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Among the savage nations of hunters and fishers, every individual who is able to work, is more or less employed in useful labour, and endeavours to provide, as well as he can, the necessaries and conveniences of life, for himself, or such of his family or tribe as are either too old, or too young, or too infirm to go a hunting and fishing. Such nations, however, are so miserably poor that, from mere want, they are frequently reduced, or, at least, think themselves reduced, to the necessity sometimes of directly destroying, and sometimes of abandoning their infants, their old people, and those afflicted with lingering diseases, to perish with hunger, or to be devoured by wild beasts Adam Smith (Philosophy) – The Wealth of Nations - Introduction

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Adam Smith details the theory that in “poor” nations everyone is employed, but by the job of merely trying to survive. Therefore, because individuals spend all their time and energy working on surviving rather than specializing in a field and becoming extremely good in that field, massive inefficiency exists.

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The Wealth of Nations - Introduction Adam Smith (Philosophy) – The Wealth of Nations - Introduction

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An Inquiry into the Nature and Causes of the Wealth of Nations, commonly referred to as the Wealth of Nations, was written in 1776 by Scottish economist and philosopher Adam Smith. It is considered to be a landmark work in the history of economics.

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proposed rulemaking we are considering today is another important step toward strengthening our regulatory framework to address the risks that large, interconnected financial institutions pose to U.S. financial stability. This proposal would implement the Dodd-Frank Act U.S. Federal Reserve (Ft. Ben Bernanke) – Statement by Chairman Ben S. Bernanke, 12/14/2012

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The “proposed rulemaking” being discussed is implementing Dodd-Frank for large foreign banks.

The Dodd–Frank Wall Street Reform and Consumer Protection Act is aimed at increasing accountability and transparency within the financial system by imposing stricter regulations on big banks. The goal of these measures is to prevent the “too big to fail” phenomenon and thereby end the need for massive bailouts. The act was signed into law by President Obama on July 21, 2010.

Dodd-Frank has been criticized as excessively long (it is 848 pages), too harsh (JP Morgan CEO Jamie Dimon has questioned whether it will stifle growth), and not harsh enough. Corporate finance hottie Jonathan Macey criticized the act on the basis that, “Dodd-Frank… is an outline directed at bureaucrats and it instructs them… to create more bureaucracies."

The “simple” explanation, flowchart style.

The “simple” explanation, Jon/John Stewart/Oliver style.

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The "proposed rulemaking" being discussed is implementing Dodd-Frank for large foreign banks.

The Dodd–Frank Wall Street Reform and Consumer Protection Act is aimed at increasing accountability and transparency within the financial system by imposing stricter regulations on big banks. The goal of these measures is to prevent the "too big to fail" phenomenon and thereby end the need for massive bailouts. The act was signed into law by President Obama on July 21, 2010.

Dodd-Frank has been criticized as excessively long (it is 848 pages), too harsh (JP Morgan CEO [Jamie Dimon](http://dealbreaker.com/images/thumbs/Screen%20shot%202009-10-28%20at%205.15.07%20PM.png) has [questioned](http://www.bloomberg.com/news/2011-06-07/dimon-asks-bernanke-whether-post-crisis-rules-are-holding-back-u-s-growth.html) whether it will stifle growth), and not harsh enough. Corporate finance hottie [Jonathan Macey](http://www.law.yale.edu/faculty/JMacey.htm) criticized the act on the basis that, “Dodd-Frank... is an outline directed at bureaucrats and it instructs them... to create more bureaucracies."

[The "simple" explanation](http://www.businessweek.com/magazine/doddfrank-in-one-graph-01122012-gfx.html), flowchart style.

[The "simple" explanation](http://www.thedailyshow.com/watch/thu-july-28-2011/dodd-frank-update), Jon/John Stewart/Oliver style.

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flaws in the pre-crisis structure U.S. Federal Reserve (Ft. Ben Bernanke) – Statement by Chairman Ben S. Bernanke, 12/14/2012

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financial crisis U.S. Federal Reserve (Ft. Ben Bernanke) – Statement by Chairman Ben S. Bernanke, 12/14/2012

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LIST OF THE MIGHTY THAT FELL:

Bear Stearns
Countrywide Financial
Fannie Mae and Freddie Mac
Merrill Lynch
AIG
Lehman Brothers
WaMu
Citigroup (probably at one point)
IndyMac
+
iBankers' ability to pick up girls at bars (sorry dudes if only you’d made some cupcakes instead)

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more incentives perversed John Papola (Ft. Russ Roberts) – Fear the Boom and Bust (Hayek vs. Keynes)

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If it ain’t gonna go broke (bc of government bailouts), why fix it??

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don’t use the printing press John Papola (Ft. Russ Roberts) – Fear the Boom and Bust (Hayek vs. Keynes)

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Though a lot of people say the Fed “prints” money, the actual, physical printing presses are owned and operated by the Treasury Department… NOT THE FED.

The Fed controls the money supply. Money supply = cash + credit. The Fed can influence this by determining interest rates, setting reserve requirements, and buying/selling bonds.

If that doesn’t make sense, have an infographic.

/rant

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pete

10 years

Actually, “Hayak” is criticizing “Keynes” and his economic theory. Keynes believed that by increasing fiscal spending, aggregate demand is temporarily boosted at the cost of being in debt. By “printing more money”, Hayak suggests that inflation (e.g. Post WW1 Germany) is inevitable

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war John Papola (Ft. Russ Roberts) – Fear the Boom and Bust (Hayek vs. Keynes)

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The US' entry into WWII meant everyone suddenly had jobs either fighting or producing stuff for the war.

Full-employment = end of the Great Depression.

Yay?

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Circular flow John Papola (Ft. Russ Roberts) – Fear the Boom and Bust (Hayek vs. Keynes)

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Keynes' theories are based on “circular flow,” the idea that:

People buy things –> Firms hire (pay) people to produce those things –> People use those paychecks to buy things –> Firms hire people to produce those things –> etc.

aka $$$$ makes the world go round!!

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Marked this as a stretch ?

5 years

no u

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housing construction
The boom plants the seeds for its future destruction John Papola (Ft. Russ Roberts) – Fear the Boom and Bust (Hayek vs. Keynes)

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House prices rose like crazy in 2005, so everyone wanted to get in on selling houses and therefore a bunch were built.

Banks also got excited and justified giving out ridiculous loans (like pay down $0 and no credit check necessary!!) because they figured if the homeowners couldn’t pay, the increasing value of the house would cover the value of the unpaid debt. Even better, they started selling the bad loans to other banks who were also excited by rising house prices.

Then, when there were suddenly more houses than people wanted to buy and the economy began to weaken, prices dropped. People also began defaulting on their loans, and since their losses were limited to their $0 downpayment, the banks took the hit.

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