The Legacy of the Crash
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‘green growth’ 31, 33, 57, 274
Greenspan, Alan 40–1
Guantánamo Bay 243, 246, 248, 254
habeas corpus 224–5, 237, 246–9, 251–4
Hague, William 106
Hay, Colin 271, 276
HBOS 47, 65, 80
health care 12
Coalition government reforms 12, 39
consumerism 207
cost 12, 205–7, 210–12, 216–17
insurance 107, 110, 203–4, 207–11, 215–16
‘Obamacare’, see Affordable Care Act (ACA)
spending 203, 214, 216
Hogan, Judge Thomas F. 225
Holder, Eric 223–4, 226
home equity loans 60, 265
Homeowners Mortgage Support Scheme 66
Hospital Survey and Construction Act 204
hospitals 106, 202–4, 206, 210–12, 214, 216 see also NHS
House of Commons 10, 105, 113, 126, 130, 140–1, 147–8, 152, 161–2, 172, 190, 234
House of Lords 13, 235, 243, 247, 249, 251, 254, 259–60
House of Representatives 4, 91, 93, 108, 110, 125, 140, 150, 156, 180, 191
takeover by Republicans 108, 125
house prices 40, 60, 64, 68, 70, 76, 79, 265, 267
housing bubble 3, 40, 43, 67, 272
see also Congress
Howard, Michael 106
Huhne, Chris 143, 149, 154
Human Rights Act 232–3, 245, 251–2, 257–8
Huntington, Samuel P. 139
Iceland 74, 124, 203
identification cards, UK 118, 230–1, 236
National Identity Register 231, 236
incomes policy 25
Independent Banking Commission (Vickers Commission) 35, 52
Independent Television Network (ITN) 142
India 2, 22, 277
industrial policy 27–30, 35
inequality 71–2, 124, 215, 265
Intelligence Authorization Bill 227
interest rates see Federal Reserve; Bank of England
Iraq 13, 106, 109–10, 148, 169, 227–30, 236, 239, 278
Japan 73, 267–8, 270, 277–8, 281
‘lost decade’ 80, 267
Johnson, Lyndon 103, 206
judiciary 39, 243, 245, 253–5
challenge to executive authority 247–51, 256–7
judicial review 244–5
war on terror 245–7
see also Supreme Court, UK;
Supreme Court, US
JPMorgan Chase 62
JUSTICE 257–8
Kennedy, Anthony 252, 254
Kennedy, Charles 141–2
Kennedy, Edward 146, 172
Kennedy, John F. 103
Keynesianism 1, 35, 53, 57, 101, 271–2, 274, 282
King, Mervyn 48, 83, 95, 134, 264
King’s Fund 218
Labour Party 8, 10, 56, 108, 136, 141–2, 146–8, 153, 160–1, 163, 166, 185–6
Labour Representation Committee (LRC) 160
New Labour 9, 29–30, 41, 65–7, 106, 122, 132, 135, 137, 148, 153, 271, 275
see also Tony Blair; Gordon Brown; Ed Miliband
Lansley, Andrew 12, 202, 213
Law Lords see Supreme Court, UK
Lehman Brothers 3, 4, 15, 46, 61–2, 69, 79, 134
leverage, financial institutions 43, 53, 69, 150, 273
Liberal Democrat Party, UK 10–12, 56, 108, 112, 114, 118, 126, 135, 139–43, 145–55, 167, 173, 180, 191, 194, 213, 226, 230, 232
decision to join coalition 11, 114, 147
election results 140, 146–7, 173
Liberal Party 141–2, 150–1, 155, 164, 166
see also Paddy Ashdown, Menzies Campbell, Nick Clegg, Coalition government; Charles Kennedy
Liberty 257–8, 260
Lincoln, Blanche 149
Lindblom, Charles 129
liquidity 65, 67
Lloyds TSB 47, 65–6
Major, John 105, 166
Marx, Karl 57, 156
May, Theresa 231
McGovern-Frasier Commission 168
Mead, Walter Russell 145, 156
Medicaid 50, 203, 206–9, 215–16
Medicare 50–1, 107–8, 203, 206–7, 209–11, 216–17, 266
Medicare Advantage 209, 217
Merrill Lynch 4, 46, 61, 79, 134
Miliband, David 56
Miliband, Ed 56, 87
military commissions 225, 246–8, 251
Military Commissions Act (MCA) 223, 247, 251–2
military tribunals, see military commissions
mixed economy 27, 212
Moody’s, see ratings agencies
Moore, Michael 149
mortgage backed securities (MBSs) 42–3, 55, 58, 61–3, 68–9
Murkowski, Lisa 113, 120, 125
National Association of Manufacturers 88
National Council for Civil Liberties (NCCL) see Liberty
National Crime Agency and Border Police Command 232
National Health Service (NHS) 10, 12–13, 39, 49, 56, 107, 110, 117–18, 201, 202–5, 208, 212–17, 266
2010 White Paper 12, 31, 52–3, 212, 214–15
Commissioning Board 214
NHS Trusts 211, 214
Primary Care Trusts 212
National Institute for Clinical Excellence 213
National Policing Improvement Agency 232
National Security Agency (NSA) 226–7, 236
nationalist parties, UK 164, 167
nationalized industries 29
neoliberalism 1–2, 5, 53–4, 56–7, 263–74
New Deal, US 22, 54, 107–8, 124–5, 135, 163, 168
New Labour, see Labour Party
Northern Ireland 164, 167, 173–4
Northern Rock 3, 45, 55, 64–5, 69–70, 80
see also bank bailouts
Obama Administration
auto industry bailouts 32, 47, 63, 122
bank bailouts 19, 46–7, 62–3, 112, 129, 143
economic stimulus 7–8, 47, 86, 88, 93, 113
executive order 223, 225, 227–8
fiscal policy 51, 71, 81–3, 111, 268, 277
relations with Congress 91, 222–9, 235–7
war on terror 222–9, 235–7
Obama, Barack
election campaign 8, 95, 171, 222
executive-legislative relations 222, 229, 235–6
governing style 13, 54, 56, 115–16, 127, 129, 131–3, 208, 211, 229, 276
‘Obamacare’ 39, 110, 112, 133, 171, 208–11, 215 see also Affordable Care Act (ACA)
popularity 130, 180, 190, 193
question of citizenship 119
O’Connor, Sandra Day 248
O’Donnell, Christine 149, 195
Office of Legal Counsel, US 222
Organization for Economic
Co-operation and Development 81, 202
Osborne, George 57, 66, 111, 133–4
Pakistan 228, 233, 235
Palin, Sarah 102, 146, 156
Panetta, Leon 223
Parliament 11, 13, 49, 111, 114, 142, 147–8, 154, 161, 167, 221–2, 229–36, 245, 249, 255, 259, 268
backbench revolts 230, 232
ECHR decisions 245, 249, 251–2, 255, 257
oversight 13, 222, 230, 234
parliamentary liaison committee 230
see also House of Commons, House of Lords
partisan conditioning 181, 184
party-in-service 168, 171, 173–4
Paul, Rand 149, 156
Paul, Ron 156
Paulson, Hank 3–4, 15, 62
Pelosi, Nancy 4, 116
Perot, H. Ross 104, 109
physicians, see doctors
‘police patrol’ oversight 230
political machines 163
populism 11, 145–6
‘postwar consensus’ 1, 276
prerogative powers
president, US
see George Herbert Walker Bush; George W. Jimmy Carter; Bill Clinton; John F.
Kennedy; Barack Obama; Ronald Reagan; Lyndon Johnson, Franklin Delano Roosevelt
Prevention of Terrorism Act 2005 253
Prince, Charles 43–4
private debt 6, 45, 76, 267–9, 271–2
Private Finance Initiative (PFI) 34, 123
privatization 27, 29, 38, 123, 166
Progressive Era 163
proportional representation 153
Prudential Regulation Authority (UK) 53
quantitative easing 20, 48, 66, 70, 80, 123, 279
Asset Purchase Program 66
QE2, US 48
ratings agencies 44, 59, 69
role in financial crisis 44
Reagan, Ronald 1–2, 10, 29, 38, 54, 103–4, 107–9, 126, 256, 271, 276
recession 1–2, 5, 19, 34, 40, 61, 70, 75, 77, 80, 84, 86, 91, 94, 105, 11, 171–2, 264–5, 270, 276–7
redistricting, US 170
referendum 11, 115, 153–5, 173, 179, 189
see also alternative vote (AV)
Reid, Harry 149
repossessions 64, 70, 281
Republican Party 4–5, 9–10, 62, 126, 128, 133, 190, 208
election record 50, 109, 112, 115–17, 127, 146, 171–2, 180, 187–8, 190–3, 273
fiscal position 50–1, 63, 67, 150
ideology 61, 103, 108–9, 118, 125, 140, 144, 156, 169, 170–1, 268
Tea Party influence 11, 113, 120, 125, 141, 144–5, 149, 195, 275–6
see also John Boehner; George W. Bush; Ronald Reagan, Paul Ryan
Responsible party government 159, 162, 171
reward-punish hypothesis 179–80
Roosevelt, Franklin Delano 56, 107, 127, 168
Roubini, Noriel 5
Royal Bank of Scotland (RBS) 47, 65–6, 172
Rubio, Marco 149
Ryan, Paul 50
Santelli, Rick 143–4
savings & loans crisis 47
Schiff, Peter 5
Scottish National Party (SNP) see nationalist parties, UK
Scottish Parliament 154, 167
Sebelius, Kathleen 210, 216
securitization 42–3, 45, 64, 67, 69, 77, 272
Senate 4, 15, 78, 91–2, 109, 116–17, 120, 125, 135, 144, 146, 149, 156, 169–72, 180, 191–2, 195
Select Committee on Intelligence 227
see also Congress
September 11 terrorist attacks 2, 40, 72, 105, 109, 221–4, 229, 235, 245–7, 271, 278
shadow banking system see structured investment vehicles (SIVs)
single transferable vote (STV) election system 153
Skowronek, Stephen 92
Smith, Iain Duncan 106
Social Democratic Party 11, 141, 152
see also Liberal Democratic Party
Social Security 50–1, 58, 82, 107–8, 266
Special Liquidity Scheme (SLS) 65
stamp duty 66, 68
Standards and Poor’s, see ratings agencies
standards of living 264–8
Stevens, John Paul (Justice) 248–50, 254–5
Stiglitz, Joseph 57
Strategic Defence and Security Review (UK) 231
structured investment vehicles (SIVs) 44–5, 69
subprime mortgages 3, 40, 42–3, 44, 58, 61, 76, 265, 272, 280
see also mortgage backed securities (MBSs)
Summers, Lawrence 41
Supreme Court, UK 13, 245–7, 249–52, 256, 259–60, 280
resistance to executive authority 249–51, 254–5
Supreme Court, US 136, 168, 237, 242–5, 247–8, 251–3, 256, 258–60
resistance to executive authority 13, 46, 247, 252
Taleb, Nassim 5
Taliban 228, 233–4
TARP, see Troubled Asset Relief Program (TARP)
Tea Party movement (US) 9–10, 82, 101–2, 113, 117, 120, 125, 135, 143–5, 152, 155–6
2010 Congressional elections 140, 144, 146–7, 149–50, 172, 191–2, 195, 275
influence on Republican Party see Republican Party origins 143–4
populism 11, 113, 135, 145–6
textile industry 24
Thatcher, Margaret 10, 29–30, 38, 54, 57, 80, 101, 103–5, 115, 123, 126, 128, 160, 166, 211, 271, 276
relations with Ronald Reagan 10, 103
The City, see City of London
Thorpe, Jeremy 142, 156
Thurmond, Strom 141, 149–50
Tier 1 capital 65
torture 221, 223, 226–7, 233, 236–7, 246–7, 250
definition 259
Obama’s policy 224–7
Tower, John 149
toxic assets 46, 62–3, 65, 69–71, 76, 130
Trade Union Congress (TUC) 32, 160
Treasury, UK 65–6, 77, 82–3, 91
Treasury, US 3–4, 25, 32, 41, 45–7, 51–3, 55, 62–3, 80, 92, 95, 114
tripartite arrangement 65
Troubled Asset Relief Program (TARP) 4, 46, 62–3, 103
costs 46–7, 55
initial formulation 4, 46
mortgage relief 62–3
opposition 4, 130
UK Supreme Court, see Supreme Court, UK
United Kingdom Independence Party (UKIP) 276, 281
US Supreme Court, see Supreme Court, US
USA-PATRIOT Act 236, 247
varieties of capitalism 6, 21, 122
Vickers Commission see Independent Banking Commission
Volker, Paul 51
‘Volker Rule’ 51
Wales 164, 166–7, 173–4
Wall Street 3, 7, 15, 51, 74, 76, 88, 92, 113, 128–30, 134, 150, 263, 266, 273
Wallace, George 150, 269
Waltz, Kenneth 139
war on terror 13, 139, 221–3, 225, 227, 229, 231–7, 242, 245, 249, 255, 258–9
counter-terrorism 13, 221–2, 229, 232, 234–7, 242, 245, 249, 255, 258–9
detainees 221, 224–5, 227, 237, 243, 247–8, 252–3
electronic surveillance 221, 226–7
enemy combatants 248
extraordinary rendition 221, 226–7, 230
London Underground bombing (7 July 2007) 13, 169, 221–3, 225, 227, 229, 231–6, 239
Warren, Elizabeth 58
Washington Mutual 61
Zernike, Kate 144