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You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution The Cato Institute Remove constraint Publishing Institution: The Cato Institute Political Geography United States Remove constraint Political Geography: United States Topic Economics Remove constraint Topic: Economics
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  • Author: Mark A. Calabria
  • Publication Date: 02-2012
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: While Fannie Mae, Freddie Mac, and private subprime lenders have deservedly garnered the bulk of attention and blame for the mortgage crisis, other federal programs also distort our mortgage market and put taxpayers at risk of having to finance massive financial bailouts. The most prominent of these risky agencies is the Federal Housing Administration (FHA).
  • Topic: Debt, Economics, Government, Financial Crisis
  • Political Geography: United States
  • Author: Mark A. Calabria
  • Publication Date: 03-2011
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The recent financial crisis was characterized by losses in nearly every type of investment vehicle. Yet no product has attracted as much attention as the subprime mortgage.
  • Topic: Economics, Government, Markets, Financial Crisis
  • Political Geography: United States
  • Author: Steven Horwitz
  • Publication Date: 09-2011
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Politicians and pundits portray Herbert Hoover as a defender of laissez faire governance whose dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the stock market crash in 1929. In fact, Hoover had long been a critic of laissez faire. As president, he doubled federal spending in real terms in four years. He also used government to prop up wages, restricted immigration, signed the Smoot-Hawley tariff, raised taxes, and created the Reconstruction Finance Corporation-all interventionist measures and not laissez faire. Unlike many Democrats today, President Franklin D. Roosevelt's advisers knew that Hoover had started the New Deal. One of them wrote, "When we all burst into Washington ... we found every essential idea [of the New Deal] enacted in the 100-day Congress in the Hoover administration itself."
  • Topic: Economics, Markets, Political Economy, Financial Crisis, Governance
  • Political Geography: United States, Washington
  • Author: Arnold Kling
  • Publication Date: 04-2010
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Recently, the Federal Reserve has significantly altered the procedures and goals that it had followed for decades. It has more than doubled its balance sheet, paid interest to banks on reserves held as deposits with the Fed, made decisions about which institutions to prop up and which should be allowed to fail, invested in assets that expose taxpayers to large losses, and raised questions about how it will avoid inflation despite an unprecedented increase in the monetary base.
  • Topic: Economics, Government, Political Economy, Politics, Financial Crisis
  • Political Geography: United States
  • Author: Michael F. Cannon, Arnold Kling
  • Publication Date: 01-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The traditional model of medical delivery, in which the doctor is trained, respected, and compensated as an independent craftsman, is anachronistic. When a patient has multiple ailments, there is no longer a simple doctor patient or doctor-patient-specialist relationship. Instead, there are multiple specialists who have an impact on the patient, each with a set of interdependencies and difficult coordination issues that increase exponentially with the number of ailments involved.
  • Topic: Economics, Health, Human Welfare
  • Political Geography: United States
  • Author: Randal O'Toole
  • Publication Date: 12-2009
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Sometime in 2010 or 2011, Congress expects to decide how to spend the $250 billion or more of federal gas taxes and other highway user fees that will be collected over the next six years. The process of doing so is called surface transportation reauthorization. A major point of contention in this law is how much of our transportation system should be centrally planned and how much should be built and operated in response to the needs of actual transportation users.
  • Topic: Economics, Infrastructure
  • Political Geography: United States
  • Author: Lawrence H. White
  • Publication Date: 02-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a “crazy” idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration.
  • Topic: Economics, Government
  • Political Geography: United States
  • Author: Gerald P. O'Driscoll Jr.
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: In the past, the federal government has introduced moral hazard in the banking system through deposit insurance. Banks underpriced risk because of the federal guarantee that backed deposits. After banking crises in the 1980s and 1990s, deposit insurance was put on a sound basis and that source of moral hazard was mitigated. In its place, monetary policy has become a source of moral hazard. In acting to counter the economic effects of declining asset prices, the Federal Reserve has come to be viewed as underwriting risky investments. Policy pronouncements by senior Fed officials have reinforced that perception. These actions and pronouncements are mutually reinforcing and destructive to the operation of financial markets. The current financial crisis began in the subprime housing market and then spread throughout credit markets. The new Fed policy fueled the housing boom. Refusing to accept responsibility for the housing bubble, the Fed's recent actions will likely fuel a new asset bubble. The cumulative effects of recent monetary policy undermine the case for free markets.
  • Topic: Economics, Government, Markets
  • Political Geography: United States
  • Author: T.J. Rodgers
  • Publication Date: 08-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Since the passage of the Sarbanes-Oxley Act in 2002, the Financial Accounting Standards Board has passed rules that it promises will make corporate accounting more transparent. In fact, its revised Generally Accepted Accounting Principles have made it difficult for investors — or even CEOs — to understand a company's financial report.
  • Topic: Economics, Government, Markets
  • Political Geography: United States
  • Author: Arnold Kling
  • Publication Date: 09-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The Fannie Mae-Freddie Mac crisis may have been the most avoidable financial crisis in history. Economists have long complained that the risks posed by the government-sponsored enterprises were large relative to any social benefits.
  • Topic: Economics, Government, Financial Crisis
  • Political Geography: United States