery industry, a fledgling high-speed rail network, and the world’s highest-speed Internet network. Michael Grunwald goes behind the scenes—sitting in on cabinet meetings, as well as recounting the secret strategy sessions where Republicans devised their resistance to Obama—to show how the stimulus was born, how it fueled a resurgence on the right, and how it is changing America. The New New Deal shatters the conventional Washington narrative and it will redefine the way Obama’s first term is perceived. |
| economic stimulus act of 2008: The Return of Depression Economics Paul R. Krugman, 1999 The author of The Age of Diminished Expectations returns with a sobering tour of the global economic crises of the last two years. |
| economic stimulus act of 2008: The Great Recession David B. Grusky, Bruce Western, Christopher Wimer, 2011-10-01 Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change. |
| economic stimulus act of 2008: Foreign Exchange Value of the Dollar , 1984 |
| economic stimulus act of 2008: How to Win in a Winner-Take-All World Neil Irwin, 2019-06-18 From New York Times bestselling author and senior economic correspondent at The New York Times, how to survive—and thrive—in this increasingly challenging economy. Every ambitious professional is trying to navigate a perilous global economy to do work that is lucrative and satisfying, but some find success while others struggle to get by. In an era of remarkable economic change, how should you navigate your career to increase your chances of landing not only on your feet, but ahead of those around you? In How to Win in a Winner-Take-All World, Neil Irwin, senior economic correspondent at the New York Times, delivers the essential guide to being successful in today’s economy when the very notion of the “job” is shifting and the corporate landscape has become dominated by global firms. He shows that the route to success lies in cultivating the ability to bring multiple specialties together—to become a “glue person” who can ensure people with radically different technical skills work together effectively—and how a winding career path makes you better prepared for today's fast-changing world. Through original data, close analysis, and case studies, Irwin deftly explains the 21st century economic landscape and its implications for ambitious people seeking a lifetime of professional success. Using insights from global giants like Microsoft, Walmart, and Goldman Sachs, and from smaller lesser known organizations like those that make cutting-edge digital effects in Planet of the Apes movies or Jim Beam bourbon, How to Win in a Winner-Take-All World illuminates what it really takes to be on top in this world of technological complexity and global competition. |
| economic stimulus act of 2008: Understanding Consumption Angus Deaton, 1992 An overview of the saving and consumption patterns of households |
| economic stimulus act of 2008: Crashed Adam Tooze, 2018-08-07 WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems.--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences. |
| economic stimulus act of 2008: A Crisis Wasted Reed Hundt, 2019-04-02 “The blow by blow story of a president and his team wasting the ‘opportunity’ of the Great Recession to change the fundamentals of the economy.” —Steven Brill, New York Times–bestselling author This book is the compelling story of President Obama’s domestic policy decisions made between September 2008 and his inauguration on January 20, 2009. Barack Obama determined the fate of his presidency before he took office. His momentous decisions led to Donald Trump, for Obama the worst person imaginable, taking his place eight years later. This book describes these decisions and discusses how the results could have been different. Based on dozens of interviews with actors in the Obama transition, as well as the author’s personal observations, this book provides unique commentary of those defining decisions of winter 2008–2009. A decade later, the ramifications of the Great Recession and the role of government in addressing the crisis animate the ideological battle between progressivism and neoliberalism in the Democratic Party and the radical direction of the Republican Party. As many seek the presidency in the November 2020 election, all candidates and of course the eventual winner will face decisions that may be as critical and difficult as those confronted by Barack Obama. This book aims to provide the guidance of history. “A powerfully lucid, compelling and surprising achievement . . . makes a subtle but irresistible argument that, given the conservative undertow of American politics, liberals and progressives who are serious about change can’t just wing it but must prepare detailed economic policy analyses and prescriptions long in advance of taking power.” —Congressman Jamie Raskin, Representative from Maryland’s 8th District |
| economic stimulus act of 2008: Animal Spirits George A. Akerlof, Robert J. Shiller, 2010-02-01 From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, animal spirits are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life—such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes—and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits—the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time—unless we are prepared to take further, decisive action. |
| economic stimulus act of 2008: In FED We Trust David Wessel, 2010-08-03 “Whatever it takes” That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America’s military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation’s voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world’s financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation’s history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know–and what took them by surprise? Which of their actions stretched–or even ripped through–the Fed’s legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”? • How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure? • How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan? In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history. |
| economic stimulus act of 2008: RIA's Complete Analysis of the Economic Stimulus Act of 2008, and the AMT Patch, Mortgage Relief, Energy, Technical Corrections, and Other Late 2007 Tax Acts , 2008 The brand new Economic Stimulus Act's rebate program, boosted expensing deduction, 50% bonus depreciation, and increased business auto allowance. The latest AMT rules Relief from debt discharge income on mortgage foreclosures Expanded homesale gain exclusion for widows and widowers New tax advantages for volunteer firefighters and emergency medical responders New energy tax breaks Disclosure and inspection rules for charitable organizations New charitable contribution rules, some good some bad New excise tax and penalty rules And many other changes affecting all forms of business entities This publication will also include the code as amended and committee reports.--Publisher's website. |
| economic stimulus act of 2008: Getting Off Track John B. Taylor, 2013-09-01 In this concise volume, leading economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what dramatically worsened it more than a year after it began. The evidence he presents strongly suggests that specific government actions and interventions are largely to blame and that any future government interventions must be based on a clearly stated diagnosis of the problem and a rationale for the interventions. |
| economic stimulus act of 2008: Crisis and Response Federal Deposit Insurance Corporation, 2018-03-06 Crisis and Response: An FDIC History, 2008¿2013 reviews the experience of the FDIC during a period in which the agency was confronted with two interconnected and overlapping crises¿first, the financial crisis in 2008 and 2009, and second, a banking crisis that began in 2008 and continued until 2013. The history examines the FDIC¿s response, contributes to an understanding of what occurred, and shares lessons from the agency¿s experience. |
| economic stimulus act of 2008: The Global Financial Crisis Dick K. Nanto, 2009 Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation. |
| economic stimulus act of 2008: Post-crisis Fiscal Policy Carlo Cottarelli, Philip Gerson, Abdelhak Senhadji, A. Senhadji Semlali, 2014-06-27 Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seeming departure from the long-held consensus among economists that monetary policy rather than fiscal policy was the appropriate response to fluctuations in economic activity. Since then, the IMF has emphasized that the speed of fiscal adjustment should be determined by the specific circumstances in each country. Its recommendation that deficit reduction proceed steadily, but gradually, positions the IMF between the fiscal doves (who argue for postponing fiscal adjustment altogether) and the fiscal hawks (who argue for a front-loaded adjustment). This volume brings together the analysis underpinning the IMF's position on the evolving role of fiscal policy. After establishing its analytical foundation, with chapters on such topics as fiscal risk and debt dynamics, the book analyzes the buildup of fiscal vulnerabilities before the crisis, presents the policy response during the crisis, discusses the fiscal outlook and policy challenges ahead, and offers lessons learned from the crisis and its aftermath. Topics discussed include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool; coordination of fiscal and monetary policies; the sovereign debt crisis in Europe; and institutional reform aimed at fostering fiscal discipline.--Publisher's description. |
| economic stimulus act of 2008: Fiscal Policy after the Financial Crisis Alberto Alesina, Francesco Giavazzi, 2013-06-25 The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis. |
| economic stimulus act of 2008: The Pig Book Citizens Against Government Waste, 2013-09-17 The federal government wastes your tax dollars worse than a drunken sailor on shore leave. The 1984 Grace Commission uncovered that the Department of Defense spent $640 for a toilet seat and $436 for a hammer. Twenty years later things weren't much better. In 2004, Congress spent a record-breaking $22.9 billion dollars of your money on 10,656 of their pork-barrel projects. The war on terror has a lot to do with the record $413 billion in deficit spending, but it's also the result of pork over the last 18 years the likes of: - $50 million for an indoor rain forest in Iowa - $102 million to study screwworms which were long ago eradicated from American soil - $273,000 to combat goth culture in Missouri - $2.2 million to renovate the North Pole (Lucky for Santa!) - $50,000 for a tattoo removal program in California - $1 million for ornamental fish research Funny in some instances and jaw-droppingly stupid and wasteful in others, The Pig Book proves one thing about Capitol Hill: pork is king! |
| economic stimulus act of 2008: Pre-budget Report 2008 Great Britain. Treasury, 2008 The 2008 Pre-Budget Report presents updated assessments and forecasts of the economy and public finances, and reports on how in the face of major global economic shocks the Government intends to support the economy, businesses and households through these uncertain times while delivering its long-term goals. Measures announced include: temporarily reducing the Value Added Tax (VAT) rate to 15 per cent from1 December 2008 to 31 December 2009; bringing forward £3 billion of capital spending from 2010-11 including introducing a green stimulus supporting low carbon growth and jobs; introducing a new additional higher rate of income tax of 45 per cent for those with incomes above £150,000 from April 2011; increasing national insurance contributions by 0.5 per cent from April 2011; increasing alcohol and tobacco duties; a two pence per litre increase in fuel duty from 1 December). Immediate action to help those individuals and businesses most affected by the economic downturn include: increases in the income tax personal allowance; bringing forward the increase in Child Benefit; increases of the Child Tax Credit and a payment of £60 to all pensioners; help through mortgage rescue and Support for Mortgage Interest schemes for eligible homeowners in difficulty and a commitment from major mortgage lenders not to initiate repossession action within at least three months of an owner-occupier going into arrears; an additional £1.3 billion to support for the unemployed to find a new job; measures to help small and medium-sized enterprises facing credit constraints; a new HMRC Business Payment Support Service to allow businesses in temporary financial difficulty to pay their HMRC tax bills on a timetable they can afford; and more generous tax relief for businesses now making losses and the modification of a number of planned tax reforms, including vehicle excise duty, air passenger duty, and the deferral of the increase in the small companies' rate of corporation tax. |
| economic stimulus act of 2008: The Curse of Cash Kenneth S. Rogoff, 2017-06-27 “A brilliant and lucid new book” (John Lanchester, New York Times Magazine) about why paper money and digital currencies lie at the heart of many of the world’s most difficult problems—and their solutions In The Curse of Cash, acclaimed economist and bestselling author Kenneth Rogoff explores the past, present, and future of currency, showing why, contrary to conventional economic wisdom, the regulation of paper bills—and now digital currencies—lies at the heart some of the world’s most difficult problems, but also their potential solutions. When it comes to currency, history shows that the private sector often innovates but eventually the government regulates and appropriates. Using examples ranging from the history of standardized coinage to the development of paper money, Rogoff explains why the cryptocurrency boom will inevitably end with dominant digital currencies created and controlled by governments, regardless of what Bitcoin libertarians want. Advanced countries still urgently need to stem the global flood of large paper bills—the vast majority of which serve no legitimate purpose and only enable tax evasion and other crimes—but cryptocurrencies are like $100 bills on steroids. The Curse of Cash is filled with revealing insights about many of the most pressing issues facing monetary policymakers, from quantitative easing to alternative inflation targeting regimes. It also explains in detail why, if low interest rates persist, the best way to reinvigorate monetary policy is to implement fully effective and unconstrained negative interest rates. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash has sparked widespread debate and its ideas have moved to the center of financial and policy discussions. |
| economic stimulus act of 2008: Law and Macroeconomics Yair Listokin, 2019-03-11 A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing. |
| economic stimulus act of 2008: The Financial Crisis Inquiry Report, Authorized Edition United States. Financial Crisis Inquiry Commission, 2011-01-27 Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability. |
| economic stimulus act of 2008: Stress Test Timothy F. Geithner, 2014-05-12 New York Times Bestseller Washington Post Bestseller Los Angeles Times Bestseller Stress Test is the story of Tim Geithner’s education in financial crises. As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won’t be the last. Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss. Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems. |
| economic stimulus act of 2008: Budget Options United States. Congressional Budget Office, 1977 |
| economic stimulus act of 2008: The Rise of China's Industrial Policy, 1978 To 2020 Barry Naughton, 2021-04-15 |
| economic stimulus act of 2008: Recovery ACT United States Government Accountability Office, 2018-01-25 Recovery Act: States' and Localities' Current and Planned Uses of Funds While Facing Fiscal Stresses |
| economic stimulus act of 2008: From Stimulus to Consolidation Juan Toro R., Benedict J. Clements, Victoria J. Perry, 2010-10-06 This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries. |
| economic stimulus act of 2008: The General Theory of Employment, Interest and Money John Maynard Keynes, 1989 |
| economic stimulus act of 2008: First Responders Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson, 2020-02-04 An insider’s view of the U.S. government’s response to the 2007–2009 global financial crisis, as recounted by the people who made the key decisions In 2008, the world’s financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government’s response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities. |
| economic stimulus act of 2008: The Great Depression Robert S. McElvaine, 2010-10-27 One of the classic studies of the Great Depression, featuring a new introduction by the author with insights into the economic crises of 1929 and today. In the twenty-five years since its publication, critics and scholars have praised historian Robert McElvaine’s sweeping and authoritative history of the Great Depression as one of the best and most readable studies of the era. Combining clear-eyed insight into the machinations of politicians and economists who struggled to revive the battered economy, personal stories from the average people who were hardest hit by an economic crisis beyond their control, and an evocative depiction of the popular culture of the decade, McElvaine paints an epic picture of an America brought to its knees—but also brought together by people’s widely shared plight. In a new introduction, McElvaine draws striking parallels between the roots of the Great Depression and the economic meltdown that followed in the wake of the credit crisis of 2008. He also examines the resurgence of anti-regulation free market ideology, beginning in the Reagan era, and argues that some economists and politicians revised history and ignored the lessons of the Depression era. |
| economic stimulus act of 2008: Finance & Development, September 2014 International Monetary Fund. External Relations Dept., 2014-08-25 This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world. |
| economic stimulus act of 2008: What Have We Learned? George A. Akerlof, Olivier Blanchard, David Romer, Joseph E. Stiglitz, 2014-05-09 Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements. |
| economic stimulus act of 2008: General Explanation of Tax Legislation Enacted in ... , 2005 JCS-5-05. Joint Committee Print. Provides an explanation of tax legislation enacted in the 108th Congress. Arranged in chronological order by the date each piece of legislation was signed into law. This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 108th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 108th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document. In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated. |
| economic stimulus act of 2008: Boom and Bust Banking David M. Beckworth, 2012 Exploring the forceful renewal of the boom-and-bust cycle after several decades of economic stability, this book is a research-based review of the factors that caused the 2008 recession. It offers cutting-edge diagnoses of the recession and prescriptions on how to boost the economy from leading economists. The book concentrates on the Federal Reserve and its leading role in creating the economic boom and recession of the 2000s. Aimed at professional economists and readers well versed in the basic workings of the economy, it includes innovative proposals on how to avoid future boom-and-bust cycles. |
| economic stimulus act of 2008: Economic Report of the President Transmitted to the Congress United States. President, 2009 |
| economic stimulus act of 2008: Stimulus Oversight, 2009 United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs, 2011 |
| economic stimulus act of 2008: Effects of Fiscal Stimulus in Structural Models Mr. Michael Kumhof, Dirk Muir, Carlos de Resende, Jan in ‘t Veld, René Lalonde, Davide Furceri, Annabelle Mourougane, John Roberts, Stephen Snudden, Mathias Trabandt, Günter Coenen, Susanna Mursula, Christopher J. Erceg, Charles Freedman, Jesper Lindé, Werner Roeger, Mr. Douglas Laxton, 2010-03-01 The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significantly lower initial multipliers. |
| economic stimulus act of 2008: Public Statutes at Large of the United States of America United States, 2012 Vols. for 1950-19 contained treaties and international agreements issued by the Secretary of State as United States treaties and other international agreements. |
One Hundred Tenth Congress of the United States of America …
An Act To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.
THE ECONOMIC STIMULUS ACT OF 2008 - Clemons Richter
The Act provides several kinds of stimulus intended to boost the US economy in 2008 and to avoid or lessen an economic recession. The Act provides tax rebates for low- and middle …
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE Economic …
The Economic Stimulus Act of 2008 would provide rebates to individuals who satisfy certain income requirements and allow businesses to use special rules for the carryback of net …
Economic Stimulus Act of 2008 - jajonescpa.com
Economic Stimulus Act of 2008 On February 7, Congress passed the Economic Stimulus Act of 2008 (Stimulus Act), and President Bush signed it into law on February 13. The new law …
CE Survey Results on the 2008 Economic Stimulus Payments
Consumer Expenditure Survey Results on the 2008 Economic Stimulus Payments (Tax Rebates) In May 2008, the Internal Revenue Service (IRS) started mailing Economic Stimulus Payments …
Assessing the Macro Economic Impact of Fiscal Stimulus 2008
2008. Employment will grow by an extra 700,000 jobs, and the unemployment rate will be as much as a half percentage point lower by mid-2009 than would be the case without …
Business Provisions of the Economic Stimulus Act of 2008
The Economic Stimulus Act of 2008 contains two provisions that provide tax benefits for businesses. The first provision increases the limit up to which a business can expense
DESCRIPTION OF THE “ECONOMIC STIMULUS ACT OF 2008”
The provision includes a stimulus rebate credit for 2008. The credit mechanism (and the issuance of checks described below) is intended to deliver an expedited fiscal stimulus to the economy. …
TITLE I—RECOVERY REBATES AND IN- CENTIVES FOR …
AN ACT To provide economic stimulus through recovery rebates to individuals, in- centives for business investment, and an increase in conforming and FHA loan limits.
Consumer Spending and the Economic Stimulus Payments of …
Stimulus Act (ESA) of 2008, enacted in February 2008, consisted primarily of a 100 billion dollar program that sent economic stimulus payments (ESPs) to approximately 130 million U.S. tax …
THE ECONOMIC STIMULUS PAYMENTS OF 2008 AND THE …
This paper measures the spending responses of households to the Economic Stimulus Payments of 2008 and quantifies the partial-equilibrium increase in aggregate demand for consumer …
Notice 1377 (February 2008) - Internal Revenue Service
We are pleased to inform you that the United States Congress passed and President George W. Bush signed into law the Economic Stimulus Act of 2008, which provides for economic …
H.R. 5140 - Congressional Budget Office
H.R. 5140 would provide a tax rebate to individual tax filers who satisfy specific income requirements and special depreciation allowances to businesses. In addition, the act would …
Q. What did the 2008–10 tax stimulus acts do?
The Economic Stimulus Act of 2008 had three main parts: an individual income tax rebate sent in mid-2008 and two business provisions to encourage investment during 2008. Tax Credits for …
The Economic Stimulus Payments of 2008 and the Aggregate …
The US government passed the Economic Stimulus Act of 2008 in February 2008 in response to the recession that started in December 2007. The main part of Act was a $100-billion program …
Part IV. Items of General Interest Relief for Recipients of …
Internal Revenue Code (Code) § 6428, as amended by § 101 of the Economic Stimulus Act of 2008, provides for payments to be made to eligible individuals in an amount determined under …
Household Response to the 2008 Tax Rebates: Survey …
In this paper, we estimate the effects on consumer spending of the $96 billion in one-time stimulus payments that households received as part of the Economic Stimulus Act of 2008 beginning in …
IRS To Issue Guidance on Special 50-Percent Depreciation …
The Economic Stimulus Act of 2008 provided a significant tax incentive for businesses to make capital investments by adding a special 50 percent depreciation allowance for qualifying …
2008 Economic Stimulus Act Provides Tax Benefits to Businesses
WASHINGTON — In addition to providing stimulus payments to individuals, the Economic Stimulus Act of 2008 provides incentives to businesses. These incentives include a special 50 …
Facts about the 2008 Stimulus Payments - Internal Revenue …
Facts about the 2008 Stimulus Payments FS-2008-15, February 2008 Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. …
One Hundred Tenth Congress of the United States of America …
An Act To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.
THE ECONOMIC STIMULUS ACT OF 2008 - Clemons Richter …
The Act provides several kinds of stimulus intended to boost the US economy in 2008 and to avoid or lessen an economic recession. The Act provides tax rebates for low- and middle …
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE …
The Economic Stimulus Act of 2008 would provide rebates to individuals who satisfy certain income requirements and allow businesses to use special rules for the carryback of net …
Economic Stimulus Act of 2008 - jajonescpa.com
Economic Stimulus Act of 2008 On February 7, Congress passed the Economic Stimulus Act of 2008 (Stimulus Act), and President Bush signed it into law on February 13. The new law …
CE Survey Results on the 2008 Economic Stimulus Payments
Consumer Expenditure Survey Results on the 2008 Economic Stimulus Payments (Tax Rebates) In May 2008, the Internal Revenue Service (IRS) started mailing Economic Stimulus Payments …
Assessing the Macro Economic Impact of Fiscal Stimulus 2008
2008. Employment will grow by an extra 700,000 jobs, and the unemployment rate will be as much as a half percentage point lower by mid-2009 than would be the case without …
Business Provisions of the Economic Stimulus Act of 2008
The Economic Stimulus Act of 2008 contains two provisions that provide tax benefits for businesses. The first provision increases the limit up to which a business can expense
DESCRIPTION OF THE “ECONOMIC STIMULUS ACT OF 2008”
The provision includes a stimulus rebate credit for 2008. The credit mechanism (and the issuance of checks described below) is intended to deliver an expedited fiscal stimulus to the economy. …
TITLE I—RECOVERY REBATES AND IN- CENTIVES FOR …
AN ACT To provide economic stimulus through recovery rebates to individuals, in- centives for business investment, and an increase in conforming and FHA loan limits.
Consumer Spending and the Economic Stimulus Payments …
Stimulus Act (ESA) of 2008, enacted in February 2008, consisted primarily of a 100 billion dollar program that sent economic stimulus payments (ESPs) to approximately 130 million U.S. tax …
THE ECONOMIC STIMULUS PAYMENTS OF 2008 AND THE …
This paper measures the spending responses of households to the Economic Stimulus Payments of 2008 and quantifies the partial-equilibrium increase in aggregate demand for consumer …
Notice 1377 (February 2008) - Internal Revenue Service
We are pleased to inform you that the United States Congress passed and President George W. Bush signed into law the Economic Stimulus Act of 2008, which provides for economic …
H.R. 5140 - Congressional Budget Office
H.R. 5140 would provide a tax rebate to individual tax filers who satisfy specific income requirements and special depreciation allowances to businesses. In addition, the act would …
Q. What did the 2008–10 tax stimulus acts do?
The Economic Stimulus Act of 2008 had three main parts: an individual income tax rebate sent in mid-2008 and two business provisions to encourage investment during 2008. Tax Credits for …
The Economic Stimulus Payments of 2008 and the …
The US government passed the Economic Stimulus Act of 2008 in February 2008 in response to the recession that started in December 2007. The main part of Act was a $100-billion program …
Part IV. Items of General Interest Relief for Recipients of …
Internal Revenue Code (Code) § 6428, as amended by § 101 of the Economic Stimulus Act of 2008, provides for payments to be made to eligible individuals in an amount determined under …
Household Response to the 2008 Tax Rebates: Survey …
In this paper, we estimate the effects on consumer spending of the $96 billion in one-time stimulus payments that households received as part of the Economic Stimulus Act of 2008 beginning in …
IRS To Issue Guidance on Special 50-Percent Depreciation …
The Economic Stimulus Act of 2008 provided a significant tax incentive for businesses to make capital investments by adding a special 50 percent depreciation allowance for qualifying …
2008 Economic Stimulus Act Provides Tax Benefits to …
WASHINGTON — In addition to providing stimulus payments to individuals, the Economic Stimulus Act of 2008 provides incentives to businesses. These incentives include a special 50 …
