mortgage tax deduction

86 results back to index


pages: 296 words: 76,284

The End of the Suburbs: Where the American Dream Is Moving by Leigh Gallagher

Airbnb, big-box store, bike sharing, Burning Man, call centre, car-free, Celebration, Florida, clean water, collaborative consumption, Columbine, commoditize, crack epidemic, demographic winter, East Village, edge city, Edward Glaeser, extreme commuting, Ford Model T, General Motors Futurama, gentrification, helicopter parent, Home mortgage interest deduction, housing crisis, Jane Jacobs, Kickstarter, Lewis Mumford, low skilled workers, Mark Zuckerberg, McMansion, Menlo Park, microapartment, mortgage tax deduction, negative equity, New Urbanism, peak oil, Peter Calthorpe, Ponzi scheme, Quicken Loans, Richard Florida, Robert Shiller, Sand Hill Road, Seaside, Florida, Silicon Valley, Steve Jobs, Stewart Brand, streetcar suburb, TED Talk, the built environment, The Death and Life of Great American Cities, Tony Hsieh, Tragedy of the Commons, transit-oriented development, upwardly mobile, urban planning, urban sprawl, Victor Gruen, walkable city, white flight, white picket fence, young professional, Zipcar

Bureau of the Census, Historical Statistics of the United States, Colonial Times to 1970, part 2. The housing shortage was so severe: Jackson, Crabgrass Frontier, p. 232. Jackson’s quote about sleeping in his grandparents’ dining room comes from a transcript of the PBS series The First Measured Century, 2000. The mortgage interest tax deduction, a by-product: Lost in the current political debate over the mortgage interest tax deduction is the fact that the Revenue Act of 1913 didn’t refer to mortgage interest at all; rather, it simply provided a deduction for “all interest paid within the year by a taxable person on indebtedness.” More on this can be found in Dennis J. Ventry Jr., “The Accidental Deduction: A History and Critique of the Tax Subsidy for Mortgage Interest,” Law and Contemporary Problems 73 (Winter 2010): 233–84.

But with the new government backing, private lenders were suddenly willing to lend on much more generous terms, extending the length of the loan to twenty and then thirty years and ultimately lending more than 90 percent of the cost of the home to buyers. The modern-day long-term fixed-rate mortgage was born, making it possible for almost anyone to get a home loan. The mortgage interest tax deduction, a by-product of the 1913 law that established the federal income tax—and still one of the biggest incentives for home ownership to this day—provided a welcome assist. Then in 1944, the government passed the Servicemen’s Readjustment Act, otherwise known as the GI Bill, which provided low-interest, zero-down-payment loans to millions of veterans.

” • • • For all the ideals of freedom our country was built on, our modern residential pattern of suburban development—and the notion that it provided a better way to live—was decidedly master-planned. It started with the federal policies that laid the groundwork for suburbia, the post-Depression inventions explored in the previous chapter that suddenly made home ownership affordable for the middle class. The mortgage interest tax deduction, which wasn’t even intended for mortgages but was an indirect product of the 1913 act that established the federal income tax, today provides nearly $400 billion in subsidies to home owners each year, propping up the market for single-family homes to the detriment of renters, who get no such help.


pages: 279 words: 87,875

Underwater: How Our American Dream of Homeownership Became a Nightmare by Ryan Dezember

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", activist fund / activist shareholder / activist investor, Airbnb, Bear Stearns, business cycle, call centre, Carl Icahn, Cesare Marchetti: Marchetti’s constant, cloud computing, collateralized debt obligation, company town, coronavirus, corporate raider, COVID-19, Credit Default Swap, credit default swaps / collateralized debt obligations, data science, deep learning, Donald Trump, Home mortgage interest deduction, housing crisis, interest rate swap, low interest rates, margin call, McMansion, mortgage debt, mortgage tax deduction, negative equity, opioid epidemic / opioid crisis, pill mill, rent control, rolodex, Savings and loan crisis, sharing economy, sovereign wealth fund, transaction costs

California law allowed them to drop the keys in the mailbox and move out without worrying about the bank coming after them. It was tempting. “We looked at each other and said, ‘Are we crazy not to walk away? Where would we live?’” Connors said. A bookkeeper, Connors crunched the numbers and decided that renting wasn’t worth it once the mortgage-interest tax deduction for their California-sized loan was considered. “It didn’t make sense to put our family through the stress of moving.” When her husband landed a job in San Jose, they rented out their underwater house. They had some problem renters and lost money at first but were fortunate in 2013 when their adjustable-rate mortgage reset to 3.25 percent, half the interest that they had been paying.

Bruce Needs His Money made by neighbors as leads to promotional borrowing rates to rental properties of tenants of mega-developments Merrill Lynch middle-class Million Dollar Club Mobile Bay Mobile Register money borrowing easy The Money Game (Goodman) Moon, Jeff Moore, Roy Morgan Stanley Mortgage Forgiveness Debt Relief Act (2007) mortgage-backed securities mortgage-interest tax deduction mortgages. See also subprime mortgages adjustable-rate broker for down payments on first-lien foreclosures in home prices and interest-only Phoenix borrowers for rates refinancing in rental properties compared to renting instead of savings and loan associations and second strategic default on tax breaks from underwater move-in-ready Mozilo, Angelo Mr.

redevelopment pact redlining refinance loans refinancing Regions bank Register English editor of full-page ad in layoffs at as reporter for regulatory response RE/MAX franchise rental properties from foreclosures home prices and increases in Kay’s software scanning of McNeilage mortgage-interest tax deduction and mortgages compared to rental-home business rent-backed bonds rentership society “A Rentership Society” (report) renting costs of homeownership compared to mortgages changing to in Spring Hill upmarket for well-to-do repossessed houses residential construction retirement retirement homes rezoning request Ricardo, David RICO Act Riley, Bob Riverbrooke Capital Partners road construction Romem, Issi Roosevelt, Franklin D.


pages: 93 words: 24,584

Walk Away by Douglas E. French

Alan Greenspan, Bear Stearns, behavioural economics, business cycle, Elliott wave, forensic accounting, full employment, Home mortgage interest deduction, loss aversion, low interest rates, McMansion, mental accounting, mortgage debt, mortgage tax deduction, negative equity, New Journalism, Own Your Own Home, Richard Thaler, risk free rate, Robert Shiller, Savings and loan crisis, Tax Reform Act of 1986, the market place, transaction costs, unbiased observer, wealth creators

If they walk away and buy the similar house, with a 5% down payment of about $9,000—a couple of payments on the current underwater place—the total monthly payment would be $1,200 (compared to the $4,300 they pay now); or the couple could rent a similar house in the neighborhood for $1,000 per month. As professor White explains, “Assuming they intend to stay in their home ten years, [the couple] would save approximately $340,000 by walking away, including a monthly savings of at least $1,700 on rent versus mortgage payments, even after factoring in the mortgage interest tax deduction.” It would take 60 years for the couple to recover their equity assuming that the Salinas, California market had hit bottom and the home began appreciating at the historically typical rate of 3.5%. So what’s our young family to do? Or the bigger question is what are the millions of young families going to do: pay or walk away?

Paying down the mortgage is a weak way to build equity. The home will appreciate in value anyway according to Edelman. REASON #3 A mortgage is relatively cheap money. Debt is inevitable in today’s society writes the financial expert, so load up on mortgage debt as opposed to credit card debt. REASON #4 Mortgage interest is tax-deductible. The after-tax interest rate that you pay on your mortgage is lower than other available credit. REASON #5 Mortgage interest is tax-favorable. Rather than pay down debt that is tax-deductable, invest that money in investments that are taxed as low as 15 percent. REASON #6 Mortgage payments generally get easier over time.


pages: 621 words: 123,678

Financial Freedom: A Proven Path to All the Money You Will Ever Need by Grant Sabatier

8-hour work day, Airbnb, anti-work, antiwork, asset allocation, bitcoin, buy and hold, cryptocurrency, diversified portfolio, Donald Trump, drop ship, financial independence, fixed income, follow your passion, full employment, Home mortgage interest deduction, index fund, lifestyle creep, loss aversion, low interest rates, Lyft, money market fund, mortgage debt, mortgage tax deduction, passive income, remote working, ride hailing / ride sharing, risk tolerance, robo advisor, side hustle, Skype, solopreneur, stocks for the long run, stocks for the long term, TaskRabbit, the rule of 72, time value of money, uber lyft, Vanguard fund

Even though I could easily pay off my home, I have a fifteen-year mortgage on it at 2.625 percent interest, and I am going to keep that mortgage because I’d rather invest that money at 7 percent plus returns than use it to pay off my mortgage. Investing in stocks gives me a higher return; I’m also able to take advantage of the tax advantages of home ownership, like the mortgage interest and tax deductions. If the interest rate on your debt is higher than any return you could realistically get on an investment, then you should pay down that debt before you invest, because that debt is compounding faster than any money you invest would grow. Compounding works both ways, so always make the decision that benefits you most based on the numbers.

You can then use that profit for a down payment on another property or even multiple properties, all tax-free! Another huge benefit of buying real estate using a mortgage is that all of the interest on up to a $750,000 mortgage on your primary and secondary residences (if you have one) is tax deductible. In addition to the mortgage tax deduction, you can also deduct up to $10,000 in property and state taxes from your federal tax return. As the current tax bill stands, this deduction is expected to increase to cover the interest on a mortgage of up to $1 million by the year 2026. Many people think they need a huge down payment or that they need to commit to stay in a home for at least five years for a real estate investment to be worth it.

Liabilities—The amount of money you owe, including credit card debt, student loan debt, mortgages, and any other debt. You use your liabilities when calculating your net worth by subtracting your liabilities from your assets. Mortgage—You can use mortgage loans (i.e., the bank’s money) to buy a property, and then the interest on the mortgage is tax deductible, as well as up to $10,000 of your property taxes, both of which add to your real estate investment returns by reducing your taxes. Mutual funds—Mutual funds are designed for the purpose of simple diversification and hold either a collection of stocks, a collection of bonds, or a mixture of stocks and bonds (known as blended funds).


pages: 363 words: 92,422

Lectures on Urban Economics by Jan K. Brueckner

accelerated depreciation, affirmative action, Andrei Shleifer, behavioural economics, company town, congestion charging, Edward Glaeser, invisible hand, market clearing, mortgage tax deduction, negative equity, New Economic Geography, profit maximization, race to the bottom, rent control, rent-seeking, Ronald Coase, The Nature of the Firm, transaction costs, urban sprawl

Table 6.1 summarizes the treatment of the various housing-cost elements for both owner-occupiers and landlords under the U.S. income tax code, indicating whether the costs are tax deductible. Mortgage interest, property taxes, and depreciation are all tax deductible for landlords. Mortgage interest and property taxes are deductible for owner-occupiers, but depreciation isn’t.4 The benefits accruing to landlords are the rental income they earn from their properties and the capital gains they enjoy. Both of these benefits are taxable, as can be seen in table 6.2. Capital gains are among the benefits accruing to owner-occupiers, as was discussed above.


pages: 294 words: 77,356

Automating Inequality by Virginia Eubanks

autonomous vehicles, basic income, Black Lives Matter, business process, call centre, cognitive dissonance, collective bargaining, correlation does not imply causation, data science, deindustrialization, digital divide, disruptive innovation, Donald Trump, driverless car, Elon Musk, ending welfare as we know it, experimental subject, fake news, gentrification, housing crisis, Housing First, IBM and the Holocaust, income inequality, job automation, mandatory minimum, Mark Zuckerberg, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, New Urbanism, payday loans, performance metric, Ronald Reagan, San Francisco homelessness, self-driving car, sparse data, statistical model, strikebreaker, underbanked, universal basic income, urban renewal, W. E. B. Du Bois, War on Poverty, warehouse automation, working poor, Works Progress Administration, young professional, zero-sum game

Mobile and integrated administrative data can turn any street corner, any tent encampment, or any service provider into a site for a sting operation. * * * This kind of blanket access to deeply personal information makes little sense outside of a system that equates poverty and homelessness with criminality. As a point of contrast, it is difficult to imagine those receiving federal dollars through mortgage tax deductions or federally subsidized student loans undergoing such thorough scrutiny, or having their personal information available for access by law enforcement without a warrant. Moreover, the pattern of increased data collection, sharing, and surveillance reinforces the criminalization of the unhoused, if only because so many of the basic conditions of being homeless—having nowhere to sleep, nowhere to put your stuff, and nowhere to go to the bathroom—are also officially crimes.


pages: 357 words: 91,331

I Will Teach You To Be Rich by Sethi, Ramit

Albert Einstein, asset allocation, buy and hold, buy low sell high, diversification, diversified portfolio, do what you love, geopolitical risk, index fund, John Bogle, late fees, low interest rates, money market fund, mortgage debt, mortgage tax deduction, Paradox of Choice, prediction markets, random walk, risk tolerance, Robert Shiller, shareholder value, Silicon Valley, survivorship bias, the rule of 72, Vanguard fund

See Earnings; Raises; Salary Index funds, 155, 156–57, 167, 177–80, 185, 186, 197, 201–2, 209, 211, 212, 258 buying into, 194–95, 198 choosing, 191–94, 198 constructing portfolio of, 188–95 expense ratios of, 157, 178, 192 rebalancing portfolio and, 180, 181, 189, 203–5, 206–7, 209 Swensen allocation model and, 189–91, 192, 195 Inflation, 7, 53, 70, 170, 240, 253, 256 Information glut, 4–5 ING Direct, 51, 62–63 Insurance: car, 18, 31, 248 homeowner’s, 216, 259 life, 216–17 Interest: on bank accounts, 51, 52, 53, 54, 59, 60, 61 on car loans, 248 on mortgages, tax deduction for, 256 on student loans, 220, 221 see also Annual percentage rates International equities, 157, 190, 203 Investing, 9, 11, 12, 69–90, 109, 143–215 active vs. passive management and, 155–58 in art, 182 asset allocation and, 166, 170–72, 175, 180–81, 183–85, 189–91, 202, 208–9 automatic, 162–64, 202–3 concerns about risks of, 164 Conscious Spending Plan and, 106 determining your style of, 160–61, 198 diversification and, 166, 170, 172–75, 181 dollar-cost averaging and, 197 five systematic steps for, 76–77 401(k)s and, 4, 81, 83, 185–86, 189, 198, 201, 209 high-interest savings accounts vs., 69–70 high-risk, high-potential-for-reward, 183 increasing monthly contribution and, 200–201 knowing when to sell and, 211–15 letting your parents manage your accounts and, 222–23 maintaining system of, 200–218 market downturns and, 163 myth of financial expertise and, 143–58 nonretirement accounts and, 77, 78, 79 paying off student loans vs., 220–21 Pyramid of Investing Options and, 167 in real estate, 182, 202, 251, 253–54, 256 rebalancing portfolio and, 180, 181, 189, 203–5, 206–7, 209 Roth IRAs and, 83, 186–95, 198, 209 for specific goal, 215 starting early and, 4–5 summary of advantages of, 81 tax concerns and, 205, 209, 210–11, 215 time to double money and, 187 underperformance and, 212–15 young people’s poor attitudes and behaviors and, 71–75 in your own career, 77 see also Bonds; Index funds; Lifecycle funds; Mutual funds; Stocks Investment brokerage accounts: automatic transfers to, 87, 88, 89, 90, 129, 132, 137, 187, 188, 195 choosing, 86–88 keeping track of, 88 IRAs, 81, 141, 209 see also Roth IRAs j Jenkins, Richard, 107 JLP at AllFinancialMatters, 152 Job offers: multiple, salary negotiations and, 235, 238, 239 negotiating, 236–37 l Ladder of Personal Finance, 76–77 Late fees, of credit cards, 22, 23, 24 Leasing cars, 246 Leverage, 256 Lifecycle funds (target-date funds), 167, 180–85, 186, 189, 203, 205, 211 buying into, 188, 198 choosing, 187–88, 198 Life insurance, 216–17 Loads, of mutual funds, 156, 177 Lynch, Peter, 149 m Malkiel, Burton G., 150 Materialism, 74 Media, personal advice and, 5–6 Millionaires, behaviors of, 73–74 Money-market funds, 4, 170, 186 Moody’s, 150 Morningstar, 148–50, 152 Mortgages, 50, 216, 253, 255, 258 credit scores and, 16–17, 256–57 paying extra on, 77, 258 tax deductions and, 256 Mutual funds, 167, 176–77, 180 active vs. passive management and, 155–58, 177, 178 fees of, 155–56, 157, 163, 176, 177, 178, 179 managers’ inability to predict or beat market and, 144–51, 155, 177, 178 ratings of, 148–50 see also Index funds n Negotiating: with car dealers, 248–49 for job offers, 236–37 for salary in new job, 120, 234–44 Newsletters, market-timing, 147 “Next $100” concept, 128 Nickel (of www.fivecentnickel.com), 208–9 o O’Neal, Edward S., 158 Online banks, 51 checking accounts of, 62, 68 high-interest savings accounts of, 51–52, 53, 54, 59, 62–63, 65, 68, 69–70 Online shopping, 135 Overdrafts, 50–51, 65–67, 110, 116 p Parents, 222–24 managing their kids’ money, 222–23 in severe debt, helping, 223–24 Partners.


pages: 301 words: 90,276

Sunbelt Blues: The Failure of American Housing by Andrew Ross

8-hour work day, Airbnb, barriers to entry, Bernie Sanders, Big Tech, carbon footprint, Celebration, Florida, clean water, climate change refugee, company town, coronavirus, corporate raider, COVID-19, do what you love, Donald Trump, drive until you qualify, edge city, El Camino Real, emotional labour, financial innovation, fixed income, gentrification, gig economy, global supply chain, green new deal, Hernando de Soto, Home mortgage interest deduction, housing crisis, Housing First, housing justice, industrial cluster, informal economy, Jeff Bezos, land bank, late fees, lockdown, Lyft, megaproject, military-industrial complex, minimum wage unemployment, mortgage tax deduction, New Urbanism, open immigration, opioid epidemic / opioid crisis, Peter Calthorpe, pill mill, rent control, rent gap, rent stabilization, restrictive zoning, Richard Florida, San Francisco homelessness, sharing economy, Silicon Valley, smart cities, social distancing, starchitect, tech bro, the built environment, traffic fines, uber lyft, urban planning, urban renewal, urban sprawl, working poor

In many locations where upzoning has been tried, even with a requirement for a certain percentage of affordable units, landlords and for-profit developers have been the primary beneficiaries.19 As a result, grassroots activists in New York City have successfully opposed several high-rise projects intended for low-income neighborhoods, arguing that their “affordable” units would still be too expensive for most people in the area, while land speculation in the neighborhoods around the towers would drive out longtime residents.20 Lobbyists for the real estate industry, meanwhile, see arguments for increased housing supply as an opportunity to prise more money from the government. They insist that tax breaks, fee waivers, density bonuses, and similar measures are what’s needed to wean developers off their addiction to the single-family home. But the industry already receives vast subsidies: everything from federal mortgage insurance to the mortgage interest tax deduction supports homeowners at public cost. The hundreds of billions spent on highway construction and the government policies designed to ensure cheap gas are also immense subsidies to land developers. The scope of the affordable housing shortage demands a government response far beyond the reflex action of just offering more sugar for developers to jump into the game.

Hispanic Federation Hochschild, Arlie Holborn, Robert Hollywood Studios Holy Land HomeAway homeless adults advocates camps children defined identity initiatives linking motels to people shelters status students Homeless Services Network Homeless: The Motel Kids of Orange County (Pelosi) homeowners/homeownership association Generation Rent low-cost middle-class security middle-income earners mortgage interest tax deduction renters and Homes for All Homes for All Act homesickness HomeSuiteHome homes turned into hotels distributed hotels hospitality Hong Kong Hope Village hospitality Hospitality Helps Hotel California Hotel Impossible hotels Disney’s Good Neighbor partnership program distributed hotel “extended-stay” service occupied by low-income families in Orange County properties superseded by interior-corridor budget hotels support offered to unhoused people temporary eviction moratorium Hotel/Motel Association households budgets lower-and middle-class/income minority housekeeping housing affordable.


pages: 363 words: 109,077

The Raging 2020s: Companies, Countries, People - and the Fight for Our Future by Alec Ross

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Affordable Care Act / Obamacare, air gap, air traffic controllers' union, Airbnb, Albert Einstein, An Inconvenient Truth, autonomous vehicles, barriers to entry, benefit corporation, Bernie Sanders, Big Tech, big-box store, British Empire, call centre, capital controls, clean water, collective bargaining, computer vision, coronavirus, corporate governance, corporate raider, COVID-19, deep learning, Deng Xiaoping, Didi Chuxing, disinformation, Dissolution of the Soviet Union, Donald Trump, Double Irish / Dutch Sandwich, drone strike, dumpster diving, employer provided health coverage, Francis Fukuyama: the end of history, future of work, general purpose technology, gig economy, Gini coefficient, global supply chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, high-speed rail, hiring and firing, income inequality, independent contractor, information security, intangible asset, invisible hand, Jeff Bezos, knowledge worker, late capitalism, low skilled workers, Lyft, Marc Andreessen, Marc Benioff, mass immigration, megacity, military-industrial complex, minimum wage unemployment, mittelstand, mortgage tax deduction, natural language processing, Oculus Rift, off-the-grid, offshore financial centre, open economy, OpenAI, Parag Khanna, Paris climate accords, profit motive, race to the bottom, RAND corporation, ride hailing / ride sharing, Robert Bork, rolodex, Ronald Reagan, Salesforce, self-driving car, shareholder value, side hustle, side project, Silicon Valley, smart cities, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, sparse data, special economic zone, Steven Levy, stock buybacks, strikebreaker, TaskRabbit, tech bro, tech worker, transcontinental railway, transfer pricing, Travis Kalanick, trickle-down economics, Uber and Lyft, uber lyft, union organizing, Upton Sinclair, vertical integration, working poor

That has historically come in the form of homeownership. Owning your home became foundational to the American dream and to the growth in wealth of middle classes in Europe and Asia in the 20th century. In the United States, we put a thumb on the tax scale to enable this by making the interest on mortgages tax deductible. This began with retirement savings accounts like 401(k)s and should just be the beginning. Silicon Valley became Silicon Valley in significant part because one thing that drove talent from other places and industries, like finance and consulting, was employee ownership in the form of stock options.


pages: 229 words: 61,482

pages: 222 words: 50,318

The Option of Urbanism: Investing in a New American Dream by Christopher B. Leinberger

addicted to oil, American Society of Civil Engineers: Report Card, asset allocation, big-box store, centre right, commoditize, credit crunch, David Brooks, desegregation, Donald Shoup, Donald Trump, drive until you qualify, edge city, Ford Model T, full employment, General Motors Futurama, gentrification, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, knowledge economy, Lewis Mumford, McMansion, mortgage tax deduction, new economy, New Urbanism, peak oil, Ponzi scheme, postindustrial economy, RAND corporation, Report Card for America’s Infrastructure, reserve currency, Richard Florida, Savings and loan crisis, Seaside, Florida, the built environment, transit-oriented development, urban planning, urban renewal, urban sprawl, value engineering, walkable city, white flight

Combining federal, state, and local laws, subsidy programs, and infrastructure investments encouraged and in actuality mandated only one kind of growth: low-density, drivable sub-urbanism. This American domestic policy has been dictating growth for the past sixty years and is still in force in the early twenty-first century. From one perspective, any domestic policy engages in social engineering. Whether it is the tax deductibility of home mortgages to increase home ownership, tax-deductible charitable contributions to encourage donations, or laws to try to keep citizens from buying illicit drugs, domestic policy is social engineering. The social engineering that promoted drivable sub-urbanism was not a conspiracy imposed on the American people; we wanted it and we truly believed it to be the best future.

This $7,800 item in the family budget is paid for in after-tax dollars, which means that if the household’s combined state and federal tax bracket is twenty percent, the family would have to earn $9,750 in pretax salary to pay for each car ($7,800 divided by eighty percent). The result is that owning an average 78 | THE OPTION OF URBANISM car is the equivalent of having an additional $135,000 mortgage (mortgage interest is tax-deductible, and this calculation assumes six percent mortgage interest). In essence, drivable sub-urbanism has probably been shifting family spending away from investing in a long-term appreciating asset (e.g., a house) or savings to a short-term depreciating asset (e.g., a car). The above calculations were for a typical car-owning family, but the findings become even more grim for a working-class family.


pages: 406 words: 113,841

The American Way of Poverty: How the Other Half Still Lives by Sasha Abramsky

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Legislative Exchange Council, bank run, basic income, benefit corporation, big-box store, collective bargaining, deindustrialization, fixed income, Francis Fukuyama: the end of history, full employment, ghettoisation, Gini coefficient, government statistician, guns versus butter model, housing crisis, illegal immigration, immigration reform, income inequality, indoor plumbing, job automation, Kickstarter, land bank, Mark Zuckerberg, Maui Hawaii, microcredit, military-industrial complex, mortgage debt, mortgage tax deduction, new economy, Occupy movement, off-the-grid, offshore financial centre, payday loans, plutocrats, Ponzi scheme, Potemkin village, profit motive, Ronald Reagan, school vouchers, upwardly mobile, War on Poverty, Washington Consensus, women in the workforce, working poor, working-age population, Works Progress Administration

But whereas the impoverished lady would keep it, Buffett and Zuckerberg would be expected to pay it back. Do this, she argued, with all the fervor of a convert to a cause, and one could do away with a slew of other bureaucratic, and costly-to-implement subsidies and social programs. There would, for example, be no need for the mortgage interest tax deduction, or for housing assistance, or food stamps, or the Earned Income Tax Credit. How much would it cost? At $6,000 per person, its first year would run to an eye-popping $2 trillion. But, Zelleke hurriedly explained, aware of the almost cartoonish nature of that number, most of that would be recouped through back-end taxes, through the elimination of other costly subsidies, and through the magnifier effects created as money more effectively circulated through some of the country’s most vulnerable regions.

Even if it proved cost-effective to give everyone a monthly check from the government in lieu of the hodge-podge of programs and non-cash assistance that people currently use and then to reclaim that money from more affluent Americans come April when people file their taxes, convincing people of this in a world of fifteen-second sound bites would be a monumental challenge. The huge initial sticker price would scare many people off, even if the bulk of it could be recouped through back-end taxes and the cutting of programs, such as housing assistance, made redundant by the minimum income safeguard. The loss of familiar perks such as the mortgage interest tax deduction would terrify many voters, even if the net result of the new system was a wash for their families, and the sense that ever more people were coming to rely on handouts would prove anathema to a society long suspicious of what conservatives have come to deride as an “entitlement culture.”


pages: 386 words: 112,064

Rich White Men: What It Takes to Uproot the Old Boys' Club and Transform America by Garrett Neiman

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Albert Einstein, basic income, Bernie Sanders, BIPOC, Black Lives Matter, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, confounding variable, coronavirus, COVID-19, critical race theory, dark triade / dark tetrad, data science, Donald Trump, drone strike, effective altruism, Elon Musk, gender pay gap, George Floyd, glass ceiling, green new deal, high net worth, Home mortgage interest deduction, Howard Zinn, impact investing, imposter syndrome, impulse control, income inequality, Jeff Bezos, Jeffrey Epstein, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge worker, Larry Ellison, liberal capitalism, Lyft, Mahatma Gandhi, mandatory minimum, Mark Zuckerberg, mass incarceration, means of production, meritocracy, meta-analysis, Michael Milken, microaggression, mortgage tax deduction, move fast and break things, Nelson Mandela, new economy, obamacare, occupational segregation, offshore financial centre, Paul Buchheit, Peter Thiel, plutocrats, Ralph Waldo Emerson, randomized controlled trial, rent-seeking, Ronald Reagan, Rutger Bregman, Sheryl Sandberg, Silicon Valley, Snapchat, sovereign wealth fund, Steve Jobs, subprime mortgage crisis, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, Travis Kalanick, trickle-down economics, uber lyft, universal basic income, Upton Sinclair, War on Poverty, white flight, William MacAskill, winner-take-all economy, women in the workforce, work culture , working poor

For example, in recent years, the federal government doled out $200 billion annually in tax refunds to homeowners via the mortgage interest deduction.35 This benefit is only available to those who itemize their taxes—typically middle-class and wealthy people—so most of the checks benefit the already-wealthy: 70 percent went to families who make $200,000 or more.36 The mortgage tax deduction is one of many “upside-down” tax policies that primarily benefit the wealthy. Each year, the United States issues $1.2 trillion in tax refunds via its tax expenditures program.37 That’s nearly double the government’s military budget, which sustains eight hundred bases in seventy countries.


pages: 459 words: 123,220

Our Kids: The American Dream in Crisis by Robert D. Putnam

assortative mating, business cycle, classic study, confounding variable, correlation does not imply causation, deindustrialization, demographic transition, desegregation, digital divide, ending welfare as we know it, epigenetics, full employment, George Akerlof, helicopter parent, impulse control, income inequality, index card, jobless men, longitudinal study, low skilled workers, machine readable, manufacturing employment, mass incarceration, meta-analysis, mortgage tax deduction, new economy, Occupy movement, Ralph Waldo Emerson, randomized controlled trial, school choice, selection bias, Socratic dialogue, The Bell Curve by Richard Herrnstein and Charles Murray, the built environment, the strength of weak ties, upwardly mobile, Walter Mischel, white flight, working poor

Residential segregation is deeply rooted in growing income inequality, in people’s desire to live around people like themselves, and in the financial equity that middle-class Americans have embodied in their homes, so efforts to reduce class segregation are fiercely resisted. While some government policies are designed to reduce neighborhood inequality, other policies, such as exclusive zoning regulations and the home mortgage tax deduction, indirectly encourage residential segregation. But efforts to alter such policies, as well as school district boundaries and school siting, are objects of great political contention. Publicly subsidized mixed-income housing is one potential solution that has been tried in various forms for the past several decades.


pages: 515 words: 132,295

Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Roth, Asian financial crisis, asset allocation, bank run, Basel III, Bear Stearns, behavioural economics, Big Tech, bonus culture, Bretton Woods, British Empire, business cycle, buy and hold, call centre, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Carmen Reinhart, carried interest, centralized clearinghouse, clean water, collateralized debt obligation, commoditize, computerized trading, corporate governance, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, crowdsourcing, data science, David Graeber, deskilling, Detroit bankruptcy, diversification, Double Irish / Dutch Sandwich, electricity market, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial intermediation, Ford Model T, Frederick Winslow Taylor, George Akerlof, gig economy, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Greenspan put, guns versus butter model, High speed trading, Home mortgage interest deduction, housing crisis, Howard Rheingold, Hyman Minsky, income inequality, index fund, information asymmetry, interest rate derivative, interest rate swap, Internet of things, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Bogle, John Markoff, joint-stock company, joint-stock limited liability company, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, London Whale, Long Term Capital Management, low interest rates, manufacturing employment, market design, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, offshore financial centre, oil shock, passive investing, Paul Samuelson, pensions crisis, Ponzi scheme, principal–agent problem, proprietary trading, quantitative easing, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, Rana Plaza, RAND corporation, random walk, rent control, Robert Shiller, Ronald Reagan, Satyajit Das, Savings and loan crisis, scientific management, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Snapchat, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Steve Jobs, stock buybacks, subprime mortgage crisis, technology bubble, TED Talk, The Chicago School, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, too big to fail, Tragedy of the Commons, trickle-down economics, Tyler Cowen: Great Stagnation, Vanguard fund, vertical integration, zero-sum game

Anyone who buys a house (or two houses) can deduct the interest payments on the loan to buy the property as long as it doesn’t exceed $1 million. One million bucks! That’s a lot of money. No one really needs that much house, but quite a few have it anyway. In my Brooklyn neighborhood, for example, $1 million down will get you a $3–4 million townhouse. But if wealthy people weren’t able to reduce their house payments via the mortgage interest tax deduction, the homes wouldn’t be going for those rates. This is a crucial point: debt inflates asset prices. That’s great for the wealthy, who own a lot of assets, and even better for their banks. But it’s not so good for poorer, more highly leveraged people who don’t have as much equity skin in the game and can be hit very hard when bubbles burst.

A 2011 report by the IMF, for example, suggested that companies might be allowed deductions for equity returns, as well as for debt, crafting a system that balances the two more evenly, of the kind that already exists in many parts of Europe.48 Certainly top marginal rates for the rich should rise, out of basic fairness, and the performance pay loopholes and other exemptions that distort the pay of top earners should be closed. Capital gains tax deductions should be calculated on a sliding scale, so that people who hold a stock for, say, a year don’t benefit as much as those who hold it for many decades. And, as much as people like me benefit from it, it’s only fair that the mortgage interest tax deduction should be reformed (meaning, lowered or even abolished in some cases). This step would probably hurt consumption in the short term, since homeowners wouldn’t feel as rich, but in the longer term it would very likely help deflate housing asset bubbles and financially empower Millennials and older people who have trouble paying for housing in today’s market.


pages: 397 words: 112,034

What's Next?: Unconventional Wisdom on the Future of the World Economy by David Hale, Lyric Hughes Hale

"World Economic Forum" Davos, affirmative action, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, behavioural economics, Berlin Wall, biodiversity loss, Black Swan, Bretton Woods, business cycle, capital controls, carbon credits, carbon tax, Cass Sunstein, central bank independence, classic study, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, currency risk, Daniel Kahneman / Amos Tversky, debt deflation, declining real wages, deindustrialization, diversification, energy security, Erik Brynjolfsson, Fall of the Berlin Wall, financial engineering, financial innovation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global macro, global reserve currency, global village, high net worth, high-speed rail, Home mortgage interest deduction, housing crisis, index fund, inflation targeting, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inverted yield curve, invisible hand, Just-in-time delivery, Kenneth Rogoff, Long Term Capital Management, low interest rates, Mahatma Gandhi, Martin Wolf, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, military-industrial complex, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Network effects, new economy, Nicholas Carr, oil shale / tar sands, oil shock, open economy, passive investing, payday loans, peak oil, Ponzi scheme, post-oil, precautionary principle, price stability, private sector deleveraging, proprietary trading, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, risk/return, Robert Shiller, Ronald Reagan, Savings and loan crisis, sovereign wealth fund, special drawing rights, subprime mortgage crisis, technology bubble, The Great Moderation, Thomas Kuhn: the structure of scientific revolutions, Tobin tax, too big to fail, total factor productivity, trade liberalization, Tragedy of the Commons, Washington Consensus, Westphalian system, WikiLeaks, women in the workforce, yield curve

Thus, unlike in many jurisdictions in the United States, where the borrower can simply “mail the key to the bank and walk away,” if, for example, the value of the property falls below the mortgage principal, Canadian borrowers can have other assets and even future earnings attached by the lender. Home mortgage interest is not tax deductable in Canada either (but capital gains on a home are also not subject to tax). Full recourse mortgages and no mortgage interest tax deductibility significantly reduce the incentive to take out excessively large mortgages. Indeed, there is an incentive to accelerate mortgage repayment. Unsurprisingly, a large proportion of mortgages in Canada are insured.


pages: 440 words: 108,137

pages: 430 words: 109,064

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak

Alan Greenspan, American ideology, Andrei Shleifer, Asian financial crisis, asset-backed security, bank run, banking crisis, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Bonfire of the Vanities, bonus culture, book value, break the buck, business cycle, business logic, buy and hold, capital controls, Carmen Reinhart, central bank independence, Charles Lindbergh, collapse of Lehman Brothers, collateralized debt obligation, commoditize, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency risk, Edward Glaeser, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial innovation, financial intermediation, financial repression, fixed income, George Akerlof, Glass-Steagall Act, Gordon Gekko, greed is good, Greenspan put, Home mortgage interest deduction, Hyman Minsky, income per capita, information asymmetry, interest rate derivative, interest rate swap, junk bonds, Kenneth Rogoff, laissez-faire capitalism, late fees, light touch regulation, Long Term Capital Management, low interest rates, market bubble, market fundamentalism, Martin Wolf, Michael Milken, money market fund, moral hazard, mortgage tax deduction, Myron Scholes, Paul Samuelson, Ponzi scheme, price stability, profit maximization, proprietary trading, race to the bottom, regulatory arbitrage, rent-seeking, Robert Bork, Robert Shiller, Ronald Reagan, Saturday Night Live, Satyajit Das, Savings and loan crisis, sovereign wealth fund, Tax Reform Act of 1986, The Myth of the Rational Market, too big to fail, transaction costs, Tyler Cowen, value at risk, yield curve

Many families have made money from housing price appreciation (particularly if they took out mortgages before the inflation of the 1970s), but their high returns are primarily due to the high leverage built into a typical mortgage—leverage that produces massive defaults and foreclosures in a housing downturn such as the one that began in 2006. The things that make housing attractive as an investment are favorable government policies, such as the mortgage interest tax deduction, in which the government subsidizes mortgages for homeowners.* In any case, homeownership ranks alongside motherhood and apple pie in the firmament of American values, and helping more people buy houses is almost always seen as a good thing. Lewis Ranieri capitalized on this ideology when he created the market for private mortgage-backed securities beginning in the late 1970s.


pages: 823 words: 206,070

The Making of Global Capitalism by Leo Panitch, Sam Gindin

accounting loophole / creative accounting, active measures, airline deregulation, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Big bang: deregulation of the City of London, bilateral investment treaty, book value, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, Carmen Reinhart, central bank independence, classic study, collective bargaining, continuous integration, corporate governance, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, democratizing finance, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, Kickstarter, land reform, late capitalism, liberal capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, military-industrial complex, money market fund, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, proprietary trading, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, scientific management, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, stock buybacks, structural adjustment programs, subprime mortgage crisis, Tax Reform Act of 1986, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, vertical integration, very high income, Washington Consensus, We are all Keynesians now, Works Progress Administration, zero-coupon bond, zero-sum game

As we saw earlier, a key factor in the steady expansion of Americans’ consumer and mortgage debt since the 1970s had been reformers’ faith that private finance could be used by the state in the public interest—in other words, that financial institutions could be so regulated and reformed as to ensure their functioning in the interest of social groups that they had hitherto excluded. The rising demand for home-ownership at lower income levels had been encouraged by government support for meeting housing needs through financial markets backed by mortgage tax deductions. Of course, the desire to realize the American dream of home-ownership on the part of so many of those who had previously been excluded was one thing; actual access to residential finance markets was another. Access for such unprecedented numbers by the turn of the century was only possible because financial intermediaries were frantically creating domestic mortgage debt in order to package and resell it in the market for structured credit.


pages: 552 words: 168,518

MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams

"World Economic Forum" Davos, accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, Ben Horowitz, bioinformatics, blood diamond, Bretton Woods, business climate, business process, buy and hold, car-free, carbon footprint, carbon tax, Charles Lindbergh, citizen journalism, Clayton Christensen, clean water, Climategate, Climatic Research Unit, cloud computing, collaborative editing, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, commoditize, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, death of newspapers, demographic transition, digital capitalism, digital divide, disruptive innovation, distributed generation, do well by doing good, don't be evil, en.wikipedia.org, energy security, energy transition, Evgeny Morozov, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, information asymmetry, interchangeable parts, Internet of things, invention of movable type, Isaac Newton, James Watt: steam engine, Jaron Lanier, jimmy wales, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, machine readable, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, military-industrial complex, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, ocean acidification, off-the-grid, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, radical decentralization, Ray Kurzweil, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, scientific mainstream, shareholder value, Silicon Valley, Skype, smart grid, smart meter, social graph, social web, software patent, Steve Jobs, synthetic biology, systems thinking, text mining, the long tail, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, Yochai Benkler, young professional, Zipcar

Banks could unload their mortgages on these institutions, guaranteed by the U.S. government. 3. “FT Global 500 2010,” Financial Times (May 29, 2010).. 4. There’s another factor, too. Canadians can’t write off their interest payments, so home buyers are most cautious. In the United States the mortgage tax deduction encourages people to stay in debt, and when they can’t make payments they simply walk away. Not so in Canada, where homeowners must personally guarantee their loans. 5. “Congress is pressed for bailout with dire warnings,” Reuters (September 24, 2008). 6. The call for greater transparency in financial services has a long backstory.


pages: 580 words: 168,476

The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz

affirmative action, Affordable Care Act / Obamacare, airline deregulation, Alan Greenspan, Andrei Shleifer, banking crisis, barriers to entry, Basel III, battle of ideas, Bear Stearns, behavioural economics, Berlin Wall, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, collapse of Lehman Brothers, collective bargaining, colonial rule, corporate governance, Credit Default Swap, Daniel Kahneman / Amos Tversky, Dava Sobel, declining real wages, deskilling, electricity market, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, framing effect, full employment, George Akerlof, Gini coefficient, Glass-Steagall Act, Great Leap Forward, income inequality, income per capita, indoor plumbing, inflation targeting, information asymmetry, invisible hand, jobless men, John Bogle, John Harrison: Longitude, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kenneth Rogoff, London Interbank Offered Rate, lone genius, low interest rates, low skilled workers, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, medical bankruptcy, microcredit, moral hazard, mortgage tax deduction, negative equity, obamacare, offshore financial centre, paper trading, Pareto efficiency, patent troll, Paul Samuelson, Paul Volcker talking about ATMs, payday loans, Phillips curve, price stability, profit maximization, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, Savings and loan crisis, search costs, shareholder value, short selling, Silicon Valley, Simon Kuznets, spectrum auction, Steve Jobs, stock buybacks, subprime mortgage crisis, technology bubble, The Chicago School, The Fortune at the Bottom of the Pyramid, The Myth of the Rational Market, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, Tragedy of the Commons, transaction costs, trickle-down economics, ultimatum game, uranium enrichment, very high income, We are the 99%, wealth creators, women in the workforce, zero-sum game

., 187–206 alternative frameworks for, 188, 202 banks’ deception in, 198, 199, 200, 201, 373 burden of proof in, 199–200 contracts in, 197 corporate advantages in, 66, 132, 189–90, 191, 203, 272, 327, 374 costs in, 100, 189–90, 202 distributive consequences of, 190, 193, 271, 317, 370 economic bias in, 44 Federal Reserve accountability in, 252 financial crisis prosecution in, xv–xvi, 70, 119, 199, 372, 373 financial sector’s favoring in, 191–202, 203, 204–6 information asymmetries in, 271, 368 political influence in, 44, 190–91, 200 property rights in, 190, 194, 197, 198, 199 purpose of, 100, 188–91 reform of, 273 rent seeking in, 42, 43, 203, 273 and social responsibility, 121 unfairness in, 42, 43, 100, 189–90, 191–202, 203, 206, 368, 373, 375 Lehman Brothers, 253, 313, 390 Leme, Paulo, 353 Lenin, Vladimir, 354 Lessig, Lawrence, xxiv LG, 203 Lincoln, Abraham, 137 List, John, 347 lobbying, 48, 95, 101, 185, 196, 319, 324, 325, 338 Lockheed Martin, 210 London Interbank Offered Rate (Libor), 47 Longitude (Sobel), 109 Lula da Silva, Luiz Inácio, 5, 139, 353 Luxembourg, 183, 286 manufacturing: compensation shifts in, 65, 328 job losses in, 54, 56, 57, 232–33, 285, 321 societal impact of, 156 marginal productivity theory, 30, 33, 77, 267 marketing, 150–51, 160, 162, 357, 359 Marlboro Man, 151, 354 marriage, economic insecurity and, 15, 303 Marshall, Alfred, 102 Marx, Karl, 30, 292 Massachusetts, 200–201 McCarty, Nolan, xxiv McDonald’s, 381 media, 128–29, 134, 135, 136, 160, 163, 252, 272, 286, 335, 348, 349, 358 Medicaid, 14, 228, 277, 378 Medicare, 17, 48, 97, 147, 163, 176, 210, 228–29, 265, 320, 355, 364, 378, 380 Mexico, 16, 42, 64, 138, 176, 365 MF Global Holdings, 313 microcredit, 196–97 Microsoft, 42, 44, 45–46, 74, 203, 317, 318, 319 middle class, 54, 117, 137 assistance to, 29, 274 economic insecurity of, xvii, 12–14, 23, 26, 103, 265–66 globalization’s effect on, 63, 64 Great Recession’s effect on, 10 hollowing out of, 2, 9, 25, 38, 84, 133, 300 income of, 3, 4, 7, 8, 9, 14, 25, 54, 56, 57, 63, 72, 240, 297, 298, 300, 385 recovery of, 29, 225 tax deductions for, 222–24, 379 unfair policies toward, xv, xxii wealth sources of, 3, 8, 13–14, 91, 167 Middle East, 40 see also Arab Spring Mill, John Stuart, 368 monetarism, 257, 258–59 monetary policy, 85, 86, 88, 133, 177, 208, 234, 239–40, 248, 250, 251, 252, 254, 257–58, 259, 261, 262, 263–64, 380, 382, 385, 389, 392 distributive consequences of, 243–45, 264, 279 idea-shaping in, 256–63 monopolies 31, 32, 35, 39–47, 95, 97, 140, 213, 270–71, 274, 316, 318 moral hazard, 171, 229, 256, 362, 363 Mortgage Electronic Registry System (MERS), 198, 201, 374 mortgage fraud, 198, 201, 372, 373 mortgage restructuring, 169–72, 201–2, 284–85, 362, 363 mortgages, tax deductions for, 222, 223, 379 mortgage securities, 205 Mosaic, 318 motivation, 102, 103, 111–12 Motorola, 203 Mozilo, Angelo, 333 Mueller, Edward, 42 Mullainathan, Sendhil, 103 municipal bonds, 212, 378 National Academy of Sciences, 26 National Center for Supercomputing Applications, 318 National Commission on the Causes of the Financial and Economic Crisis in the United States, 357, 358 National Economic Council, 180 Netherlands, 19, 22 Netscape, 45–46, 318 New Deal, xiii, 88, 231 Newfoundland, 138 New York Times, 11, 119, 205 Nokia, 203 North American Free Trade Agreement, 141 Norway, 22, 23, 183, 220 NTP, Inc., 203 Obama, Barack, x, 352 deficit reduction by, 207 and ethanol subsidy, 51 Federal Reserve nominees of, 319 financial crisis response of, xv, 168, 169, 361 health care program of, 14, 163, 276 tax position of, 395 Obama administration, xiv, 67, 170, 171, 200, 250, 284, 362, 396 Occupy Wall Street, ix–xiv, xix–xxi, 102, 116, 118, 127, 134, 345 “Of the 1%, for the 1%, by the 1%” (Stiglitz), xi Olin Foundation, 44, 359 1 percent: definition of, xxii economic framework’s favoring of, xx, xxii, 31, 34, 62, 67, 91, 117, 131, 142, 173, 174, 189, 191, 204, 239, 244, 245–46, 264, 348, 354 economic security of, 18, 19, 25 globalization’s benefits to, 62, 64, 142 idea-shaping by, 129, 134, 137, 146–86, 211, 236, 256, 287 income of, 2, 4, 8, 25, 52, 72, 85, 215, 267, 294, 295, 297, 298, 299, 300, 315, 332, 335 legal framework’s favoring of, 188, 191, 202, 206, 273 media’s control by, 129, 134, 286 political power of, xix, 32, 67, 83, 86, 89, 101, 118, 119, 120–21, 129, 131–33, 134, 137, 138, 146, 191, 267, 285, 348, 351 public perception of, 20–21, 146, 154, 159, 358 reform aimed at, 29, 268–74 rent seeking by, 32, 38, 41–43, 77 saving by, 85, 88, 223, 275 small government preference of, 93 social contract violation by, xvi–xvii social contributions of, 27, 41, 77–78, 96, 266 social norms’ shaping by, 53 taxation of, 5, 38, 42–43, 62, 71–73, 74, 76, 77, 84, 86, 87–88, 114, 115, 116, 138, 142, 159, 167, 208, 209, 211, 212, 214–15, 218, 221, 223, 224, 225, 226, 256, 274, 275, 294, 312, 335, 344, 360, 383, 394 value change in, 288 wealth of, 2, 3, 8, 25, 32, 38, 56, 72, 73, 80, 84, 166–67, 295 see also corporations; financial sector Organization for Economic Cooperation and Development (OECD), 16, 185 Orshansky, Mollie, 305 Ostrom, Elinor, 322 overdrafts, 194, 370 Pager, Devah, 69 Papua New Guinea, 184 patents, 43, 202, 203, 316, 374, 375 see also intellectual property pension funds, 227–28 Personal Responsibility and Work Opportunity Reconciliation Act, 17 Pew Foundation, 20 pharmaceutical industry: government munificence toward, 40, 48, 97, 210, 211, 224, 228, 272, 276 research in, 97 see also health industry Pierson, Paul, xxiv Piketty, Thomas, xxiii, 114 Pinochet, Augusto, 258 polarization, 8–9 Polarized America (McCarty, Poole, and Rosenthal), xxiv police lineups, 149 police states, 125 politics, U.S.: cognitive capture in, 161–62 corporate influence in, 34, 37, 41, 47, 48, 50, 51, 61, 62, 95, 99, 101, 111, 131–32, 135, 136–37, 200, 202, 285, 286, 319, 324, 325, 338, 350 distributive consequences of, 31, 52, 58, 239, 277, 278, 322 economy’s linkage with, xi, xix–xx, xxiv, 34, 38–39, 47, 52–53, 59, 65, 66, 89, 118, 131, 135, 138, 151, 173, 266, 287, 288–89, 348 idea-shaping in, 129, 137, 148, 149, 151–52, 153–55, 159–62, 163, 166–72, 175, 180, 185, 186, 285 legal consequences of, 190–91 media’s role in, 129, 134, 135, 136, 160, 163, 286 reform of, 135–36, 267, 285–86 regulatory capture in, 47–48, 248, 249–50, 253, 264 societal factors in, 64 unfairness in, x, xi, xii, xviii–xx, 31–32, 39, 41, 83, 101, 114–15, 118, 119, 120–21, 127, 129, 131–33, 134, 135, 136–37, 138, 144, 146, 191, 196, 200, 202, 267, 285, 286, 319, 324, 325, 338, 348, 350, 351 voting in, 119–21, 129–31, 133, 134, 135, 137, 286, 288, 325, 345, 349, 350, 351, 355 see also democracy, U.S.; government, U.S.


pages: 261 words: 70,584

Retirementology: Rethinking the American Dream in a New Economy by Gregory Brandon Salsbury

Alan Greenspan, Albert Einstein, asset allocation, Bear Stearns, behavioural economics, buy and hold, carried interest, Cass Sunstein, credit crunch, Daniel Kahneman / Amos Tversky, diversification, estate planning, financial independence, fixed income, full employment, hindsight bias, housing crisis, loss aversion, market bubble, market clearing, mass affluent, Maui Hawaii, mental accounting, mortgage debt, mortgage tax deduction, National Debt Clock, negative equity, new economy, RFID, Richard Thaler, risk tolerance, Robert Shiller, side project, Silicon Valley, Steve Jobs, the rule of 72, Yogi Berra

Climate change and groundwater mining on the Great Plains lead to unsustainable surface water storage,” August 3, 2007. 11 The Geological Society of America, “Droughts and Reservoirs: Finding Storage Space Underground,” September 18, 2006. 12 Enid News, “Water Puzzle: Aquifer’s uncertain future has city making other plans,” November 28, 2007. 13 CNN Money, “Tax the rich to pay for...everything?” July 15, 2009. 14 CNN Money, “Tax the rich to pay for...everything?” July 15, 2009. 15 SF Gate, “Mortgage interest tax deduction cut criticized,” February 28, 2009. 16 CNN Money, “Stimulus with interest: $1.2 trillion,” January 27, 2009. 17 CNN Money, “Stimulus with interest: $1.2 trillion,” January 27, 2009. 18 The Heritage Foundation, Backgrounder, “The Obama Budget: Spending, Taxes, and Doubling the National Debt,” No. 2249, March 16, 2009. 19 U.S.


pages: 246 words: 74,341

Financial Fiasco: How America's Infatuation With Homeownership and Easy Money Created the Economic Crisis by Johan Norberg

accounting loophole / creative accounting, Alan Greenspan, bank run, banking crisis, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Black Swan, business cycle, capital controls, central bank independence, collateralized debt obligation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Brooks, diversification, financial deregulation, financial innovation, Greenspan put, helicopter parent, Home mortgage interest deduction, housing crisis, Howard Zinn, Hyman Minsky, Isaac Newton, Joseph Schumpeter, Long Term Capital Management, low interest rates, market bubble, Martin Wolf, Mexican peso crisis / tequila crisis, millennium bug, money market fund, moral hazard, mortgage tax deduction, Naomi Klein, National Debt Clock, new economy, Northern Rock, Own Your Own Home, precautionary principle, price stability, Ronald Reagan, savings glut, short selling, Silicon Valley, South Sea Bubble, The Wealth of Nations by Adam Smith, too big to fail

In the recent words of leftwing economist James Galbraith, son of the legendary economist John Kenneth Galbraith: the housing sector exists on this scale thanks to a vast network of supporting financial institutions, subject to federal deposit insurance, the secondary mortgage markets provided by quasi-public corporations (Fannie Mae, Ginnie Mae, Freddie Mac), and the tax deductibility of mortgage interest. Since 1986, when the tax deductibility of other forms of interest was eliminated, homeownership rates rose-thanks to the state, not the market.2 On the other side of the political spectrum, enthusiasm was at least as strong. Former Fed chairman Alan Greenspan recently stated: I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, and that subsidized homeownership initiatives distort market outcomes.


pages: 263 words: 89,368

925 Ideas to Help You Save Money, Get Out of Debt and Retire a Millionaire So You Can Leave Your Mark on the World by Devin D. Thorpe

asset allocation, buy and hold, call centre, diversification, estate planning, fixed income, Home mortgage interest deduction, index fund, junk bonds, knowledge economy, low interest rates, money market fund, mortgage tax deduction, payday loans, random walk, risk tolerance, Skype, Steve Jobs, transaction costs, women in the workforce, zero-sum game

If your card has a grace period, you’ll likely be paying more than 12 percent annual interest (if you have good credit). If your credit is marginal, you could easily be paying above 20 percent. If you make late payments, you could be paying more than 24 percent interest. Compare that to a mortgage or a car loan at around four percent. Credit card interest, unlike mortgage interest is not tax deductible. This makes it effectively more expensive. If you allow your credit card issuer(s) to tell you when you can stop spending by bumping up against your limit, you may be able to control your spending, but at a high cost. If you could instead control your spending at the level allowed by your income supports with no credit card debt—that is, if you didn’t have the credit card loans on which you’re paying that interest, you’d have much more money to spend.


pages: 255 words: 75,172

Sleeping Giant: How the New Working Class Will Transform America by Tamara Draut

affirmative action, Affordable Care Act / Obamacare, always be closing, American ideology, antiwork, battle of ideas, big-box store, Black Lives Matter, blue-collar work, collective bargaining, creative destruction, David Brooks, declining real wages, deindustrialization, desegregation, Detroit bankruptcy, Donald Trump, Edward Glaeser, ending welfare as we know it, Ferguson, Missouri, financial deregulation, full employment, gentrification, immigration reform, income inequality, independent contractor, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, machine readable, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, plutocrats, Powell Memorandum, profit motive, public intellectual, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, shared worldview, stock buybacks, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, trickle-down economics, union organizing, upwardly mobile, War on Poverty, white flight, women in the workforce, young professional

Scott Walker, the Republican governor of Wisconsin and a former 2016 presidential candidate, has proposed testing people who apply for food stamps and unemployment benefits for drug use, joining twelve other states that have attached drug testing to at least some part of their public benefits programs.21 Some people who are reading this book may agree, finding themselves nodding their heads and thinking, “Sure, I don’t want my tax dollars going to drug addicts scamming the system.” But here’s the thing. We don’t require drug testing for public benefits that accrue to more affluent people, like the mortgage interest tax deduction. We don’t drug-test the real estate developers before handing over large tax abatements. We don’t drug-test middle-class parents who claim the child-care tax credit. And it defies the imagination that anyone would ever propose such a policy. Why? Because there’s an implicit assumption that all these individuals, by virtue of their middle-class or higher status, adhere to social norms and therefore have earned the right to such benefits.


pages: 206 words: 9,776

Rebel Cities: From the Right to the City to the Urban Revolution by David Harvey

Alan Greenspan, Bretton Woods, business cycle, collateralized debt obligation, commoditize, creative destruction, David Graeber, deindustrialization, financial innovation, Garrett Hardin, gentrification, Guggenheim Bilbao, Hernando de Soto, high-speed rail, housing crisis, illegal immigration, indoor plumbing, invisible hand, Jane Jacobs, late capitalism, Lewis Mumford, Long Term Capital Management, low interest rates, market bubble, market fundamentalism, means of production, military-industrial complex, moral hazard, mortgage debt, mortgage tax deduction, Murray Bookchin, New Urbanism, Ponzi scheme, precariat, profit maximization, race to the bottom, radical decentralization, Robert Shiller, Savings and loan crisis, special economic zone, the built environment, the High Line, The Wealth of Nations by Adam Smith, Tragedy of the Commons, transcontinental railway, urban planning, We are the 99%, William Langewiesche, Works Progress Administration

Th ese institutional reforms were later to play a vital role in financing the subur­ banization of the United States after World War II. While necessary, they were not, however, sufficient to put ho using construction onto a different plane in US economic development. All sorts of tax incentives (such as 50 R E B E L C I T I ES the mortgage interest tax deduction), along with the GI B ill and a very positive housing act of 1 947, which declared the right of all Americans to live in "decent housing in a decent living environment;' were devised to prom ote home ownership, for p olitical as well as economic reasons. Homeownership was widely promoted as central to the "American Dream;' and it rose from just above 40 percent of the population in the 1 9 40s to more than 60 percent by the 1 960s, and close to 70 percent at its peak in 2004 (as of 20 1 0, it had fallen to 66 percent).


pages: 526 words: 160,601

A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney

1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, AlphaGo, American Society of Civil Engineers: Report Card, Bear Stearns, Bernie Madoff, Bernie Sanders, Black Lives Matter, bond market vigilante , book value, Boston Dynamics, Bretton Woods, business cycle, buy and hold, carbon footprint, carbon tax, Charles Lindbergh, classic study, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, DeepMind, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, financial engineering, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Glass-Steagall Act, Haight Ashbury, Higgs boson, high-speed rail, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jane Jacobs, junk bonds, Kitchen Debate, labor-force participation, Long Term Capital Management, low interest rates, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Michael Milken, military-industrial complex, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Armstrong, neoliberal agenda, Network effects, Nixon triggered the end of the Bretton Woods system, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Ponzi scheme, price stability, prosperity theology / prosperity gospel / gospel of success, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Ronald Reagan, Rubik’s Cube, Savings and loan crisis, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, stock buybacks, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, warehouse robotics, We are all Keynesians now, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game


pages: 342 words: 99,390

The greatest trade ever: the behind-the-scenes story of how John Paulson defied Wall Street and made financial history by Gregory Zuckerman

1960s counterculture, Alan Greenspan, banking crisis, Bear Stearns, collapse of Lehman Brothers, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, financial engineering, financial innovation, fixed income, index fund, Isaac Newton, Jim Simons, junk bonds, Larry Ellison, Long Term Capital Management, low interest rates, margin call, Mark Zuckerberg, Menlo Park, merger arbitrage, Michael Milken, mortgage debt, mortgage tax deduction, Ponzi scheme, Renaissance Technologies, rent control, Robert Shiller, rolodex, short selling, Silicon Valley, statistical arbitrage, Steve Ballmer, Steve Wozniak, technology bubble, zero-sum game

More than most nations, the United States worked at getting as many people in their own homes as possible. Academic data demonstrated that private-home ownership brought all kinds of positive benefits to neighborhoods, such as reduced crime and rising academic achievements. The government made the interest on mortgage payments tax deductible, and pressure on Congress from vested interests in the real estate business kept it that way; other benefits doled out to home sellers and buyers became equally sacred cows. Low-income consumers and those with poor credit histories who once had difficulty borrowing money found it easier, even before Alan Greenspan and the Federal Reserve started slashing interest rates.


pages: 576 words: 105,655

Austerity: The History of a Dangerous Idea by Mark Blyth

"there is no alternative" (TINA), accounting loophole / creative accounting, Alan Greenspan, balance sheet recession, bank run, banking crisis, Bear Stearns, Black Swan, book value, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, deindustrialization, disintermediation, diversification, en.wikipedia.org, ending welfare as we know it, Eugene Fama: efficient market hypothesis, eurozone crisis, financial engineering, financial repression, fixed income, floating exchange rates, Fractional reserve banking, full employment, German hyperinflation, Gini coefficient, global reserve currency, Greenspan put, Growth in a Time of Debt, high-speed rail, Hyman Minsky, income inequality, information asymmetry, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, low interest rates, market bubble, market clearing, Martin Wolf, Minsky moment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, Philip Mirowski, Phillips curve, Post-Keynesian economics, price stability, quantitative easing, rent-seeking, reserve currency, road to serfdom, Robert Solow, savings glut, short selling, structural adjustment programs, tail risk, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, Two Sigma, unorthodox policies, value at risk, Washington Consensus, zero-sum game

. … This is not a misprint.30 If you reside in the middle or the bottom half of the income and wealth distribution, you rely on government services, both indirect (tax breaks and subsidies) and direct (transfers, public transport, public education, health care). These are the transfers across the income distribution that make the notion of a middle class possible. They don’t just happen by accident. Politics makes them happen. Americans did not wake up one morning to find that God had given them a mortgage-interest tax deduction. Those further up the income distribution who have private alternatives (and more deductions) are obviously less reliant upon such services, but even they will eventually feel the consequence of cutting state spending as the impact of austerity ripples back up the income distribution in the form of lower growth, higher unemployment, withered infrastructure, and an even more skewed distribution of resources and life chances.


pages: 864 words: 272,918

Palo Alto: A History of California, Capitalism, and the World by Malcolm Harris

2021 United States Capitol attack, Aaron Swartz, affirmative action, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, Amazon Mechanical Turk, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, bank run, Bear Stearns, Big Tech, Bill Gates: Altair 8800, Black Lives Matter, Bob Noyce, book scanning, British Empire, business climate, California gold rush, Cambridge Analytica, capital controls, Charles Lindbergh, classic study, cloud computing, collective bargaining, colonial exploitation, colonial rule, Colonization of Mars, commoditize, company town, computer age, conceptual framework, coronavirus, corporate personhood, COVID-19, cuban missile crisis, deindustrialization, Deng Xiaoping, desegregation, deskilling, digital map, double helix, Douglas Engelbart, Edward Snowden, Elon Musk, Erlich Bachman, estate planning, European colonialism, Fairchild Semiconductor, financial engineering, financial innovation, fixed income, Frederick Winslow Taylor, fulfillment center, future of work, Garrett Hardin, gentrification, George Floyd, ghettoisation, global value chain, Golden Gate Park, Google bus, Google Glasses, greed is good, hiring and firing, housing crisis, hydraulic fracturing, if you build it, they will come, illegal immigration, immigration reform, invisible hand, It's morning again in America, iterative process, Jeff Bezos, Joan Didion, John Markoff, joint-stock company, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, land reform, Larry Ellison, Lean Startup, legacy carrier, life extension, longitudinal study, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Max Levchin, means of production, Menlo Park, Metcalfe’s law, microdosing, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Mont Pelerin Society, moral panic, mortgage tax deduction, Mother of all demos, move fast and break things, mutually assured destruction, new economy, Oculus Rift, off grid, oil shale / tar sands, PageRank, PalmPilot, passive income, Paul Graham, paypal mafia, Peter Thiel, pets.com, phenotype, pill mill, platform as a service, Ponzi scheme, popular electronics, power law, profit motive, race to the bottom, radical life extension, RAND corporation, Recombinant DNA, refrigerator car, Richard Florida, ride hailing / ride sharing, rising living standards, risk tolerance, Robert Bork, Robert Mercer, Robert Metcalfe, Ronald Reagan, Salesforce, San Francisco homelessness, Sand Hill Road, scientific management, semantic web, sexual politics, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social web, SoftBank, software as a service, sovereign wealth fund, special economic zone, Stanford marshmallow experiment, Stanford prison experiment, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, stock buybacks, strikebreaker, Suez canal 1869, super pumped, TaskRabbit, tech worker, Teledyne, telemarketer, the long tail, the new new thing, thinkpad, Thorstein Veblen, Tim Cook: Apple, Tony Fadell, too big to fail, Toyota Production System, Tragedy of the Commons, transcontinental railway, traumatic brain injury, Travis Kalanick, TSMC, Uber and Lyft, Uber for X, uber lyft, ubercab, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban renewal, value engineering, Vannevar Bush, vertical integration, Vision Fund, W. E. B. Du Bois, War on Poverty, warehouse robotics, Wargames Reagan, Washington Consensus, white picket fence, William Shockley: the traitorous eight, women in the workforce, Y Combinator, Y2K, Yogi Berra, éminence grise

The railroads came to stand for capitalism’s impersonal forces writ large: fast, loud, disruptive, dangerous, encased in metal. Legally, too, the Combine became its own person. When California rewrote the state constitution at the end of the 1870s, delegates included a provision that revoked the mortgage tax deduction for the railroad, since it was a corporation rather than a human being. The Combine refused to pay, and the state and two counties sued for their money. Aggregating the three cases, the justices of the Supreme Court agreed in 1886’s Santa Clara County v. Southern Pacific Railroad Company that corporations were entitled to avail themselves of the young Fourteenth Amendment and its equal protection clause.13 They ruled for the Combine and established the doctrine of corporate personhood.


pages: 432 words: 124,635

Happy City: Transforming Our Lives Through Urban Design by Charles Montgomery

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Abraham Maslow, accelerated depreciation, agricultural Revolution, American Society of Civil Engineers: Report Card, Apollo 11, behavioural economics, Bernie Madoff, Boeing 747, British Empire, Buckminster Fuller, car-free, carbon credits, carbon footprint, centre right, City Beautiful movement, clean water, congestion charging, correlation does not imply causation, data science, Donald Shoup, East Village, edge city, energy security, Enrique Peñalosa, experimental subject, food desert, Frank Gehry, General Motors Futurama, gentrification, Google Earth, happiness index / gross national happiness, hedonic treadmill, Home mortgage interest deduction, housing crisis, income inequality, income per capita, Induced demand, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, license plate recognition, McMansion, means of production, megacity, Menlo Park, meta-analysis, mortgage tax deduction, New Urbanism, Panopticon Jeremy Bentham, peak oil, Ponzi scheme, power law, rent control, restrictive zoning, ride hailing / ride sharing, risk tolerance, science of happiness, Seaside, Florida, Silicon Valley, starchitect, streetcar suburb, the built environment, The Death and Life of Great American Cities, the High Line, The Spirit Level, The Wealth of Nations by Adam Smith, trade route, transit-oriented development, upwardly mobile, urban planning, urban sprawl, wage slave, white flight, World Values Survey, zero-sum game, Zipcar

Then there is the U.S. government’s accelerated depreciation tax deduction, which gives developers a generous tax break for creating new buildings rather than renovating or reusing old ones. It effectively rewards Walmart for abandoning older stores and building in regional power centers far from the communities they first promised to serve. Another misguided gift to sprawl is the home mortgage interest tax deduction. The United States is one of only a handful of countries in the world that gives individuals a tax break on interest for home mortgages. In practice, the deduction has given the biggest tax break to people who can afford to buy new homes on the suburban fringe rather than those who buy cheaper, modest homes in older neighborhoods.


pages: 497 words: 123,778

The People vs. Democracy: Why Our Freedom Is in Danger and How to Save It by Yascha Mounk

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, An Inconvenient Truth, Andrew Keen, basic income, battle of ideas, Black Lives Matter, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, Cass Sunstein, central bank independence, centre right, classic study, clean water, cognitive bias, conceptual framework, critical race theory, David Brooks, deindustrialization, demographic transition, desegregation, disinformation, Donald Trump, en.wikipedia.org, Evgeny Morozov, fake news, Francis Fukuyama: the end of history, gentrification, German hyperinflation, gig economy, Gini coefficient, Herbert Marcuse, Home mortgage interest deduction, housing crisis, income inequality, invention of the printing press, invention of the steam engine, investor state dispute settlement, Jeremy Corbyn, job automation, Joseph Schumpeter, land value tax, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, mass immigration, microaggression, mortgage tax deduction, Naomi Klein, new economy, offshore financial centre, open borders, Parag Khanna, plutocrats, post-materialism, price stability, ride hailing / ride sharing, rising living standards, Ronald Reagan, Rosa Parks, Rutger Bregman, secular stagnation, sharing economy, Steve Bannon, Thomas L Friedman, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, World Values Survey, zero-sum game

The process of obtaining permits should be made much easier, and disputes about them resolved much more quickly.39 Towns and villages should have less power to veto developments in their jurisdiction.40 States should do more to help in the construction of new apartments, whether directly through the addition of new units of public housing or indirectly through financial assistance to local municipalities.41 Finally, the introduction of land value taxes—which levy the same charge on a patch of land irrespective of whether its owner lets it lie barren or decides to erect a building on it—would provide a strong incentive to build new homes.42 A different tax system could also improve the distribution of housing. Higher rates on second homes and vacant properties could drive up occupancy rates.43 Existing incentives for rich people to buy bigger homes or purchase additional properties—like the mortgage-interest tax deduction in the United States or the easy availability of buy-to-let mortgages in the United Kingdom—could be abolished.44 None of these policies will be easy to pass: Since the equity they own in their homes is a primary source of wealth for many middle-class people, they have a strong incentive to vote for higher home prices.45 And since a precipitous drop in housing prices can, as the world painfully learned in 2008, lead to a huge short-term shock, politicians are understandably worried about any policy that might pop a speculative bubble.46 But if we take housing seriously as an artificial restraint on our affluence—and thus a danger to our democracies—there are ways to compensate the losers of falling home prices, and to make potential gains more salient to the winners.


pages: 242 words: 73,728

Give People Money by Annie Lowrey

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, Black Lives Matter, carbon tax, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, driverless car, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gentrification, gig economy, Google Earth, Home mortgage interest deduction, income inequality, indoor plumbing, information asymmetry, Jaron Lanier, jitney, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kodak vs Instagram, labor-force participation, late capitalism, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, mass incarceration, McMansion, Menlo Park, mobile money, Modern Monetary Theory, mortgage tax deduction, multilevel marketing, new economy, obamacare, opioid epidemic / opioid crisis, Overton Window, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, public intellectual, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Robert Solow, Ronald Reagan, Rutger Bregman, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, tech billionaire, The future is already here, The Future of Employment, theory of mind, total factor productivity, Turing test, two tier labour market, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, War on Poverty, warehouse robotics, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y Combinator


pages: 273 words: 78,850

The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley, William Danko

affirmative action, cotton gin, estate planning, financial independence, high net worth, index fund, money market fund, mortgage tax deduction, the market place, very high income, Yogi Berra


pages: 368 words: 145,841

Financial Independence by John J. Vento

Affordable Care Act / Obamacare, Albert Einstein, asset allocation, diversification, diversified portfolio, estate planning, financial independence, fixed income, high net worth, Home mortgage interest deduction, low interest rates, money market fund, mortgage debt, mortgage tax deduction, oil shock, Own Your Own Home, passive income, retail therapy, risk tolerance, the rule of 72, time value of money, transaction costs, young professional, zero day

Still, a house can increase in value if you hang on to it for many years and maintain it well. It can also help you financially in other ways. Why a Mortgage Is Still Good Debt The reason a home mortgage is usually considered good debt is that from the moment you buy the house, it offers certain financial reliefs and leverage. For starters, your home mortgage interest may be tax deductible. (The federal government allows you to deduct mortgage interest expenses to the extent your mortgage does not exceed $1 million. Therefore, if you are in the 40 percent tax bracket and you are paying 6 percent interest on your mortgage, your after-tax cost for financing may actually be only 3.6 percent, which is 6 percent less the 40 percent tax savings).

c04.indd 95 26/02/13 2:42 PM 96 Financial Independence (Getting to Point X ) Conversely, if you have a very strong balance sheet and your assets significantly exceed your liabilities, you may want to consider consolidating your high-interest consumer debt into your mortgage refinancing. Not only will you be able to significantly lower your interest rate, but the interest you pay on this mortgage may also be tax deductible for you. I would only recommend this to individuals who have already accumulated a comfortable financial net worth and believe their probability of defaulting on their loans does not exist. Once again, you cannot move forward effectively and efficiently on the road to financial independence until you clean up the liabilities section of your Statement of Financial position—in other words, your debts.


pages: 58 words: 18,747

pages: 2,045 words: 566,714

J.K. Lasser's Your Income Tax by J K Lasser Institute

accelerated depreciation, Affordable Care Act / Obamacare, airline deregulation, asset allocation, book value, business cycle, collective bargaining, distributed generation, employer provided health coverage, estate planning, Home mortgage interest deduction, independent contractor, intangible asset, medical malpractice, medical residency, money market fund, mortgage debt, mortgage tax deduction, passive income, Ponzi scheme, profit motive, rent control, Right to Buy, telemarketer, transaction costs, urban renewal, zero-coupon bond

The church or local congregation must officially designate the part of the minister’s compensation that is a rental or housing allowance. To qualify for tax-free treatment, the designation must be made in advance of the payments. Official action may be shown by an employment contract, minutes, a resolution, or a budget allowance. - - - - - - - - - - Filing Tip Mortgage Interest and Taxes If you itemize deductions on Schedule A (Form 1040), deduct payments for qualifying home mortgage interest (15.1) and real estate taxes (16.6) on your home even if you use a tax-free housing allowance to finance the payments. - - - - - - - - - - Who qualifies for tax-free allowance? Tax-free treatment is allowed to ordained ministers, rabbis, and cantors who receive housing allowances as part of their compensation for ministerial duties.

Some of the expenses will not be currently deductible. The allocable rental expenses are deducted from rental income in a specific order: Step 1. The rental portion of the following expenses is fully deductible on Schedule E of Form 1040, even if the total exceeds rental income: deductible home mortgage interest (15.1), real estate taxes (16.4), deductible casualty and theft losses (Chapter 18), and directly related rental expenses. Directly related rental expenses are rental expenses not related to the use or maintenance of the residence itself, such as office supplies, rental agency fees, advertising, and depreciation on office equipment used in the rental activity.

The taxpayer’s brother bought the house but allowed the taxpayer and his wife to live there on the condition that they make the mortgage payments directly to the bank. The IRS disallowed the taxpayer’s deduction for the mortgage interest on the grounds that he was not liable for the mortgage debt; his brother was. However, the Tax Court allowed the deduction, holding that the taxpayer was the equitable owner of the home and that he was legally obligated to his brother to pay off the mortgage. - - - - - - - - - - Loan limit for buying new home may be increased from $1million to $1.1million. The maximum home acquisition debt limit is $1,000,000, or $500,000 if you are married filing separately.


pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, California energy crisis, capital controls, centre right, collective bargaining, creative destruction, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, gentrification, George Gilder, Gini coefficient, global reserve currency, Great Leap Forward, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low interest rates, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, military-industrial complex, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Savings and loan crisis, Silicon Valley, special economic zone, structural adjustment programs, Suez crisis 1956, the built environment, The Chicago School, Tragedy of the Commons, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, We are all Keynesians now, Winter of Discontent

The corporate welfare programmes that now exist in the US at federal, state, and local levels amount to a vast redirection of public moneys for corporate benefit (directly as in the case of subsidies to agribusiness and indirectly as in the case of the military-industrial sector), in much the same way that the mortgage interest rate tax deduction operates in the US as a subsidy to upper-income homeowners and the construction industry. The rise of surveillance and policing and, in the case of the US, incarceration of recalcitrant elements in the population indicates a more sinister turn towards intense social control. The prison-industrial complex is a thriving sector (alongside personal security services) in the US economy.


pages: 1,845 words: 567,850

J.K. Lasser's Your Income Tax 2014 by J. K. Lasser

accelerated depreciation, Affordable Care Act / Obamacare, airline deregulation, asset allocation, book value, business cycle, collective bargaining, distributed generation, employer provided health coverage, estate planning, Home mortgage interest deduction, independent contractor, intangible asset, medical malpractice, medical residency, mortgage debt, mortgage tax deduction, obamacare, passive income, Ponzi scheme, profit motive, rent control, Right to Buy, telemarketer, transaction costs, urban renewal, zero-coupon bond

The church or local congregation must officially designate the part of the minister’s compensation that is a rental or housing allowance. To qualify for tax-free treatment, the designation must be made in advance of the payments. Official action may be shown by an employment contract, minutes, a resolution, or a budget allowance. - - - - - - - - - - Filing Tip Mortgage Interest and Taxes If you itemize deductions on Schedule A (Form 1040), deduct payments for qualifying home mortgage interest (15.1) and real estate taxes (16.6) on your home even if you use a tax-free housing allowance to finance the payments. - - - - - - - - - - Who qualifies for tax-free allowance? Tax-free treatment is allowed to ordained ministers, rabbis, and cantors who receive housing allowances as part of their compensation for ministerial duties.

Some of the expenses will not be currently deductible. The allocable rental expenses are deducted from rental income in a specific order: Step 1. The rental portion of the following expenses is fully deductible on Schedule E of Form 1040, even if the total exceeds rental income: deductible home mortgage interest (15.1), real estate taxes (16.4), deductible casualty and theft losses (Chapter 18), and directly related rental expenses. Directly related rental expenses are rental expenses not related to the use or maintenance of the residence itself, such as office supplies, rental agency fees, advertising, and depreciation on office equipment used in the rental activity.

The taxpayer’s brother bought the house but allowed the taxpayer and his wife to live there on the condition that they make the mortgage payments directly to the bank. The IRS disallowed the taxpayer’s deduction for the mortgage interest on the grounds that he was not liable for the mortgage debt; his brother was. However, the Tax Court allowed the deduction, holding that the taxpayer was the equitable owner of the home and that he was legally obligated to his brother to pay off the mortgage. - - - - - - - - - - The $1,000,000 (or $500,000) limit applies to acquisition loans taken out after October 13, 1987. If you incurred substantial loans before October 14, 1987, and plan to purchase a new home, your deduction for the mortgage for the new home may be limited.


pages: 198 words: 52,089

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves

affirmative action, Affordable Care Act / Obamacare, An Inconvenient Truth, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, longitudinal study, meritocracy, mortgage tax deduction, obamacare, Occupy movement, plutocrats, positional goods, precautionary principle, race to the bottom, randomized controlled trial, restrictive zoning, unpaid internship, upwardly mobile, W. E. B. Du Bois, War on Poverty, We are the 99%, working-age population, zero-sum game

Thus, many people feel that if they want the good life for themselves and their children, they have to buy an expensive house. Houses in the communities containing the best schools are bid up accordingly. Perversely, federal tax policy makes attainment of these sought-after houses easier for those earning more money; they will be in a higher tax bracket and will enjoy larger mortgage interest and property tax deductions, and therefore lower real costs, than their lower-income competitors.17 Just in case you missed that last sentence: we are using the tax system to help richer people buy bigger houses near the best schools. The preferential treatment of mortgage interest is just one example of the “upside down” system of subsidies, which I’ll delve into a bit more in the next chapter.


pages: 444 words: 151,136

Endless Money: The Moral Hazards of Socialism by William Baker, Addison Wiggin

Alan Greenspan, Andy Kessler, asset allocation, backtesting, bank run, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, Black Swan, bond market vigilante , book value, Branko Milanovic, bread and circuses, break the buck, Bretton Woods, BRICs, business climate, business cycle, capital asset pricing model, carbon tax, commoditize, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, crony capitalism, cuban missile crisis, currency manipulation / currency intervention, debt deflation, Elliott wave, en.wikipedia.org, Fall of the Berlin Wall, feminist movement, fiat currency, fixed income, floating exchange rates, foreign exchange controls, Fractional reserve banking, full employment, German hyperinflation, Great Leap Forward, housing crisis, income inequality, index fund, inflation targeting, Joseph Schumpeter, Kickstarter, laissez-faire capitalism, land bank, land reform, liquidity trap, Long Term Capital Management, lost cosmonauts, low interest rates, McMansion, mega-rich, military-industrial complex, Money creation, money market fund, moral hazard, mortgage tax deduction, naked short selling, negative equity, offshore financial centre, Ponzi scheme, price stability, proprietary trading, pushing on a string, quantitative easing, RAND corporation, rent control, rent stabilization, reserve currency, risk free rate, riskless arbitrage, Ronald Reagan, Savings and loan crisis, school vouchers, seigniorage, short selling, Silicon Valley, six sigma, statistical arbitrage, statistical model, Steve Jobs, stocks for the long run, Tax Reform Act of 1986, The Great Moderation, the scientific method, time value of money, too big to fail, Two Sigma, upwardly mobile, War on Poverty, Yogi Berra, young professional

Even notable conservatives who shared power with a liberal Congress or executive branch, such as Ronald Reagan or Newt Gingrich, respectively, were unable to restrain the growth of government, much less undo the empowerment extended beyond its original constitutionally enumerated powers. Chapter 9 The Heart of the Financial System ousing is probably the most heavily subsidized industry in the United States. Mortgages are tax deductible, and $5 trillion of them piggyback upon the full faith and credit of the U.S. government, providing an interest rate subsidy to homeowners in addition to the tax savings1. By promoting home ownership so forcefully, might the demand for housing have been overly stimulated to the point that we now face a systemic financial crisis?


J.K. Lasser's Your Income Tax 2016: For Preparing Your 2015 Tax Return by J. K. Lasser Institute

accelerated depreciation, Affordable Care Act / Obamacare, airline deregulation, asset allocation, book value, business cycle, collective bargaining, distributed generation, employer provided health coverage, estate planning, Home mortgage interest deduction, independent contractor, intangible asset, medical malpractice, medical residency, mortgage debt, mortgage tax deduction, passive income, Ponzi scheme, profit motive, rent control, Right to Buy, transaction costs, urban renewal, zero-coupon bond

The church or local congregation must officially designate the part of the minister’s compensation that is a rental or housing allowance. To qualify for tax-free treatment, the designation must be made in advance of the payments. Official action may be shown by an employment contract, minutes, a resolution, or a budget allowance. Filing Tip Mortgage Interest and Taxes If you itemize deductions on Schedule A (Form 1040), deduct payments for qualifying home mortgage interest (15.1) and real estate taxes (16.6) on your home even if you use a tax-free housing allowance to finance the payments. Who qualifies for the exclusion?Tax-free treatment is allowed to ordained ministers, rabbis, and cantors who receive in-kind housing or housing allowances as part of their compensation for ministerial duties.

Some of the expenses will not be currently deductible. The allocable rental expenses are deducted from rental income in a specific order: Step 1. The rental portion of the following expenses is fully deductible on Schedule E of Form 1040, even if the total exceeds rental income: deductible home mortgage interest (15.1), real estate taxes (16.4), deductible casualty and theft losses (Chapter 18), and directly related rental expenses. Directly related rental expenses are rental expenses not related to the use or maintenance of the residence itself, such as office supplies, rental agency fees, advertising, and depreciation on office equipment used in the rental activity.

The taxpayer’s brother bought the house but allowed the taxpayer and his wife to live there on the condition that they make the mortgage payments directly to the bank. The IRS disallowed the taxpayer’s deduction for the mortgage interest on the grounds that he was not liable for the mortgage debt; his brother was. However, the Tax Court allowed the deduction, holding that the taxpayer was the equitable owner of the home and that he was legally obligated to his brother to pay off the mortgage. The Tax Court has taken a similar approach in other cases to allow a mortgage interest deduction to a family member who was not the legal owner of the home.


pages: 519 words: 155,332

Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It by Steven Brill

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airport security, American Society of Civil Engineers: Report Card, asset allocation, behavioural economics, Bernie Madoff, Bernie Sanders, Blythe Masters, Bretton Woods, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carl Icahn, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, Credit Default Swap, currency manipulation / currency intervention, deal flow, Donald Trump, electricity market, ending welfare as we know it, failed state, fake news, financial deregulation, financial engineering, financial innovation, future of work, ghettoisation, Glass-Steagall Act, Gordon Gekko, hiring and firing, Home mortgage interest deduction, immigration reform, income inequality, invention of radio, job automation, junk bonds, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, low interest rates, Mahatma Gandhi, Mark Zuckerberg, Michael Milken, military-industrial complex, mortgage tax deduction, Neil Armstrong, new economy, Nixon triggered the end of the Bretton Woods system, obamacare, old-boy network, opioid epidemic / opioid crisis, paper trading, Paris climate accords, performance metric, post-work, Potemkin village, Powell Memorandum, proprietary trading, quantitative hedge fund, Ralph Nader, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Rutger Bregman, Salesforce, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stock buybacks, Tax Reform Act of 1986, tech worker, telemarketer, too big to fail, trade liberalization, union organizing, Unsafe at Any Speed, War on Poverty, women in the workforce, working poor

The problem is that the government spends approximately 75 percent of its housing assistance dollars on middle-class and wealthy homeowners—by allowing interest on mortgages to be tax-deductible. That sacrosanct tax break costs the government about $70 billion annually. The cost of all housing assistance programs for the poor and lower middle class—who are unlikely to own homes or have mortgages, or even file tax returns that itemize deductions—is approximately $22 billion. The National Low Income Housing Coalition has calculated that limiting the deductions that the wealthy could take on jumbo mortgages, which in 2017 were capped at interest for mortgages of $1 million, to $500,000 would double the amount available for assistance to renters through rental vouchers.


pages: 726 words: 172,988

The Bankers' New Clothes: What's Wrong With Banking and What to Do About It by Anat Admati, Martin Hellwig

Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, bonus culture, book value, break the buck, business cycle, Carmen Reinhart, central bank independence, centralized clearinghouse, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, diversified portfolio, en.wikipedia.org, Exxon Valdez, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, George Akerlof, Glass-Steagall Act, Growth in a Time of Debt, income inequality, information asymmetry, invisible hand, Jean Tirole, joint-stock company, joint-stock limited liability company, junk bonds, Kenneth Rogoff, Larry Wall, light touch regulation, London Interbank Offered Rate, Long Term Capital Management, margin call, Martin Wolf, Money creation, money market fund, moral hazard, mortgage debt, mortgage tax deduction, negative equity, Nick Leeson, Northern Rock, open economy, Paul Volcker talking about ATMs, peer-to-peer lending, proprietary trading, regulatory arbitrage, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Satyajit Das, Savings and loan crisis, shareholder value, sovereign wealth fund, subprime mortgage crisis, technology bubble, The Market for Lemons, the payments system, too big to fail, Upton Sinclair, Yogi Berra

To see how this works, let us go back to Kate’s purchase of her house without Aunt Claire’s guarantees. Suppose Kate could pay for the house without borrowing but she considered borrowing anyway. Would it make a difference? In the United States, the answer is generally “Yes,” because the interest paid on mortgages is tax deductible. In determining her taxable income, Kate could deduct the mortgage interest payments as an expense.21 Borrowing could therefore reduce Kate’s taxes, essentially making Uncle Sam contribute to the purchase of her house.22 Corporations can similarly save on taxes by borrowing. In most countries, corporate taxes are paid on a corporation’s “income,” defined in such a way that interest paid on the corporation’s debt is considered a tax-deductible expense.23 The more debt and the less equity a corporation uses in its funding, the less it pays in taxes.


pages: 693 words: 169,849

The Aristocracy of Talent: How Meritocracy Made the Modern World by Adrian Wooldridge

"World Economic Forum" Davos, Ada Lovelace, affirmative action, Alan Greenspan, Albert Einstein, assortative mating, barriers to entry, Bernie Sanders, Black Lives Matter, Bletchley Park, borderless world, Boris Johnson, Brexit referendum, business intelligence, central bank independence, circulation of elites, Clayton Christensen, cognitive bias, Corn Laws, coronavirus, corporate governance, correlation coefficient, COVID-19, creative destruction, critical race theory, David Brooks, Dominic Cummings, Donald Trump, Double Irish / Dutch Sandwich, Etonian, European colonialism, fake news, feminist movement, George Floyd, George Gilder, Gini coefficient, glass ceiling, helicopter parent, Home mortgage interest deduction, income inequality, intangible asset, invention of gunpowder, invention of the printing press, Isaac Newton, Jeff Bezos, Jeremy Corbyn, Jim Simons, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, land tenure, London Interbank Offered Rate, Long Term Capital Management, Louis Pasteur, Mahatma Gandhi, Mark Zuckerberg, means of production, meritocracy, meta-analysis, microaggression, mortgage tax deduction, Myron Scholes, offshore financial centre, opioid epidemic / opioid crisis, Panopticon Jeremy Bentham, Peter Thiel, plutocrats, post-industrial society, post-oil, pre–internet, public intellectual, publish or perish, Ralph Waldo Emerson, RAND corporation, rent-seeking, Richard Florida, Ronald Reagan, scientific management, sexual politics, shareholder value, Sheryl Sandberg, Silicon Valley, spinning jenny, Steve Bannon, Steven Pinker, supply-chain management, surveillance capitalism, tech bro, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thorstein Veblen, three-martini lunch, Tim Cook: Apple, transfer pricing, Tyler Cowen, unit 8200, upwardly mobile, Vilfredo Pareto, W. E. B. Du Bois, wealth creators, women in the workforce

We also need to look outside the world of educational policy. Housing reforms might produce rich results. Weakening zoning rules that make it difficult to build flats in high-cost cities would make it easier for poorer people to move to areas where jobs and good schools are more abundant. Abolishing mortgage-interest tax deduction, which helps already wealthy people to buy homes, would allow the government to increase the size of its housing programmes for the poor without putting more pressure on the Exchequer.40 With a bit of imagination new technology can also be used to equalize life chances. During the Second World War, Bletchley Park did an impressive job of discovering untapped female talent by recruiting people who could solve crosswords and other puzzles.


Work Less, Live More: The Way to Semi-Retirement by Robert Clyatt

asset allocation, backtesting, buy and hold, currency risk, death from overwork, delayed gratification, diversification, diversified portfolio, do what you love, eat what you kill, employer provided health coverage, estate planning, Eugene Fama: efficient market hypothesis, financial independence, fixed income, future of work, independent contractor, index arbitrage, index fund, John Bogle, junk bonds, karōshi / gwarosa / guolaosi, lateral thinking, Mahatma Gandhi, McMansion, merger arbitrage, money market fund, mortgage tax deduction, passive income, rising living standards, risk/return, Silicon Valley, The 4% rule, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, transaction costs, unpaid internship, upwardly mobile, Vanguard fund, work culture , working poor, zero-sum game

Realizing that $1,000 earned in 242 | Work Less, Live More semi-retirement is probably worth a weightier $950 in the hand means that those planning for semi-retirement are often a lot closer to their financial goals than they imagined. TiP Unlearning old tax-avoidance strategies. Since you’ll be in such a low tax bracket, some common tax-minimizing strategies may no longer help. For instance, it may no longer make sense to have a mortgage for its tax-deductible interest. You might also want to skip municipal bonds and take a higher yielding taxable bond instead. And after-tax contributions of earned income to a Roth IRA may be even more advantageous than pretax contri­butions to a regular IRA. The reason: You have such low taxable income that additional deductions give little or no added benefit.


All About Asset Allocation, Second Edition by Richard Ferri

activist fund / activist shareholder / activist investor, Alan Greenspan, asset allocation, asset-backed security, barriers to entry, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, book value, buy and hold, capital controls, commoditize, commodity trading advisor, correlation coefficient, currency risk, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, equity premium, equity risk premium, estate planning, financial independence, fixed income, full employment, high net worth, Home mortgage interest deduction, implied volatility, index fund, intangible asset, inverted yield curve, John Bogle, junk bonds, Long Term Capital Management, low interest rates, managed futures, Mason jar, money market fund, mortgage tax deduction, passive income, pattern recognition, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, selection bias, Sharpe ratio, stock buybacks, stocks for the long run, survivorship bias, too big to fail, transaction costs, Vanguard fund, yield curve

In addition to providing living quarters, purchasing a home in a good location has proved to be a reliable longterm investment. Homeowners in the United States have enjoyed annual returns that have averaged slightly higher than the inflation rate over the decades. Despite a recent decline in the housing market, the interest on a mortgage remains a tax deduction, and some or all of the profit from selling your home is tax-free. Figure 9-8 represents the average price of a single-family home since 1987, as published by the S&P Case/Shiller Composite–10 Housing Index. The data are collected from local tax offices and represent the sale price of properties that have closed.


pages: 497 words: 150,205

European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right by Philippe Legrain

3D printing, Airbnb, Alan Greenspan, Asian financial crisis, bank run, banking crisis, barriers to entry, Basel III, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, book value, Boris Johnson, Bretton Woods, BRICs, British Empire, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, clean tech, collaborative consumption, collapse of Lehman Brothers, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Crossrail, currency manipulation / currency intervention, currency peg, debt deflation, Diane Coyle, disruptive innovation, Downton Abbey, Edward Glaeser, Elon Musk, en.wikipedia.org, energy transition, eurozone crisis, fear of failure, financial deregulation, financial engineering, first-past-the-post, Ford Model T, forward guidance, full employment, Gini coefficient, global supply chain, Great Leap Forward, Growth in a Time of Debt, high-speed rail, hiring and firing, hydraulic fracturing, Hyman Minsky, Hyperloop, immigration reform, income inequality, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), Irish property bubble, James Dyson, Jane Jacobs, job satisfaction, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, labour mobility, land bank, liquidity trap, low interest rates, margin call, Martin Wolf, mittelstand, moral hazard, mortgage debt, mortgage tax deduction, North Sea oil, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, open economy, peer-to-peer rental, price stability, private sector deleveraging, pushing on a string, quantitative easing, Richard Florida, rising living standards, risk-adjusted returns, Robert Gordon, savings glut, school vouchers, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, smart meter, software patent, sovereign wealth fund, Steve Jobs, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, Tyler Cowen, Tyler Cowen: Great Stagnation, working-age population, Zipcar

When you own shares, both the income they yield (the dividends) and the capital gains you realise when you sell them are taxed. When you own property that you live in, the “income” you derive from it (the rent that you would otherwise have to pay) is generally not taxed, nor are the capital gains when you sell.549 Moreover, mortgage interest payments are tax-deductible in many European countries.550 While many countries do impose property taxes – for instance, council tax in Britain – these are typically payable by tenants as well as owner-occupiers, so they are not an additional cost of property investment. (They also tend to be based on outdated valuations: from 1991 in Britain, 1970 in France).


pages: 336 words: 95,773

pages: 225 words: 11,355

Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis by Kevin Mellyn

Alan Greenspan, asset-backed security, bank run, banking crisis, Bernie Madoff, bond market vigilante , bonus culture, Bretton Woods, business cycle, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, deal flow, disintermediation, diversification, fiat currency, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, George Santayana, global reserve currency, Greenspan put, Home mortgage interest deduction, inverted yield curve, Isaac Newton, joint-stock company, junk bonds, Kickstarter, liquidity trap, London Interbank Offered Rate, long peace, low interest rates, margin call, market clearing, mass immigration, Money creation, money market fund, moral hazard, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, pattern recognition, pension reform, pets.com, Phillips curve, plutocrats, Ponzi scheme, profit maximization, proprietary trading, pushing on a string, reserve currency, risk tolerance, risk-adjusted returns, road to serfdom, Ronald Reagan, shareholder value, Silicon Valley, South Sea Bubble, statistical model, Suez canal 1869, systems thinking, tail risk, The Great Moderation, the long tail, the new new thing, the payments system, too big to fail, value at risk, very high income, War on Poverty, We are all Keynesians now, Y2K, yield curve

First, it established a favorable charter for savings banks with their own, somewhat indulgent regulator. It also got the U.S. Post Office out of the savings bank business, making America one of the few countries where postal banks do not provide basic savings and payment services. Second, by making mortgage interest an income tax deduction, they made building up equity in a home one of the few ways ordinary people could accumulate retirement savings. Third, they created a government-run secondary market in mortgages through Federal Home Loan Banks. These were later joined by the GSEs (Fannie Mae and Freddie Mac) we met in Chapter Three.


pages: 358 words: 119,272

Anatomy of the Bear: Lessons From Wall Street's Four Great Bottoms by Russell Napier

Alan Greenspan, Albert Einstein, asset allocation, banking crisis, Bear Stearns, behavioural economics, book value, Bretton Woods, business cycle, buy and hold, collective bargaining, Columbine, cuban missile crisis, desegregation, diversified portfolio, fake news, financial engineering, floating exchange rates, Fractional reserve banking, full employment, Glass-Steagall Act, global macro, hindsight bias, Kickstarter, Long Term Capital Management, low interest rates, market bubble, Michael Milken, military-industrial complex, Money creation, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, price stability, reserve currency, risk free rate, Robert Gordon, Robert Shiller, Ronald Reagan, short selling, stocks for the long run, yield curve, Yogi Berra

The range of lag in earnings had been four-to-seven months, the average lag almost six months. Bonds and the bear The little stone house, once a gardener’s cottage, in Penn Park cost $78,000. Janice wanted to put down $25,000, but Harry pointed out to her that in inflationary times debt is a good thing to have, that mortgage interest is tax-deductible, and that six month $10,000-minimum money market certificates are paying close to 12% these days. John Updike, Rabbit is Rich FIGURE 113. US GOVT BOND YIELD (LONG-TERM), YIELD ON MOODY’S BAA Source: Federal Reserve The bear market in bonds, in its fifth decade, ended in October 1981.


pages: 209 words: 53,236

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, Alan Greenspan, bank run, behavioural economics, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, currency risk, Daniel Kahneman / Amos Tversky, decentralized internet, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, guns versus butter model, Home mortgage interest deduction, impact investing, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jeff Bezos, John Bogle, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, low interest rates, Marc Andreessen, Mark Spitznagel, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, obamacare, OSI model, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reality distortion field, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, Skinner box, smart grid, Solyndra, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game


pages: 475 words: 155,554

The Default Line: The Inside Story of People, Banks and Entire Nations on the Edge by Faisal Islam

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, Basel III, Ben Bernanke: helicopter money, Berlin Wall, Big bang: deregulation of the City of London, bond market vigilante , book value, Boris Johnson, British Empire, capital controls, carbon credits, carbon footprint, carbon tax, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, credit crunch, Credit Default Swap, crony capitalism, Crossrail, currency risk, dark matter, deindustrialization, Deng Xiaoping, disintermediation, energy security, Eugene Fama: efficient market hypothesis, eurozone crisis, Eyjafjallajökull, financial deregulation, financial engineering, financial innovation, financial repression, floating exchange rates, forensic accounting, forward guidance, full employment, G4S, ghettoisation, global rebalancing, global reserve currency, high-speed rail, hiring and firing, inflation targeting, Irish property bubble, junk bonds, Just-in-time delivery, labour market flexibility, light touch regulation, London Whale, Long Term Capital Management, low interest rates, margin call, market clearing, megacity, megaproject, Mikhail Gorbachev, mini-job, mittelstand, Money creation, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, negative equity, North Sea oil, Northern Rock, offshore financial centre, open economy, paradox of thrift, Pearl River Delta, pension reform, price mechanism, price stability, profit motive, quantitative easing, quantitative trading / quantitative finance, race to the bottom, regulatory arbitrage, reserve currency, reshoring, Right to Buy, rising living standards, Ronald Reagan, savings glut, shareholder value, sovereign wealth fund, tail risk, The Chicago School, the payments system, too big to fail, trade route, transaction costs, two tier labour market, unorthodox policies, uranium enrichment, urban planning, value at risk, WikiLeaks, working-age population, zero-sum game

Estate agents explained that few locals could obtain a mortgage to buy a £120,000 house. BTL mortgages, however, were priced on the basis of likely rent received. As interest rates were at rock-bottom, these typically interest-only mortgages were dirt-cheap, and a killing was there to be made for anyone with the 25 per cent deposit required. Even better, the mortgage was entirely tax deductible. Brutally put, local Mancunians on a typical salary would have zero chance to out-compete the landlords. At the show, some landlords admitted that they were in a ‘battle’ for property with first-time buyers. ‘Yes we take the same property,’ said one landlord with ten flats. ‘I feel a bit guilty, but they should work harder.’


pages: 290 words: 72,046

5 Day Weekend: Freedom to Make Your Life and Work Rich With Purpose by Nik Halik, Garrett B. Gunderson

Airbnb, bitcoin, Buckminster Fuller, business process, clean water, collaborative consumption, cryptocurrency, delayed gratification, diversified portfolio, do what you love, drop ship, en.wikipedia.org, estate planning, Ethereum, fear of failure, fiat currency, financial independence, gamification, glass ceiling, Grace Hopper, Home mortgage interest deduction, independent contractor, initial coin offering, Isaac Newton, Kaizen: continuous improvement, litecoin, low interest rates, Lyft, market fundamentalism, microcredit, minimum viable product, mortgage debt, mortgage tax deduction, multilevel marketing, Nelson Mandela, passive income, peer-to-peer, peer-to-peer rental, planned obsolescence, Ponzi scheme, quantitative easing, Ralph Waldo Emerson, ride hailing / ride sharing, selling pickaxes during a gold rush, sharing economy, side project, Skype, solopreneur, subscription business, TaskRabbit, TED Talk, traveling salesman, uber lyft

Restructure Your Loans You can restructure your loans by rolling short-term, high-interest loans into long-term, low-interest, tax-deductible loans. The goal here is to minimize your payments and maximize your cash flow. For example, if you have enough home equity, you can refinance your mortgage, which can be a tax-deductible loan, and roll as many of your non-deductible loans (credit cards, auto, etc.) into it as possible. This will typically lower your minimum monthly loan payments, and the tax deduction will also increase your cash flow. Then you can attack your remaining loans strategically, using your increased cash flow to eliminate one loan at a time. 3.


pages: 183 words: 17,571

Broken Markets: A User's Guide to the Post-Finance Economy by Kevin Mellyn

Alan Greenspan, banking crisis, banks create money, Basel III, Bear Stearns, Bernie Madoff, Big bang: deregulation of the City of London, bond market vigilante , Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, business cycle, buy and hold, call centre, Carmen Reinhart, central bank independence, centre right, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, compensation consultant, corporate governance, corporate raider, creative destruction, credit crunch, crony capitalism, currency manipulation / currency intervention, currency risk, disintermediation, eurozone crisis, fiat currency, financial innovation, financial repression, floating exchange rates, Fractional reserve banking, Glass-Steagall Act, global reserve currency, global supply chain, Home mortgage interest deduction, index fund, information asymmetry, joint-stock company, Joseph Schumpeter, junk bonds, labor-force participation, light touch regulation, liquidity trap, London Interbank Offered Rate, low interest rates, market bubble, market clearing, Martin Wolf, means of production, Michael Milken, mobile money, Money creation, money market fund, moral hazard, mortgage debt, mortgage tax deduction, negative equity, Nixon triggered the end of the Bretton Woods system, Paul Volcker talking about ATMs, Ponzi scheme, profit motive, proprietary trading, prudent man rule, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, rising living standards, Ronald Coase, Savings and loan crisis, seigniorage, shareholder value, Silicon Valley, SoftBank, Solyndra, statistical model, Steve Jobs, The Great Moderation, the payments system, Tobin tax, too big to fail, transaction costs, underbanked, Works Progress Administration, yield curve, Yogi Berra, zero-sum game


pages: 280 words: 79,029

Smart Money: How High-Stakes Financial Innovation Is Reshaping Our WorldÑFor the Better by Andrew Palmer

Affordable Care Act / Obamacare, Alan Greenspan, algorithmic trading, Andrei Shleifer, asset-backed security, availability heuristic, bank run, banking crisis, behavioural economics, Black Monday: stock market crash in 1987, Black-Scholes formula, bonus culture, break the buck, Bretton Woods, call centre, Carmen Reinhart, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, David Graeber, diversification, diversified portfolio, Edmond Halley, Edward Glaeser, endogenous growth, Eugene Fama: efficient market hypothesis, eurozone crisis, family office, financial deregulation, financial engineering, financial innovation, fixed income, Flash crash, Google Glasses, Gordon Gekko, high net worth, housing crisis, Hyman Minsky, impact investing, implied volatility, income inequality, index fund, information asymmetry, Innovator's Dilemma, interest rate swap, Kenneth Rogoff, Kickstarter, late fees, London Interbank Offered Rate, Long Term Capital Management, longitudinal study, loss aversion, low interest rates, margin call, Mark Zuckerberg, McMansion, Minsky moment, money market fund, mortgage debt, mortgage tax deduction, Myron Scholes, negative equity, Network effects, Northern Rock, obamacare, payday loans, peer-to-peer lending, Peter Thiel, principal–agent problem, profit maximization, quantitative trading / quantitative finance, railway mania, randomized controlled trial, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, Robert Shiller, Savings and loan crisis, short selling, Silicon Valley, Silicon Valley startup, Skype, South Sea Bubble, sovereign wealth fund, statistical model, subprime mortgage crisis, tail risk, Thales of Miletus, the long tail, transaction costs, Tunguska event, unbanked and underbanked, underbanked, Vanguard fund, web application


pages: 416 words: 118,592

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, backtesting, Bear Stearns, beat the dealer, Bernie Madoff, book value, BRICs, butter production in bangladesh, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, fixed income, framing effect, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, The Myth of the Rational Market, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond

You have to live somewhere, and buying has several tax advantages over renting. Because Congress wanted to encourage home ownership and the values associated with it, it gave the homeowner two important tax breaks: (1) Although rent is not deductible from income taxes, the two major expenses associated with home ownership—interest payments on your mortgage and property taxes—are deductible; (2) realized gains in the value of your house up to substantial amounts are tax-exempt. In addition, ownership of a house is a good way to force yourself to save, and a house provides enormous emotional satisfaction. My advice is: Own your own home if you can possibly afford it.


pages: 356 words: 91,157

The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida

affirmative action, Airbnb, back-to-the-city movement, basic income, Bernie Sanders, bike sharing, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, gentrification, Gini coefficient, Google bus, high net worth, high-speed rail, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, megaproject, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, off-the-grid, opioid epidemic / opioid crisis, Paul Graham, plutocrats, RAND corporation, rent control, rent-seeking, restrictive zoning, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, SimCity, sovereign wealth fund, streetcar suburb, superstar cities, tech worker, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Rise and Fall of American Growth, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Tyler Cowen, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional


pages: 327 words: 90,542

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"there is no alternative" (TINA), "World Economic Forum" Davos, 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Alfred Russel Wallace, Anthropocene, Anton Chekhov, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, bitcoin, bond market vigilante , Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, digital divide, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial engineering, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, geopolitical risk, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, Great Leap Forward, Greenspan put, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, Kevin Roose, knowledge economy, knowledge worker, Les Trente Glorieuses, light touch regulation, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, middle-income trap, Mikhail Gorbachev, military-industrial complex, Minsky moment, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, PalmPilot, passive income, peak oil, peer-to-peer lending, pension reform, planned obsolescence, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Robert Solow, Ronald Reagan, Russell Brand, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, Stephen Fry, systems thinking, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, uber lyft, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

Originally, owning land or homes, the preserve of the wealthy, conferred the right to vote. Despite this no longer being the case, governments subsidize home ownership, believing that it creates a more stable society and greater political engagement. Most countries provide incentives for financial institutions to lend for housing. Mortgage-interest payments are sometimes tax-deductible. Capital gains from the sale of a residence attract no or low rates of tax. Concessions on property taxes, property transfer duties, or direct grants to assist in the purchase of homes are common. Encouraged by government assistance and subsidies, there is overinvestment in housing.


pages: 279 words: 90,278

pages: 409 words: 125,611

The Great Divide: Unequal Societies and What We Can Do About Them by Joseph E. Stiglitz

"World Economic Forum" Davos, accelerated depreciation, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Alan Greenspan, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, Branko Milanovic, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, carried interest, classic study, clean water, collapse of Lehman Brothers, collective bargaining, company town, computer age, corporate governance, credit crunch, Credit Default Swap, deindustrialization, Detroit bankruptcy, discovery of DNA, Doha Development Round, everywhere but in the productivity statistics, Fall of the Berlin Wall, financial deregulation, financial innovation, full employment, gentrification, George Akerlof, ghettoisation, Gini coefficient, glass ceiling, Glass-Steagall Act, global macro, global supply chain, Home mortgage interest deduction, housing crisis, income inequality, income per capita, information asymmetry, job automation, Kenneth Rogoff, Kickstarter, labor-force participation, light touch regulation, Long Term Capital Management, low interest rates, manufacturing employment, market fundamentalism, mass incarceration, moral hazard, mortgage debt, mortgage tax deduction, new economy, obamacare, offshore financial centre, oil shale / tar sands, Paul Samuelson, plutocrats, purchasing power parity, quantitative easing, race to the bottom, rent-seeking, rising living standards, Robert Solow, Ronald Reagan, Savings and loan crisis, school vouchers, secular stagnation, Silicon Valley, Simon Kuznets, subprime mortgage crisis, The Chicago School, the payments system, Tim Cook: Apple, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Turing machine, unpaid internship, upwardly mobile, urban renewal, urban sprawl, very high income, War on Poverty, Washington Consensus, We are the 99%, white flight, winner-take-all economy, working poor, working-age population

The original Paulson plan is like a massive blood transfusion to a patient with severe internal hemorrhaging. We won’t save the patient if we don’t do something about the foreclosures. Even after congressional revisions, too little is being done. We need to help people stay in their homes, by converting the mortgage-interest and property-tax deductions into cashable tax credits; by reforming bankruptcy laws to allow expedited restructuring, which would bring down the value of the mortgage when the price of the house is below that of the mortgage; and even government lending, taking advantage of the government’s lower cost of funds and passing the savings on to poor and middle-income homeowners. 3.


pages: 482 words: 121,672

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Eleventh Edition) by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, beat the dealer, Bernie Madoff, bitcoin, book value, butter production in bangladesh, buttonwood tree, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, Detroit bankruptcy, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, equity risk premium, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, financial repression, fixed income, framing effect, George Santayana, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Salesforce, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, Teledyne, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond, zero-sum game

You have to live somewhere, and buying has several tax advantages over renting. Because Congress wanted to encourage home ownership and the values associated with it, it gave the homeowner two important tax breaks: (1) Although rent is not deductible from income taxes, the two major expenses associated with home ownership—interest payments on your mortgage and property taxes—are deductible; (2) realized gains in the value of your house up to substantial amounts are tax-exempt. In addition, ownership of a house is a good way to force yourself to save, and a house provides enormous emotional satisfaction. My advice is: Own your own home if you can possibly afford it.


pages: 251 words: 76,128

pages: 257 words: 75,685

pages: 389 words: 136,320

Three Felonies a Day: How the Feds Target the Innocent by Harvey Silverglate

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", Berlin Wall, Home mortgage interest deduction, illegal immigration, Julian Assange, junk bonds, mandatory minimum, medical malpractice, Michael Milken, mortgage tax deduction, national security letter, offshore financial centre, pill mill, Potemkin village, RAND corporation, Ronald Reagan, short selling, Silicon Valley, Steve Jobs, Steven Pinker, technology bubble, urban planning, WikiLeaks

The whole notion that the IRS somehow knows how much “real gain” (in contrast to tax savings) has to be produced before a shelter is deemed legitimate is, according to these experts, “the moral equivalent of that much-loved definition of pornography” articulated by the late Supreme Court Justice Potter Stewart: “I know it when I see it.”13 When it comes to a legitimate versus a bogus tax shelter, the Stanford experts tell us, “the IRS knows it when it sees it.”14 Senator Carl Levin of Michigan, however, who was present at the subcommittee hearing attended by the three KPMG partners, took a different view of the matter. He told the Senate in the summer of 2005 that there was a fairly clear line between “abusive tax shelters” and the “legitimate” variety. “Interest paid on a home mortgage or Congressionally approved tax deductions for building affordable housing,” said the Senator, were examples of the legitimate variety. The “abusive” shelters, said Senator Levin, “are complicated transactions promoted to provide large tax benefits unintended by the tax code.”15 The litmus test offered by Senator Levin clarified nothing.


pages: 443 words: 98,113

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing

"World Economic Forum" Davos, 3D printing, Airbnb, Alan Greenspan, Albert Einstein, Amazon Mechanical Turk, anti-fragile, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, Big Tech, bilateral investment treaty, Bonfire of the Vanities, Boris Johnson, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, commons-based peer production, credit crunch, crony capitalism, cross-border payments, crowdsourcing, debt deflation, declining real wages, deindustrialization, disruptive innovation, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, Evgeny Morozov, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, Garrett Hardin, gentrification, gig economy, Goldman Sachs: Vampire Squid, Greenspan put, Growth in a Time of Debt, housing crisis, income inequality, independent contractor, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, it's over 9,000, James Watt: steam engine, Jeremy Corbyn, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, low interest rates, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, megaproject, mini-job, Money creation, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, Phillips curve, plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Altman, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, SoftBank, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, too big to fail, Tragedy of the Commons, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Y Combinator, zero-sum game, Zipcar

The scale of tax subsidies is awesome. According to IMF calculations, the USA spends over 7 per cent of GDP on tax breaks, Australia and Italy 8 per cent or more and the UK 6 per cent.9 Just seven of the personal tax breaks in the USA – for health insurance, mortgage interest, pension plans, earned income tax credit for low-paid workers, deductions for state and local taxes, charitable donations and untaxed social security benefits – will cost $3 trillion in lost revenue between 2014 and 2018. Over half of US tax breaks go to the richest fifth of households, according to the Congressional Budget Office.

Dating from 1853, when the UK first made interest paid by firms on loans or debts tax-deductible, today it is a feature of tax systems everywhere. In 2007, before the crash, the annual value of lost revenue due to tax breaks on debt payments was 2.4 per cent of GDP in the Eurozone (1.9 per cent for company debt; 0.5 for mortgage debt) and 3.5 per cent in the UK (all attributable to company debt, as mortgage interest payments are not tax-deductible). To put it into context, this was more than those countries spent on defence. In the USA, the lost revenue was a staggering 4.9 per cent of GDP, with company debt accounting for most of it. Tax relief on debt servicing by financial firms accounted for three-quarters of all the tax foregone in Britain and the USA; in the Eurozone it was over half.


pages: 314 words: 101,452

pages: 269 words: 104,430

Carjacked: The Culture of the Automobile and Its Effect on Our Lives by Catherine Lutz, Anne Lutz Fernandez

"Hurricane Katrina" Superdome, barriers to entry, Bear Stearns, book value, car-free, carbon footprint, collateralized debt obligation, congestion pricing, failed state, feminist movement, Ford Model T, fudge factor, Gordon Gekko, housing crisis, illegal immigration, income inequality, inventory management, Lewis Mumford, market design, market fundamentalism, mortgage tax deduction, Naomi Klein, Nate Silver, New Urbanism, oil shock, peak oil, Ralph Nader, Ralph Waldo Emerson, ride hailing / ride sharing, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, traffic fines, traumatic brain injury, Unsafe at Any Speed, urban planning, white flight, women in the workforce, working poor, Zipcar

Save to buy or finance carefully. Ideally, you would save up before buying a car and pay cash. You would then shoulder only the actual price of the vehicle, not hefty additional financing costs. As we have seen, under the worst circumstances, a $17,000 car can end up costing $34,000. And of course, unlike home mortgages, car loans are not tax-deductible. The reality is that, unfortunately, paying cash is not always possible. If you must borrow, read the cautionary tales and advice on the web site StopAutoFraud.com. It is also usually best to make a purchase with a sane car loan rather than leasing a vehicle, because although leasing can make for CONCLUSION 215 lower monthly payments, doing so can lead you to lease a more expensive car rather than pocket the monthly differential.


J.K. Lasser's Your Income Tax 2022: For Preparing Your 2021 Tax Return by J. K. Lasser Institute

accelerated depreciation, Affordable Care Act / Obamacare, airline deregulation, anti-communist, asset allocation, bike sharing, bitcoin, business cycle, call centre, carried interest, collective bargaining, coronavirus, COVID-19, cryptocurrency, distributed generation, distributed ledger, diversification, employer provided health coverage, estate planning, Home mortgage interest deduction, independent contractor, intangible asset, medical malpractice, medical residency, mortgage debt, mortgage tax deduction, passive income, Ponzi scheme, profit motive, rent control, ride hailing / ride sharing, Right to Buy, sharing economy, TaskRabbit, Tax Reform Act of 1986, transaction costs, zero-coupon bond

She does not have to pay any tax on the housing since her rental payments are at least 5% of the appraised housing value (5% of $200,000, or $10,000). If her rent was $9,000, she would have to report income of $1,000 ($10,000 minimum required rent – $9,000). Filing Tip Mortgage Interest and Taxes If you itemize deductions on Schedule A (Form 1040 or 1040-SR), deduct payments for qualifying home mortgage interest (15.1) and real estate taxes (16.6) on your home even if you use a tax-free housing allowance to finance the payments. 3.14 Minister's Housing or Housing Allowance By statute, a duly ordained minister pays no tax on the rental value of a home provided as part of his or her pay.

Some of the expenses will not be currently deductible. The allocable rental expenses are deducted from rental income in a specific order: The rental portion of the following expenses is fully deductible on Schedule E of Form 1040 or 1040-SR, even if the total exceeds rental income: deductible home mortgage interest (15.1), real estate taxes (16.4), deductible casualty and theft losses (Chapter 18), and directly related rental expenses. Directly related rental expenses are rental expenses not related to the use or maintenance of the residence itself, such as office supplies, rental agency fees, advertising, and depreciation on office equipment used in the rental activity.

The taxpayer's brother bought the house but allowed the taxpayer and his wife to live there on the condition that they make the mortgage payments directly to the bank. The IRS disallowed the taxpayer's deduction for the mortgage interest on the grounds that he was not liable for the mortgage debt; his brother was. However, the Tax Court allowed the deduction, holding that the taxpayer was the beneficial (equitable) owner of the home and that he was legally obligated to his brother to pay off the mortgage. As discussed in 15.2, the Tax Court has taken a similar approach in other cases to allow a mortgage interest deduction to a family member who could show that he or she was the beneficial owner of the home.


pages: 1,104 words: 302,176

The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War (The Princeton Economic History of the Western World) by Robert J. Gordon

3D printing, Affordable Care Act / Obamacare, airline deregulation, airport security, Apple II, barriers to entry, big-box store, blue-collar work, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Charles Lindbergh, classic study, clean water, collective bargaining, computer age, cotton gin, creative destruction, deindustrialization, Detroit bankruptcy, discovery of penicillin, Donner party, Downton Abbey, driverless car, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, feminist movement, financial innovation, food desert, Ford Model T, full employment, general purpose technology, George Akerlof, germ theory of disease, glass ceiling, Glass-Steagall Act, Golden age of television, government statistician, Great Leap Forward, high net worth, housing crisis, Ida Tarbell, immigration reform, impulse control, income inequality, income per capita, indoor plumbing, industrial robot, inflight wifi, interchangeable parts, invention of agriculture, invention of air conditioning, invention of the sewing machine, invention of the telegraph, invention of the telephone, inventory management, James Watt: steam engine, Jeff Bezos, jitney, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, labor-force participation, Les Trente Glorieuses, Lewis Mumford, Loma Prieta earthquake, Louis Daguerre, Louis Pasteur, low skilled workers, manufacturing employment, Mark Zuckerberg, market fragmentation, Mason jar, mass immigration, mass incarceration, McMansion, Menlo Park, minimum wage unemployment, mortgage debt, mortgage tax deduction, new economy, Norbert Wiener, obamacare, occupational segregation, oil shale / tar sands, oil shock, payday loans, Peter Thiel, Phillips curve, pink-collar, pneumatic tube, Productivity paradox, Ralph Nader, Ralph Waldo Emerson, refrigerator car, rent control, restrictive zoning, revenue passenger mile, Robert Solow, Robert X Cringely, Ronald Coase, school choice, Second Machine Age, secular stagnation, Skype, Southern State Parkway, stem cell, Steve Jobs, Steve Wozniak, Steven Pinker, streetcar suburb, The Market for Lemons, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, transaction costs, transcontinental railway, traveling salesman, Triangle Shirtwaist Factory, undersea cable, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban sprawl, vertical integration, warehouse robotics, washing machines reduced drudgery, Washington Consensus, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, working poor, working-age population, Works Progress Administration, yellow journalism, yield management

., 167 McKinlay, John and Sonja, 213, 215 McNamara, Frank, 450 meat: consumption of, 66, 82, 333–34, 339; production of, 220–22; rationing of, 335 mechanical reaper, 263–64 Mecherle, George, 309 medical care: hospitals for, 226–31; paying for, 234–37; predicting future of, 594; See also health and health care medical professions, 207, 232–33, 244; in 1870, 50–51; after 1940, 476–77; doctors, 224–28; nurses, 230 medical research, 232–33, 480 medical schools, 226–27, 232–33; cost of medical care and, 234 medical technology, 478–82, 594 Medicare and Medicaid, 489–90, 518, 642 medium-sized cities, housing in, 110–12 Meeker, Edward, 215 Memphis (Tennessee), 217 men: elderly, in labor force, 252–53; erectile dysfunction in, 486; housework done by, 277; in labor force, 34, 248, 250; ratio of women to, 630–31; as stay-at-home husbands, 508; tastes in clothing for, 350; teenagers (1870), 58; in working class (1870), 56 mental health, 473 Mercedes (automobiles), 157 Meucci, Antonio, 574 Micro Instrumentation and Telemetry Systems (MITS), 452 Microsoft, 452, 453, 574 microwave ovens, 358, 362 middle class, 498; in 1870, 46–47; in 1950s and 1960s, 503; bungalow movement housing for, 108–10; housing for (late nineteenth century), 107; market-purchased clothing for, 85–86; small-town housing for, 111 Midwestern cities, housing in, 105–7 midwives, 231, 274 migrations: in 1870, 35–36; of blacks, 368; housing for, 100; westward, 54 milk, 81–82, 220, 245 Miller, Grant, 207, 217–18, 244 minimum wage, 616, 644, 645 mining industry, 266–67 Minneapolis (Minnesota), 151 Miron, Jeffrey, 646 Mitchell, Margaret, 202 mobile (cell) phones, 411, 430–32, 577–78; smartphones, 437–38, 581 Model A (Ford automobile), 155–56, 559 Model T (Ford automobile), 153–56, 165, 169, 382, 559 Mokyr, Joel, 31; on access to running water, 216; on forecasting innovation, 590; on germ theory of disease, 219; on household production, 208, 278 Montgomery Ward catalog, 63, 90–91, 294, 332 Moore, Gordon, 444, 458 Moore’s Law, 444–47, 458, 524, 588–89, 593, 636 Morrill Acts (1862; 1890), 311–12 Morse, Samuel F. B., 178, 568 mortality rates: water quality and, 213–18; See also deaths; life expectancy mortgage financing, 288, 300–303; as tax deduction, 367 Mosaic (web browser), 454 Moses, Robert, 166 motels, 166–67, 392 motion pictures. See movies Motorola 8000 (mobile phone), 431 motor vehicles: registrations of, 161–62, 376–77; See also automobiles movies, 7, 173, 198–205, 322; invention of, 197–98; television’s competition with, 410, 420–21; during World War II, 414–15 MP3 (file format), 435 Mumford, Lewis, 104 Muncie (Indiana): automobile ownership in, 165; diet in, 68; gardens in, 46; heating systems in, 126; home ownership in, 301, 303; housing in, 110–13; migration to, 101; running water in, 124; telephones in, 182; work hours in, 260 municipal water systems, 217 municipal waterworks, 123, 124 Munos, Bernard, 479 Murphy, Kevin, 243 Murray, Charles, 631, 632 Murrow, Edward R., 196, 414 music, 411; digital media for, 435–38; on phonograph records, 186–90, 204, 411; post-World War II, 427–29, 439; on radio, 192, 195, 196, 421 Myspace (social network), 456 Nader, Ralph, 400 nails, 110 narcotic drugs, 222–23 National Broadcasting Company (NBC), 194, 413 National Bureau of Casualty and Surety Underwriters, 309 National Bureau of Standards, 562 National Cancer Act (1971), 470 National Industrial Recovery Act (1933–1935), 542 National Labor Relations Act (Wagner Act; 1935), 543 natural gas, 634 NBC Symphony, 196 Nelson, Richard, 573 Netflix, 436–37 net investment, 586–87 networks: for cell phones, 430–31; Internet as, 442–43, 453–57; for medical care, 494–95; radio, 194; social, 456–57; television, 416–17, 425–26 Newcomen,, Thomas, 568 New Deal, 15, 18; legislation and programs of, 315–17; Social Security during, 516; wages increased during, 541–43, 548 new molecular entities (NMEs), 479 New Orleans, Battle of, 4 news, 433–35; Internet for, 443; movie newsreels, 200; post-World War II broadcasting of, 411; radio broadcasting of, 196; World War II broadcasts of, 413–14 newspapers, 172, 174–77; in 1870, 49; decline of, 433–35 Newsweek (magazine), 434 New York (New York): air travel between Chicago and, 396–97; air travel between Los Angeles and, 398; bacteriological laboratory in, 218; buses in, 160; early television in, 415–16; elevated trains in, 147; General Slocum disaster in, 239; housing in, 102–3; Ladies’ Protective Health Association in, 221; long-distance telephone service for, 183, 185; omnibus service in, 143–44; rail transport between Chicago and, 133, 135, 136, 140; subways in, 130, 148; tenements in, 97; Triangle Shirtwaist Factory fire in, 272; World’s Fair (1939–1940) in, 356, 363, 413, 592 New York Stock Exchange, 582 nickelodeons, 198–99, 205 Nixon, Richard, 357, 419 nonwhites: life expectancy of, 212; See also blacks Nordhaus, William: on global warming, 634; on Moore’s Law, 446; on price of light, 119; on value of health and life expectancy, 242–44, 323 nursing schools, 230 nutrition.


pages: 288 words: 83,690

How to Kill a City: The Real Story of Gentrification by Peter Moskowitz

"Hurricane Katrina" Superdome, affirmative action, Airbnb, back-to-the-city movement, Bay Area Rapid Transit, Big Tech, Black Lives Matter, Blue Bottle Coffee, British Empire, clean water, collective bargaining, company town, David Brooks, deindustrialization, Detroit bankruptcy, do well by doing good, drive until you qualify, East Village, Edward Glaeser, fixed-gear, gentrification, Golden Gate Park, housing crisis, housing justice, income inequality, Jane Jacobs, Kickstarter, Kitchen Debate, land bank, late capitalism, messenger bag, mortgage tax deduction, Naomi Klein, new economy, New Urbanism, off-the-grid, private military company, profit motive, public intellectual, Quicken Loans, RAND corporation, rent control, rent gap, rent stabilization, restrictive zoning, Richard Florida, Ronald Reagan, school choice, Silicon Valley, starchitect, subprime mortgage crisis, tech worker, The Death and Life of Great American Cities, the High Line, trickle-down economics, urban planning, urban renewal, white flight, working poor, Works Progress Administration, young professional

In the 1950s, one-third of all private housing was financed with FHA and VA loans. While not all suburban homes were financed through those agencies, the magnitude of the subsidy depressed the market for low- and moderate-income housing, with the result that nearly all new investment in housing went to single-family homes. Home mortgages are still subsidized today via tax deductions that rise with the expense of a new home. These tax breaks end up costing the federal government four to five times what it spends on public housing each year. The highway system functioned similarly, providing people with an illusion that it was cheap to move out to the suburbs.


pages: 204 words: 67,922

Elsewhere, U.S.A: How We Got From the Company Man, Family Dinners, and the Affluent Society to the Home Office, BlackBerry Moms,and Economic Anxiety by Dalton Conley

Alan Greenspan, assortative mating, call centre, clean water, commoditize, company town, dematerialisation, demographic transition, Edward Glaeser, extreme commuting, feminist movement, financial independence, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Home mortgage interest deduction, income inequality, informal economy, insecure affluence, It's morning again in America, Jane Jacobs, Joan Didion, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, late capitalism, low interest rates, low skilled workers, manufacturing employment, mass immigration, McMansion, Michael Shellenberger, mortgage tax deduction, new economy, off grid, oil shock, PageRank, Paradox of Choice, Ponzi scheme, positional goods, post-industrial society, post-materialism, principal–agent problem, recommendation engine, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, Skype, statistical model, Ted Nordhaus, The Death and Life of Great American Cities, The Great Moderation, the long tail, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, transaction costs, women in the workforce, Yom Kippur War

Even the bacchanal thrown by Wired magazine—replete with custom martinis and corporate goodie bags—is really an investment in customer relations. Consumption is redefined as investment, as all these expenses are seen as the cost of doing business. And as long as business or the real estate market is chugging briskly along, they do perhaps pay for themselves— even if they require a second mortgage to finance. In short, everything is tax-deductible, even if the IRS would not agree. This is the new form of spending, what I’ll call convestment—the sometimes rocky marriage of consumption and investment. We can also see this new form of spending, for instance, in the rise of gambling as a recreational activity. Today betting losses represent one-quarter of personal consumer expenditures, up from 5 percent in 1970.3 Who would have thought that trying to make money—against the odds stacked in the house’s favor, no less—was a relaxing way to spend our time away from the rat race?


pages: 232 words: 70,361

pages: 252 words: 66,183

pages: 391 words: 22,799

To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton

affirmative action, American Legislative Exchange Council, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, company town, corporate personhood, creative destruction, deindustrialization, desegregation, Donald Trump, emotional labour, estate planning, eternal september, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, Great Leap Forward, informal economy, invisible hand, liberation theology, longitudinal study, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, post-industrial society, postindustrial economy, prediction markets, price anchoring, prosperity theology / prosperity gospel / gospel of success, Ralph Nader, RFID, road to serfdom, Ronald Reagan, scientific management, Silicon Valley, Stewart Brand, strikebreaker, The Wealth of Nations by Adam Smith, union organizing, walkable city, Washington Consensus, white flight, Whole Earth Catalog, work culture , Works Progress Administration

Casualization, “flexÂ�iÂ� bilÂ�ity,” part-Â�time or temp work, and the erosion of beneÂ�fits, seniority, and tenure—the conditions that had once best described most Â�women’s work in an industrial economy became generalized to the work force as€a whole. Unwaged household labor, personal relationships, and part-Â� time jobs had supported the American breadwinner all along. This breadwinner was a husband whose wife packed his lunch box, a father whose children were trained by the state, an imaginary homesteader whose mortgage was subsidized with tax deductions, a craft worker—Â� union carpenter or university professor—whose job was explicitly Â�reserved for him by race and sex. Without the exclusions that had invisibly supported him, he disappeared from the economic landscape with frightening suddenness. By adapting the management/labor dyad to a “natural” family hierarchy, Wal-Â�Mart performed another of the Sun Belt’s innovative sleights of hand.


pages: 268 words: 74,724

pages: 250 words: 77,544

pages: 322 words: 77,341

I.O.U.: Why Everyone Owes Everyone and No One Can Pay by John Lanchester

Alan Greenspan, asset-backed security, bank run, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black-Scholes formula, Blythe Masters, Celtic Tiger, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Daniel Kahneman / Amos Tversky, diversified portfolio, double entry bookkeeping, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, fixed income, George Akerlof, Glass-Steagall Act, greed is good, Greenspan put, hedonic treadmill, hindsight bias, housing crisis, Hyman Minsky, intangible asset, interest rate swap, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jane Jacobs, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, junk bonds, Kickstarter, laissez-faire capitalism, light touch regulation, liquidity trap, Long Term Capital Management, loss aversion, low interest rates, Martin Wolf, money market fund, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, negative equity, new economy, Nick Leeson, Norman Mailer, Northern Rock, off-the-grid, Own Your Own Home, Ponzi scheme, quantitative easing, reserve currency, Right to Buy, risk-adjusted returns, Robert Shiller, Ronald Reagan, Savings and loan crisis, shareholder value, South Sea Bubble, statistical model, Tax Reform Act of 1986, The Great Moderation, the payments system, too big to fail, tulip mania, Tyler Cowen, value at risk


pages: 471 words: 124,585

The Ascent of Money: A Financial History of the World by Niall Ferguson

Admiral Zheng, Alan Greenspan, An Inconvenient Truth, Andrei Shleifer, Asian financial crisis, asset allocation, asset-backed security, Atahualpa, bank run, banking crisis, banks create money, Bear Stearns, Black Monday: stock market crash in 1987, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Bretton Woods, BRICs, British Empire, business cycle, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, classic study, collateralized debt obligation, colonial exploitation, commoditize, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, deglobalization, diversification, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Glaeser, Edward Lloyd's coffeehouse, equity risk premium, financial engineering, financial innovation, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, Francisco Pizarro, full employment, Future Shock, German hyperinflation, Greenspan put, Herman Kahn, Hernando de Soto, high net worth, hindsight bias, Home mortgage interest deduction, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, iterative process, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Meriwether, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour mobility, Landlord’s Game, liberal capitalism, London Interbank Offered Rate, Long Term Capital Management, low interest rates, market bubble, market fundamentalism, means of production, Mikhail Gorbachev, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, Nelson Mandela, Nick Bostrom, Nick Leeson, Northern Rock, Parag Khanna, pension reform, price anchoring, price stability, principal–agent problem, probability theory / Blaise Pascal / Pierre de Fermat, profit motive, quantitative hedge fund, RAND corporation, random walk, rent control, rent-seeking, reserve currency, Richard Thaler, risk free rate, Robert Shiller, rolling blackouts, Ronald Reagan, Savings and loan crisis, savings glut, seigniorage, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spice trade, stocks for the long run, structural adjustment programs, subprime mortgage crisis, tail risk, technology bubble, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Malthus, Thorstein Veblen, tontine, too big to fail, transaction costs, two and twenty, undersea cable, value at risk, W. E. B. Du Bois, Washington Consensus, Yom Kippur War

The only real difference between Right and Left was the readiness of the Conservatives to deregulate the private rental market, in the hope of encouraging private landlords, and the equal and opposite resolve of Labour to reimpose rent controls and stamp out ‘Rachmanism’ (exploitative behaviour by landlords), exemplified by Peter Rachman, who used intimidation to evict the sitting tenants of rent-controlled properties, replacing them with West Indian immigrants who had to pay market rents.31 As late as 1971, fewer than half of British homes were owner-occupied. In the United States, where public housing was never so important, mortgage interest payments were always tax deductible, from the inception of the federal income tax in 1913.32 As Ronald Reagan said when the rationality of this tax break was challenged, mortgage interest relief was ‘part of the American dream’.ao It played a much smaller role in Britain until 1983, when a more radically Conservative government led by Margaret Thatcher introduced Mortgage Interest Relief At Source (MIRAS) for the first £30,000 of a qualifying mortgage.


pages: 598 words: 140,612

Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward L. Glaeser

affirmative action, Andrei Shleifer, Berlin Wall, Boeing 747, British Empire, Broken windows theory, carbon footprint, carbon tax, Celebration, Florida, classic study, clean water, company town, congestion charging, congestion pricing, Cornelius Vanderbilt, declining real wages, desegregation, different worldview, diversified portfolio, Edward Glaeser, Elisha Otis, endowment effect, European colonialism, Fairchild Semiconductor, financial innovation, Ford Model T, Frank Gehry, global village, Guggenheim Bilbao, haute cuisine, high-speed rail, Home mortgage interest deduction, James Watt: steam engine, Jane Jacobs, job-hopping, John Snow's cholera map, junk bonds, Lewis Mumford, machine readable, Mahatma Gandhi, McMansion, megacity, megaproject, Michael Milken, mortgage debt, mortgage tax deduction, New Urbanism, place-making, Ponzi scheme, Potemkin village, Ralph Waldo Emerson, rent control, RFID, Richard Florida, Rosa Parks, school vouchers, Seaside, Florida, Silicon Valley, Skype, smart cities, Steven Pinker, streetcar suburb, strikebreaker, Thales and the olive presses, the built environment, The Death and Life of Great American Cities, the new new thing, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, vertical integration, William Shockley: the traitorous eight, Works Progress Administration, young professional


pages: 519 words: 118,095

pages: 561 words: 157,589

WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly

"Friedman doctrine" OR "shareholder theory", 4chan, Affordable Care Act / Obamacare, Airbnb, AlphaGo, Alvin Roth, Amazon Mechanical Turk, Amazon Robotics, Amazon Web Services, AOL-Time Warner, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, behavioural economics, benefit corporation, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, Blitzscaling, blockchain, book value, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, carbon tax, Carl Icahn, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, congestion pricing, corporate governance, corporate raider, creative destruction, CRISPR, crowdsourcing, Danny Hillis, data acquisition, data science, deep learning, DeepMind, Demis Hassabis, Dennis Ritchie, deskilling, DevOps, Didi Chuxing, digital capitalism, disinformation, do well by doing good, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, Filter Bubble, Firefox, Flash crash, Free Software Foundation, fulfillment center, full employment, future of work, George Akerlof, gig economy, glass ceiling, Glass-Steagall Act, Goodhart's law, Google Glasses, Gordon Gekko, gravity well, greed is good, Greyball, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, independent contractor, index fund, informal economy, information asymmetry, Internet Archive, Internet of things, invention of movable type, invisible hand, iterative process, Jaron Lanier, Jeff Bezos, jitney, job automation, job satisfaction, John Bogle, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Zimmer (Lyft cofounder), Kaizen: continuous improvement, Ken Thompson, Kevin Kelly, Khan Academy, Kickstarter, Kim Stanley Robinson, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Ellison, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, machine readable, machine translation, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, Network effects, new economy, Nicholas Carr, Nick Bostrom, obamacare, Oculus Rift, OpenAI, OSI model, Overton Window, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, post-truth, race to the bottom, Ralph Nader, randomized controlled trial, RFC: Request For Comment, Richard Feynman, Richard Stallman, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Coase, Rutger Bregman, Salesforce, Sam Altman, school choice, Second Machine Age, secular stagnation, self-driving car, SETI@home, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart contracts, Snapchat, Social Responsibility of Business Is to Increase Its Profits, social web, software as a service, software patent, spectrum auction, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, stock buybacks, strong AI, synthetic biology, TaskRabbit, telepresence, the built environment, the Cathedral and the Bazaar, The future is already here, The Future of Employment, the map is not the territory, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Fadell, Tragedy of the Commons, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, two-pizza team, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, We are the 99%, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, yellow journalism, zero-sum game, Zipcar



pages: 311 words: 130,761

pages: 450 words: 113,173

The Age of Entitlement: America Since the Sixties by Christopher Caldwell

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, Alvin Toffler, anti-communist, behavioural economics, Bernie Sanders, big data - Walmart - Pop Tarts, Black Lives Matter, blue-collar work, Cass Sunstein, choice architecture, classic study, computer age, crack epidemic, critical race theory, crony capitalism, Daniel Kahneman / Amos Tversky, David Attenborough, desegregation, disintermediation, disruptive innovation, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, financial deregulation, financial innovation, Firefox, full employment, Future Shock, George Gilder, global value chain, Home mortgage interest deduction, illegal immigration, immigration reform, informal economy, James Bridle, Jeff Bezos, John Markoff, junk bonds, Kevin Kelly, Lewis Mumford, libertarian paternalism, Mark Zuckerberg, Martin Wolf, mass immigration, mass incarceration, messenger bag, mortgage tax deduction, Nate Silver, new economy, Norman Mailer, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, open immigration, opioid epidemic / opioid crisis, post-industrial society, pre–internet, profit motive, public intellectual, reserve currency, Richard Thaler, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Rosa Parks, Silicon Valley, Skype, South China Sea, Steve Jobs, tech billionaire, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, transatlantic slave trade, transcontinental railway, W. E. B. Du Bois, War on Poverty, Whole Earth Catalog, zero-sum game


pages: 741 words: 179,454

Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Alan Greenspan, Albert Einstein, algorithmic trading, Andy Kessler, AOL-Time Warner, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, BRICs, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, carbon credits, Carl Icahn, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Daniel Kahneman / Amos Tversky, deal flow, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Dr. Strangelove, Dutch auction, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Fall of the Berlin Wall, financial engineering, financial independence, financial innovation, financial thriller, fixed income, foreign exchange controls, full employment, Glass-Steagall Act, global reserve currency, Goldman Sachs: Vampire Squid, Goodhart's law, Gordon Gekko, greed is good, Greenspan put, happiness index / gross national happiness, haute cuisine, Herman Kahn, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", job automation, Johann Wolfgang von Goethe, John Bogle, John Meriwether, joint-stock company, Jones Act, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Market Wizards by Jack D. Schwager, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Michael Milken, Mikhail Gorbachev, Milgram experiment, military-industrial complex, Minsky moment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, NetJets, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Phillips curve, planned obsolescence, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, Reminiscences of a Stock Operator, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Thaler, Right to Buy, risk free rate, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, short squeeze, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, stock buybacks, survivorship bias, tail risk, Teledyne, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, two and twenty, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game


pages: 428 words: 134,832

Straphanger by Taras Grescoe

active transport: walking or cycling, Affordable Care Act / Obamacare, airport security, Albert Einstein, big-box store, bike sharing, Boeing 747, Boris Johnson, British Empire, call centre, car-free, carbon credits, carbon footprint, carbon tax, City Beautiful movement, classic study, company town, congestion charging, congestion pricing, Cornelius Vanderbilt, correlation does not imply causation, David Brooks, deindustrialization, Donald Shoup, East Village, edge city, Enrique Peñalosa, extreme commuting, financial deregulation, fixed-gear, Frank Gehry, gentrification, glass ceiling, Golden Gate Park, Great Leap Forward, high-speed rail, housing crisis, hydraulic fracturing, indoor plumbing, intermodal, invisible hand, it's over 9,000, Jane Jacobs, Japanese asset price bubble, jitney, Joan Didion, Kickstarter, Kitchen Debate, laissez-faire capitalism, Marshall McLuhan, mass immigration, McMansion, megacity, megaproject, messenger bag, mortgage tax deduction, Network effects, New Urbanism, obamacare, oil shale / tar sands, oil shock, Own Your Own Home, parking minimums, peak oil, pension reform, Peter Calthorpe, Ponzi scheme, Ronald Reagan, Rosa Parks, sensible shoes, Silicon Valley, Skype, streetcar suburb, subprime mortgage crisis, the built environment, The Death and Life of Great American Cities, the High Line, transit-oriented development, union organizing, urban planning, urban renewal, urban sprawl, walkable city, white flight, working poor, young professional, Zipcar


pages: 491 words: 131,769

Crisis Economics: A Crash Course in the Future of Finance by Nouriel Roubini, Stephen Mihm

Alan Greenspan, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Carmen Reinhart, central bank independence, centralized clearinghouse, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, dark matter, David Ricardo: comparative advantage, debt deflation, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, George Akerlof, Glass-Steagall Act, global pandemic, global reserve currency, Gordon Gekko, Greenspan put, Growth in a Time of Debt, housing crisis, Hyman Minsky, information asymmetry, interest rate swap, invisible hand, Joseph Schumpeter, junk bonds, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Martin Wolf, means of production, Minsky moment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, Northern Rock, offshore financial centre, oil shock, Paradox of Choice, paradox of thrift, Paul Samuelson, Ponzi scheme, price stability, principal–agent problem, private sector deleveraging, proprietary trading, pushing on a string, quantitative easing, quantitative trading / quantitative finance, race to the bottom, random walk, regulatory arbitrage, reserve currency, risk tolerance, Robert Shiller, Satyajit Das, Savings and loan crisis, savings glut, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, subprime mortgage crisis, Suez crisis 1956, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, too big to fail, tulip mania, Tyler Cowen, unorthodox policies, value at risk, We are all Keynesians now, Works Progress Administration, yield curve, Yom Kippur War


EuroTragedy: A Drama in Nine Acts by Ashoka Mody

Alan Greenspan, Andrei Shleifer, asset-backed security, availability heuristic, bank run, banking crisis, Basel III, Bear Stearns, Berlin Wall, book scanning, book value, Bretton Woods, Brexit referendum, call centre, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, credit crunch, currency risk, Daniel Kahneman / Amos Tversky, debt deflation, Donald Trump, eurozone crisis, Fall of the Berlin Wall, fear index, financial intermediation, floating exchange rates, forward guidance, George Akerlof, German hyperinflation, global macro, global supply chain, global value chain, hiring and firing, Home mortgage interest deduction, income inequality, inflation targeting, Irish property bubble, Isaac Newton, job automation, Johann Wolfgang von Goethe, Johannes Kepler, Kenneth Rogoff, Kickstarter, land bank, liberal capitalism, light touch regulation, liquidity trap, loadsamoney, London Interbank Offered Rate, Long Term Capital Management, low interest rates, low-wage service sector, Mikhail Gorbachev, mittelstand, money market fund, moral hazard, mortgage tax deduction, neoliberal agenda, offshore financial centre, oil shock, open borders, pension reform, precautionary principle, premature optimization, price stability, public intellectual, purchasing power parity, quantitative easing, rent-seeking, Republic of Letters, Robert Gordon, Robert Shiller, Robert Solow, short selling, Silicon Valley, subprime mortgage crisis, The Great Moderation, The Rise and Fall of American Growth, too big to fail, total factor productivity, trade liberalization, transaction costs, urban renewal, working-age population, Yogi Berra



pages: 586 words: 159,901

Wall Street: How It Works And for Whom by Doug Henwood

accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, affirmative action, Alan Greenspan, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, bond market vigilante , book value, borderless world, Bretton Woods, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, capital controls, Carl Icahn, central bank independence, computerized trading, corporate governance, corporate raider, correlation coefficient, correlation does not imply causation, credit crunch, currency manipulation / currency intervention, currency risk, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, dematerialisation, disinformation, diversification, diversified portfolio, Donald Trump, equity premium, Eugene Fama: efficient market hypothesis, experimental subject, facts on the ground, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, George Gilder, Glass-Steagall Act, hiring and firing, Hyman Minsky, implied volatility, index arbitrage, index fund, information asymmetry, interest rate swap, Internet Archive, invisible hand, Irwin Jacobs, Isaac Newton, joint-stock company, Joseph Schumpeter, junk bonds, kremlinology, labor-force participation, late capitalism, law of one price, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, long and variable lags, Louis Bachelier, low interest rates, market bubble, Mexican peso crisis / tequila crisis, Michael Milken, microcredit, minimum wage unemployment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, oil shock, Paul Samuelson, payday loans, pension reform, planned obsolescence, plutocrats, Post-Keynesian economics, price mechanism, price stability, prisoner's dilemma, profit maximization, proprietary trading, publication bias, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Savings and loan crisis, selection bias, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, stock buybacks, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, transcontinental railway, women in the workforce, yield curve, zero-coupon bond


pages: 433 words: 53,078

Be Your Own Financial Adviser: The Comprehensive Guide to Wealth and Financial Planning by Jonquil Lowe

AltaVista, asset allocation, banking crisis, BRICs, buy and hold, correlation coefficient, cross-subsidies, diversification, diversified portfolio, estate planning, fixed income, high net worth, money market fund, mortgage debt, mortgage tax deduction, negative equity, offshore financial centre, Own Your Own Home, passive investing, place-making, Right to Buy, risk/return, short selling, zero-coupon bond

Attendance allowance. Disability living allowance. Contributory employment and support allowance. Other sources Student grants and loans. Maintenance from a former partner. Gambling winnings. Rent from lodgers up to £4,250 a year through the Rent-a-Room Relief scheme. Cashback on a mortgage. Taxable income usually paid without any tax deducted Profits from renting out property. Benefit you are deemed to get if you still use something you have given away (see Chapter 11). Step 1: Add up your income The first step in working out your tax bill is to decide what income to include in your tax calculation. Do not include any tax-free income.



pages: 935 words: 267,358

Capital in the Twenty-First Century by Thomas Piketty

accounting loophole / creative accounting, Asian financial crisis, banking crisis, banks create money, Berlin Wall, book value, Branko Milanovic, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, central bank independence, centre right, circulation of elites, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation coefficient, David Ricardo: comparative advantage, demographic transition, distributed generation, diversification, diversified portfolio, European colonialism, eurozone crisis, Fall of the Berlin Wall, financial intermediation, full employment, Future Shock, German hyperinflation, Gini coefficient, Great Leap Forward, high net worth, Honoré de Balzac, immigration reform, income inequality, income per capita, index card, inflation targeting, informal economy, invention of the steam engine, invisible hand, joint-stock company, Joseph Schumpeter, Kenneth Arrow, low interest rates, market bubble, means of production, meritocracy, Money creation, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, open economy, Paul Samuelson, pension reform, power law, purchasing power parity, race to the bottom, randomized controlled trial, refrigerator car, regulatory arbitrage, rent control, rent-seeking, Robert Gordon, Robert Solow, Ronald Reagan, Simon Kuznets, sovereign wealth fund, Steve Jobs, Suez canal 1869, Suez crisis 1956, The Nature of the Firm, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade liberalization, twin studies, very high income, Vilfredo Pareto, We are the 99%, zero-sum game