1 ?Ben Bernanke, “The Subprime Mortgage Market”（在 2007 年 5 月 17日主题为“银行结构和竞争”的第 43 届芝加哥联邦储备银行年度会议上的发言），https://www.federalreserve.gov/newsevents/speech/bern anke20070517a.htm.
2 ?房价： Federal Reserve Bank of St. Louis, FRED Economic Data, “S&P/Case-Shiller 20-City Composite Home Price Index,”“S&P/Case-Shiller AZ-Phoenix Home Price Index,”和“S&P/Case-Shiller NV-Las Vegas Home Price Index.”丧失抵押品赎回权：Jennifer Taub, Other People’s Houses: How Decades of Bailouts, Captive Regulators, and Toxic Bankers Made Home Mortgages a Thrilling Business (Yale University Press, 2014), 3; Bill McBride, “MBA: Mortgage Delinquency and Foreclosure Rates Decrease in Q3, Lowest Since 2007,” Calculated Risk (blog), Nov. 14, 2014.
3 ?参见Alyssa Katz, Our Lot: How Real Estate Came to Own Us (Bloomsbury, 2009), 78–81.
4 ?Bill McBride, “Mortgage Delinquencies by Loan Type,”Calculated Risk (blog), Aug. 12, 2012.
5 ?Federal Reserve Bank of St. Louis, FRED Economic Data, “All Em ployees: Total Nonfarm Payrolls”; Menzie Chinn, “Closing the Output Gap,”Econbrowser （博客） , Nov. 19, 2015.
6 ?参见，例如Mankiw, Principles of Economics , 268。
7 ?Hayek, Road to Serfdom , 86; Dieter Plehwe, introduction to Road from Mont Pèlerin , by Mirowski and Plehwe, 23.
8 ?Financial Crisis Inquiry Commission, Financial Crisis Inquiry Report , 34.
9 ?Taub, Other People’s Houses , 125–27.
10 ?Kathleen C. Engel and Patricia A. McCoy, The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps (Oxford University Press, 2011),158.
11 ?Greg Ip, “Did Greenspan Add to Subprime Woes? Gramlich Says Excolleague Blocked Crackdown on Predatory Lenders Despite Growing Concerns” Wall Street Journal , June 9，2007.
12 ?Alan Greenspan, “Consumer Finance”（在第 4 届美联储年度事务研究大会上的发言， 2005 年 4 月 8 日），http://www.federalreserve.gov/BOARDDOCS/Speeches/2005/20050408/default.htm.
13 ?引自Manuel Roig-Franzia, “Credit Crisis Cassandra: Brooksley Born’s Unheeded Warning Is a Rueful Echo 10 Years On,”Washington Post ,May 26，2009。萨默斯拒绝对罗伊格–弗兰齐亚的文章发表评论。也可参见“Interview with Michael Greenberger,”Front line , July 14,2009，全文载于http://www.pbs.org/wgbh/pages/frontline/warning/inter views/greenberger.html。
14 ?Alan Greenspan, “Government Regulation and Derivative Contracts”（1997 年 2 月 21 日在亚特兰大联邦储备银行金融市场会议上的发言），http://www.federalreserve.gov/boarddocs/speeches/1997/19970221.htm; Alan Greenspan, “The Regulation of OTC Derivatives”（1998 年 7月 24 日银行与金融服务中心委员会的证言），http://www.federalrese rve.gov/boarddocs/testimony/1998/19980724.htm.
15 ?Johnson and Kwak, 13 Bankers , 138-40.
16 ?U.S. Securities and Exchange Commission, “Final Rule: Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated Supervised Entities”（2004 年 6 月 8 日，第 34–49830 版）.
17 ?Cohen and DeLong, Concrete Economics , 184–85.
18 ?U.S. Bureau of Economic Analysis, table 6.16, “Corporate Profits by Industry”; Johnson and Kwak, 13 Bankers , 115–16.
19 ?Alana Semuels, “The Unfinished Suburbs of America,”Atlantic , Nov.14,2014.
20 ?Charles Duhigg and Carter Dougherty, “From Midwest to M.T.A., Pain from Global Gamble,”New York Times , Nov. 1, 2008； Mark Landler,“U.S. Credit Crisis Adds to Gloom in Norway,” New York Times , Dec. 2,2007.
21 ?Financial Crisis Inquiry Commission, Financial Crisis Inquiry Report ,90,108; Taub, Other People’s Houses , 129.
22 ?Financial Crisis Inquiry Commission, Financial Crisis Inquiry Report , 108.
23 ?Ibid., 106; Michael Lewis, The Big Short (W. W. Norton, 2010), 97.
24 ?Taub, Other People’s Houses , 141.
25 ?Financial Crisis Inquiry Commission, Financial Crisis Inquiry Report ,107; Taub, Other People’s Houses , 129; Engel and McCoy, Subprime Virus ,30–32; David Dayen，Chain of Title: How Three Ordinary Americans Uncovered WallStreet’s Great Foreclosure Fraud (New Press, 2016), 31.
26 ?Rick Brooks and Ruth Simon, “Subprime Debacle Traps Even Very Credit Worthy,”Wall Street Journal , Dec. 3, 2007.
27 ?Taub, Other People’s Houses , 140–45.
28 ?The State of the Nation’s Housing , 2006, Joint Center for Housing Studies of Harvard University, 2006, 3.
29 ?Dayen, Chain of Title , 31–32.
30 ?Jake Bernstein and Jesse Eisinger, “The ‘Subsidy’: How a Handful of Mer rill Lynch Bankers Helped Blow Up Their Own Firm,” ProPublica ,Dec. 22, 2010.
31 ?Eisinger and Bernstein, “Magnetar Trade”; Securities and Exchange Commission, “J. P. Morgan to Pay $153.6 Million to Settle SEC Charges of Misleading Investors in CDO Tied to U.S. Housing Market” (press release), June 21, 2011.
32 ?Michiyo Nakamoto and David Wighton, “Citigroup Chief Stays Bullish on Buy-Outs,”Financial Times , July 9, 2007.
33 ?Jake Bernstein and Jesse Eisinger, “Banks’ Self-Dealing Super-charged Financial Crisis,”ProPublica , Aug. 26, 2010.
34 ?Lewis, Big Short , 141–42.
35 ?引自“The Watchmen,”This American Life , WBEZ, originally broadcas June 5, 2009.
36 ?Kevin G. Hall, “How Moody’s Sold Its Ratings—and Sold Out Inves tors,” McClatchy , Oct. 18, 2009; Ben Protess, “S.&P.’s $1.37 Billion Reckoning over Crisis-Era Misdeeds,” New York Times , Feb. 3, 2015.
37 ?Andrew Ross Sorkin et al., “As Credit Crisis Spiraled, Alarm Led to Action,” New York Times , Oct. 1, 2008. 90.
38 ?James E. Glassma, “Markets & the Economy/ The Week Ahead,”JPMorgan Chase, May 3, 2010.
39 ?Peter J. Wallison, “Elitist Protection Consumers Don’t Need,”Washington Post , July 13, 2009; David C. John, “The Lehman Brothers Collapse:Financial Regulation One Year Later” (Heritage Foundation WebMe mo 2610, Sept. 14, 2009); Jeb Hensarling, “Punishing Consumers to‘Protect’ Them,”Washington Times , July 22, 2009.
40 ?“A Trillion Unintended Consequences,”Wall Street Journal , July 6, 2010;Peter J. Wallison, “Crisis and Ideology: The Administration’s Financial Reform Legislation” (American Enterprise Institute Financial Services Outlook, April 2010); Matt Kibbe, “Key Vote ‘No’ H.R. 4173: Dodd Frank Wall Street Reform and Consumer Protection Act,” FreedomWorks(press release), July 14, 2010.
41 ?Peter J. Wallison, “Financial Crisis Inquiry Commission Dissenting Statement,” in Financial Crisis Inquiry Commission, Financial Crisis Inquiry Report , 441–538.
42 ?“JPMorgan Chief Warns of Overregulation—Report,” Reuters, April 18,2010.
43 ?参见 Anat Admati and Martin Hellwig, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It (Princeton University Press, 2013)。
44 ?Diane Katz, “The CFPB in Action: Consumer Bureau Harms Those It Claims to Protect” (Heritage Foundation Backgrounder 2760, Jan. 22,2013).
45 ?“Dodd-Frank Cripples Innovation and Economic Growth,” Marco Rubio for President, https://marcorubio.com/news/dodd-frank-cripples-innova tion-and-economic-growth/;Glenn Kessler, “Rubio’s Fantasy Figure on Bank Closures Due to Dodd-Frank,”Washington Post , Aug. 10, 2015;Guy Bentley, “Sen. Richard Shelby Slams Dodd-Frank and Takes Aim at CFPB,”Daily Caller , July 21, 2015; Jeb Hensarling, “After Five Years,Dodd-Frank Is a Failure,”Wall Street Journal , July 20, 2015.
46 ?Alvaredo et al., World Wealth and Income Database, “United States, Top 1% Income Share,” http://www.wid.world; Peter Rudegeair, “Pay Gap Between Wall Street CEOs and Employees Narrows,”Wall Street Journal , April 5, 2015; Federal Reserve Bank of St. Louis, FRED Economic Data, “Real Median Household Income in the United States.”
