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  • 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: Glen Whitman
  • Publication Date: 02-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The World Health Report 2000, prepared by the World Health Organization, presented performance rankings of 191 nations' health care systems. These rankings have been widely cited in public debates about health care, particularly by those interested in reforming the U.S. health care system to resemble more closely those of other countries. Michael Moore, for instance, famously stated in his film SiCKO that the United States placed only 37th in the WHO report. CNN.com, in verifying Moore's claim, noted that France and Canada both placed in the top 10.
  • Topic: Health, Human Welfare, Humanitarian Aid, International Organization
  • Political Geography: United States
  • Author: Michael Tanner
  • Publication Date: 07-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Healthcare reform will be one of the top issues of the 2008 presidential election. In the face of widespread public demand for changes in the U.S. health care system, both Barack Obama and John McCain have offered detailed proposals for reform.
  • Topic: Government, Health, Politics
  • 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
  • Author: Randal O'Toole
  • Publication Date: 10-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Rising gas prices and concerns about greenhouse gases have stimulated calls to build more rail transit lines in urban areas, increase subsidies to Amtrak, and construct a large-scale intercity high-speed rail system. These megaprojects will cost hundreds of billions of dollars, but they won't save energy or significantly reduce greenhouse gas emissions.
  • Topic: Development, Economics, Government
  • Political Geography: United States
  • Author: Michael F. Cannon
  • Publication Date: 10-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Democratic presidential nominee Sen. Barack Obama (IL) has proposed an ambitious plan to restructure America's health care sector. Rather than engage in a detailed critique of Obama's health care plan, many critics prefer to label it "socialized medicine." Is that a fair description of the Obama plan and similar plans? Over the past year, prominent media outlets and respectable think tanks have investigated that question and come to a unanimous answer: no.
  • Topic: Economics, Government, Health, Markets
  • Political Geography: United States
  • Author: David R. Henderson, Jeffrey Hummel
  • Publication Date: 11-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Is Alan Greenspan to blame for the current housing bubble and the ongoing financial crisis? A growing chorus charges the former Federal Reserve chairman with being an "inflationist" whose loose monetary policy caused or significantly contributed to our current economic troubles. However, although Greenspan's policies weren't perfect, his monetary policy was in fact tight, and his legacy is one of having overseen low and stable inflation and a striking dampening of the business cycle.
  • Topic: Economics
  • Political Geography: United States
  • Author: Lawrence H. White
  • Publication Date: 11-2008
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: As policymakers confront the ongoing U.S. financial crisis, it is important to take a step back and understand its origins. Those who fault "deregulation," "unfettered capitalism," or "greed" would do well to look instead at flawed institutions and misguided policies. The expansion in risky mortgages to under qualified borrowers was encouraged by the federal government. The growth of "creative" nonprime lending followed Congress's strengthening of the Community Reinvestment Act, the Federal Housing Administration's loosening of down-payment standards, and the Department of Housing and Urban Development's pressuring lenders to extend mortgages to borrowers who previously would not have qualified.
  • Topic: Economics, Government
  • Political Geography: United States