Why Fiscal Stimulus Programs Fail

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Why Fiscal Stimulus Programs Fail, Volume 1

Author : John J. Heim
Publisher : Springer Nature
ISBN 13 : 3030656756
Total Pages : 577 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Why Fiscal Stimulus Programs Fail, Volume 1 by : John J. Heim

Download or read book Why Fiscal Stimulus Programs Fail, Volume 1 written by John J. Heim and published by Springer Nature. This book was released on 2021-04-20 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a series of statistical tests to determine if the “crowd out” problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically “accommodative monetary policy.” They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve’s anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.

Why Fiscal Stimulus Programs Fail, Volume 2

Author : John J. Heim
Publisher : Springer Nature
ISBN 13 : 3030647277
Total Pages : 617 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Why Fiscal Stimulus Programs Fail, Volume 2 by : John J. Heim

Download or read book Why Fiscal Stimulus Programs Fail, Volume 2 written by John J. Heim and published by Springer Nature. This book was released on 2021-03-13 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book scientifically tests the assertion that accommodative monetary policy can eliminate the “crowd out” problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. It also tests to see if natural growth in th economy can cure the crowd out problem as well or better. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 – 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem as well as natural growth in the economy. The book, employing the best scientific methods available to economists for this type of problem, concludes accommodate monetary policy could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one year’s crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didn’t accommodate: too little of it was tried. The book also tests whether other increases in loanable funds, occurring because of natural growth in the economy or changes in the savings rate can also offset crowd out. It concludes they can, and that these changes tend to be several times as effective as accommodative monetary policy. This book’s companion volume Why Fiscal Stimulus Programs Fail explores the policy implications of these results.

Why Fiscal Stimulus Programs Fail

Author : John J. Heim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)

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Book Synopsis Why Fiscal Stimulus Programs Fail by : John J. Heim

Download or read book Why Fiscal Stimulus Programs Fail written by John J. Heim and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding why Fiscal Stimulus Can Fail Through the Lens Ofthe Survey of Professional Forecasters

Author : Hyeongwoo Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis Understanding why Fiscal Stimulus Can Fail Through the Lens Ofthe Survey of Professional Forecasters by : Hyeongwoo Kim

Download or read book Understanding why Fiscal Stimulus Can Fail Through the Lens Ofthe Survey of Professional Forecasters written by Hyeongwoo Kim and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding why Fiscal Stimulus Can Fail Through the Lens of the Survey of Professional Forecasters

Author : Hyeongwoo Kim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)

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Book Synopsis Understanding why Fiscal Stimulus Can Fail Through the Lens of the Survey of Professional Forecasters by : Hyeongwoo Kim

Download or read book Understanding why Fiscal Stimulus Can Fail Through the Lens of the Survey of Professional Forecasters written by Hyeongwoo Kim and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The New New Deal

Author : Michael Grunwald
Publisher : Simon and Schuster
ISBN 13 : 1451642342
Total Pages : 627 pages
Book Rating : 4.4/5 (516 download)

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Book Synopsis The New New Deal by : Michael Grunwald

Download or read book The New New Deal written by Michael Grunwald and published by Simon and Schuster. This book was released on 2012-08-14 with total page 627 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a riveting account based on new documents and interviews with more than 400 sources on both sides of the aisle, award-winning reporter Michael Grunwald reveals the vivid story behind President Obama’s $800 billion stimulus bill, one of the most important and least understood pieces of legislation in the history of the country. Grunwald’s meticulous reporting shows how the stimulus, though reviled on the right and the left, helped prevent a depression while jump-starting the president’s agenda for lasting change. As ambitious and far-reaching as FDR’s New Deal, the Recovery Act is a down payment on the nation’s economic and environmental future, the purest distillation of change in the Obama era. The stimulus has launched a transition to a clean-energy economy, doubled our renewable power, and financed unprecedented investments in energy efficiency, a smarter grid, electric cars, advanced biofuels, and green manufacturing. It is computerizing America’s pen-and-paper medical system. Its Race to the Top is the boldest education reform in U.S. history. It has put in place the biggest middle-class tax cuts in a generation, the largest research investments ever, and the most extensive infrastructure investments since Eisenhower’s interstate highway system. It includes the largest expansion of antipoverty programs since the Great Society, lifting millions of Americans above the poverty line, reducing homelessness, and modernizing unemployment insurance. Like the first New Deal, Obama’s stimulus has created legacies that last: the world’s largest wind and solar projects, a new battery industry, a fledgling high-speed rail network, and the world’s highest-speed Internet network. Michael Grunwald goes behind the scenes—sitting in on cabinet meetings, as well as recounting the secret strategy sessions where Republicans devised their resistance to Obama—to show how the stimulus was born, how it fueled a resurgence on the right, and how it is changing America. The New New Deal shatters the conventional Washington narrative and it will redefine the way Obama’s first term is perceived.

Money Well Spent?

Author : Michael Grabell
Publisher : PublicAffairs
ISBN 13 : 1610390105
Total Pages : 414 pages
Book Rating : 4.6/5 (13 download)

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Book Synopsis Money Well Spent? by : Michael Grabell

Download or read book Money Well Spent? written by Michael Grabell and published by PublicAffairs. This book was released on 2012-01-31 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's "audacity of hope" met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country.

Confronting Policy Challenges of the Great Recession

Author : Eskander Alvi
Publisher : W.E. Upjohn Institute
ISBN 13 : 0880996366
Total Pages : 152 pages
Book Rating : 4.8/5 (89 download)

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Book Synopsis Confronting Policy Challenges of the Great Recession by : Eskander Alvi

Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.

The Curse of Cash

Author : Kenneth S. Rogoff
Publisher : Princeton University Press
ISBN 13 : 1400888727
Total Pages : 318 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Curse of Cash by : Kenneth S. Rogoff

Download or read book The Curse of Cash written by Kenneth S. Rogoff and published by Princeton University Press. This book was released on 2017-06-27 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A brilliant and lucid new book” (John Lanchester, New York Times Magazine) about why paper money and digital currencies lie at the heart of many of the world’s most difficult problems—and their solutions In The Curse of Cash, acclaimed economist and bestselling author Kenneth Rogoff explores the past, present, and future of currency, showing why, contrary to conventional economic wisdom, the regulation of paper bills—and now digital currencies—lies at the heart some of the world’s most difficult problems, but also their potential solutions. When it comes to currency, history shows that the private sector often innovates but eventually the government regulates and appropriates. Using examples ranging from the history of standardized coinage to the development of paper money, Rogoff explains why the cryptocurrency boom will inevitably end with dominant digital currencies created and controlled by governments, regardless of what Bitcoin libertarians want. Advanced countries still urgently need to stem the global flood of large paper bills—the vast majority of which serve no legitimate purpose and only enable tax evasion and other crimes—but cryptocurrencies are like $100 bills on steroids. The Curse of Cash is filled with revealing insights about many of the most pressing issues facing monetary policymakers, from quantitative easing to alternative inflation targeting regimes. It also explains in detail why, if low interest rates persist, the best way to reinvigorate monetary policy is to implement fully effective and unconstrained negative interest rates. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash has sparked widespread debate and its ideas have moved to the center of financial and policy discussions.

A Crisis Wasted

Author : Reed Hundt
Publisher : RosettaBooks
ISBN 13 : 0795352212
Total Pages : 393 pages
Book Rating : 4.7/5 (953 download)

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Book Synopsis A Crisis Wasted by : Reed Hundt

Download or read book A Crisis Wasted written by Reed Hundt and published by RosettaBooks. This book was released on 2019-04-02 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The blow by blow story of a president and his team wasting the ‘opportunity’ of the Great Recession to change the fundamentals of the economy.” —Steven Brill, New York Times–bestselling author This book is the compelling story of President Obama’s domestic policy decisions made between September 2008 and his inauguration on January 20, 2009. Barack Obama determined the fate of his presidency before he took office. His momentous decisions led to Donald Trump, for Obama the worst person imaginable, taking his place eight years later. This book describes these decisions and discusses how the results could have been different. Based on dozens of interviews with actors in the Obama transition, as well as the author’s personal observations, this book provides unique commentary of those defining decisions of winter 2008–2009. A decade later, the ramifications of the Great Recession and the role of government in addressing the crisis animate the ideological battle between progressivism and neoliberalism in the Democratic Party and the radical direction of the Republican Party. As many seek the presidency in the November 2020 election, all candidates and of course the eventual winner will face decisions that may be as critical and difficult as those confronted by Barack Obama. This book aims to provide the guidance of history. “A powerfully lucid, compelling and surprising achievement . . . makes a subtle but irresistible argument that, given the conservative undertow of American politics, liberals and progressives who are serious about change can’t just wing it but must prepare detailed economic policy analyses and prescriptions long in advance of taking power.” —Congressman Jamie Raskin, Representative from Maryland’s 8th District

Post-crisis Fiscal Policy

Author : Carlo Cottarelli
Publisher : MIT Press
ISBN 13 : 0262027186
Total Pages : 575 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Post-crisis Fiscal Policy by : Carlo Cottarelli

Download or read book Post-crisis Fiscal Policy written by Carlo Cottarelli and published by MIT Press. This book was released on 2014-06-27 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seeming departure from the long-held consensus among economists that monetary policy rather than fiscal policy was the appropriate response to fluctuations in economic activity. Since then, the IMF has emphasized that the speed of fiscal adjustment should be determined by the specific circumstances in each country. Its recommendation that deficit reduction proceed steadily, but gradually, positions the IMF between the fiscal doves (who argue for postponing fiscal adjustment altogether) and the fiscal hawks (who argue for a front-loaded adjustment). This volume brings together the analysis underpinning the IMF's position on the evolving role of fiscal policy. After establishing its analytical foundation, with chapters on such topics as fiscal risk and debt dynamics, the book analyzes the buildup of fiscal vulnerabilities before the crisis, presents the policy response during the crisis, discusses the fiscal outlook and policy challenges ahead, and offers lessons learned from the crisis and its aftermath. Topics discussed include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool; coordination of fiscal and monetary policies; the sovereign debt crisis in Europe; and institutional reform aimed at fostering fiscal discipline."--Publisher's description.

Business as Usual

Author : Paul Mattick
Publisher : Reaktion Books
ISBN 13 : 1861899823
Total Pages : 129 pages
Book Rating : 4.8/5 (618 download)

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Book Synopsis Business as Usual by : Paul Mattick

Download or read book Business as Usual written by Paul Mattick and published by Reaktion Books. This book was released on 2011-05-15 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global economic downturn has affected nearly everyone in every corner of the globe. Its vast reach and lingering effects have made it difficult to pinpoint its exact cause, and while some economists point to the risks inherent in the modern financial system, others blame long-term imbalances in the world economy. Into this debate steps Paul Mattick, who, in Business as Usual, explains the global economic downturn in relation to the development of the world economy since World War II, but also as a fundamental example of the cycle of crisis and recovery that has characterized capitalism since the early nineteenth century. Mattick explains that today’s recession is not the result of a singular financial event but instead is a manifestation of long-term processes within the world economy. Mattick argues that the economic downturn can best be understood within the context of business cycles, which are unavoidable in a free-market economy. He uses this explanation as a springboard for exploring the nature of our capitalist society and its prospects for the future. Although Business as Usual engages with many economic theories, both mainstream and left-wing, Mattick’s accessible writing opens the subject up in order for non-specialists to understand the current economic climate not as the effect of a financial crisis, but as a manifestation of a truth about the social and economic system in which we live. As a result the book is ideal for anyone who wants to gain a succinct and jargon-free understanding of recent economic events, and, just as important, the overall dynamics of the capitalist system itself.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

The Effectiveness of Fiscal Policy in Stimulating Economic Activity

Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming

Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.

Fiscal Policy after the Financial Crisis

Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 022601844X
Total Pages : 596 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Fiscal Policy after the Financial Crisis by : Alberto Alesina

Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

The Global Financial Crisis

Author : Dick K. Nanto
Publisher : DIANE Publishing
ISBN 13 : 1437919847
Total Pages : 127 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis The Global Financial Crisis by : Dick K. Nanto

Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

Guaranteed to Fail

Author : Viral V. Acharya
Publisher : Princeton University Press
ISBN 13 : 1400838096
Total Pages : 233 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Guaranteed to Fail by : Viral V. Acharya

Download or read book Guaranteed to Fail written by Viral V. Acharya and published by Princeton University Press. This book was released on 2011-03-14 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.