Profs. Baird, Henderson & Picker

University of Chicago Law School

Winter, 2009


1. A Glimpse into the 1930s

1. Roosevelt’s First Inaugural Speech, Mar 4, 1933 (text; better: audio)

2. Bernanke, Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression

3. Frazier-Lemke Materials

4. C. Lowell Harriss, History and Policies of the Home Owners’ Loan Corporation, NBER, 1951 (Summary and background)

5. Kroszner, The Political Economy of the Reconstruction Finance Corporation’s Bail-Out of the U.S. Banking System During the Great Depression

2. Chrysler 1979 Bail Out

6. Time Magazine, August 20, 1979

7. Chrysler Corporation Loan Guarantee Act of 1979 (P.L. 96-185)

8. James M. Bickley, Congressional Research Service, December 8, 2008

9. James K. Hickel, Heritage Foundation, July 13, 1983

10. Brian M. Freeman & A.I. Mendelowitz, Program in Search of a Policy: The Chrysler Loan Guarantee, J Policy Analysis Mgmt (Summer, 1982)

11. Robert B. Reich, Bailout: A Comparative Study in Law and Industrial Structure, Yale J. on Reg., 1984 (Hein Online)

12. CBO, Estimating the Value of Subsidies for Federal Loans and Loan Guaranties, August, 2004

3. Detroit Today

Senate Banking Committee Submissions, December 2, 2008

13. Ford (Document; Appendix)

14. General Motors (Document; Cover letter)

15. Chrysler (Document; appendix; cover letter)

16. GAO Auto Industry Framework

TARP Auto Bailout, Dec 19, 2008 (press release)

17. Paulsen Statement

18. Term Sheets: GM; Chrysler

TARP Investment in GMAC, Dec 29, 2008

19. Press release with links to underlying documents

4. S&Ls

20.  Caron, Chapter 1 (online)

21.  The S&L Crisis: A Chrono-Bibliography,

22.  Steven Pressman, “Behind the S&L Crisis,” Editorial Research Reports, Nov. 4, 1988

23.  Barbara Rudolph, “Special Report: The Savings and Loan Crisis,” Time Magazine, Feb. 20, 1989,8816,957083,00.html

24.  Bert Ely, “The Concise Encyclopedia of Economics: Savings and Loan Crisis,”

25.  Arthur J. Rolnick, “The S&L Crisis: Bad People or Bad Policy?,” FedGazette, The Federal Reserve Bank of Minneapolis, Sept. 1990

26.  Barth, James R. and Michael R. Bradley, Thrift Deregulation and Federal Deposit Insurance , Working Paper No. 150, Washington, DC: Federal Home Loan Bank Board, 1988. (PDF)

27.  Larry Light & Lisa Sanders, Is the S&L Crisis Eternal?, Business Week, Dec. 2, 1996

28.  US v. Winstar, 518 US 839 (1996) (read pages 843-60)

29.  Timothy Curry & Lynn Shibut, The Cost of the Savings and Loan Crisis: Truth and Consequences, FDIC Banking Review

30.  Fortune 1990 (online)

31.  Damian Paletta & David Enrich, “FDIC Employs Tool Used for S&L Crisis,” Wall St. Journal, Jan. 2, 2009

32.  Chris Suellentrop, “Is John McCain a Crook,” Slate, Feb. 18, 2000,

5. The Current Crisis: Introduction

33.  Michael Lewis, The End, Portfolio Magazine, December, 2008

34.  Niall Ferguson, Wall Street Lays Another Egg, Vanity Fair, December, 2008

35.  Rescuing Our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis

36.  Original Draft of Paulsen Bill (New York Times, Sept. 21, 2008)

37.  Emergency Economic Stabilization Act of 2008 (P.L. 110-343, Oct. 3, 2008) (Just Title I of Division A)

38.  U.S. Treasury Report on EESA, Dec 5, 2008

39.  U.S. Treasury Report on EESA, Jan 6, 2009

6. The Current Crisis: Fannie and Freddie

40.  Green & Wachter, “The American Mortgage in Historical and International Context,”:

41.  Chapters 2, 6 & 7 (only) in Peter J. Wallison & Bert Ely, Nationalizing Mortgage Risk: The Growth of Fannie Mae and Freddie Mac, AEI Press (2000):

42.  Frame & White, “Competition for Fannie Mae and Freddie Mac?”:

43.  Jaffee, “Reining in Fannie Mae and Freddie Mac”:

44.  Summary of the “Housing and Economic Recover Act of 2008”:

45.  Duhigg, “Pressured to Take More Risk, Fannie Reached Tipping Point”:

46.  Bajaj & Leonhardt, “Tax Break May Have Helped Cause Housing Bubble”:

47.  Becker, Stolberg, and Labaton, “White House Philosophy Stoked Mortgage Bonfire”:

48.  Landler, “Chinese Savings Helped Inflate American Bubble”:

49.  Goodman & Morgenson, “Saying Yes, WaMu Built Empire on Shaky Loans”:

50.  Remarks by Treasury Secretary Henry M. Paulson, Jr. on the Role of the GSEs in Supporting the Housing Recovery before the Economic Club of Washington:

51.  McLean, “Fannie Mae’s Last Stand”:

52.  Woodward & Hall, “What to do about Fannie Mae and Freddie Mac?”:

7. The Current Crisis: Stimulus and the Financial Stability Plan

53.  Raghuram G. Rajan, Has Financial Development Made the World Riskier?, Sept, 2005

54.  Douglas W. Diamond & Raghuram G. Rajan, The Credit Crisis: Conjectures about Causes and Remedies

55.  John B. Taylor, How Government Created the Financial Crisis, WSJ, Feb 9, 2009

56.  Christina Romer & Jared Bernstein, The Job Impact of the American Recovery and Reinvestment Plan, Jan 9, 2009

57.  Mark Zandi, The Economic Impact of the American Recovery and Reinvestment Act, Jan 21, 2009

58.  Gary S. Becker & Kevin M. Murphy, There’s No Stimulus Free Lunch, WSJ, Feb 10, 2009

59.  Kevin M. Murphy, Evaluating the Fiscal Stimulus, Jan 16, 2009

60.  Treasury Secretary Timothy Geitner, Introducing the Financial Stability Plan, Feb 10, 2009

61.  Financial Stability Plan Fact Sheet, Feb 10, 2009