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Market Meltdown
"Free market capitalism is far more than economic theory. It is the engine of social
mobility—the highway to the American Dream." — President George W. Bush
,
Manhattan Institute, November 13, 2008
     
Diana Furchtgott-Roth


Diana Furchtgott-Roth is an adjunct fellow at the Manhattan Institute and a columnist for RealClear Markets.


Nicole Gelinas


Nicole Gelinas is the Searle Freedom Trust Fellow at the Manhattan Institute and a contributing editor of City Journal.


Edward Glaeser


Edward Glaeser is a Manhattan Institute senior fellow and City Journal contributing editor.


Howard Husock


Howard Husock is the Vice President, Policy Research and the Director of the Manhattan Institute's Social Entrepreneurship Initiative.


Steve Malanga


Steve Malanga is City Journal Senior Editor, a Manhattan Institute Senior Fellow, and a RealClear Markets columnist.


E.J. McMahon


Edmund J. McMahon is director of the Empire Center for New York State Policy, a project of the Manhattan Institute. He also is senior fellow for Tax and Budgetary Studies at the Institute's Center for Civic Innovation.


Media Inquiries/Press:
Clarice Smith,
Press Officer, 212.599.7000, csmith@manhattan-institute.org

America is facing an economic crisis of proportions not seen since the Great Depression. Is this a failure of capitalism, or simply a failure of industry? The Manhattan Institute is vigorously putting forth ideas on how market-based principles have an integral role in helping America recover from the current financial and economic crisis and return to prosperity. Manhattan Institute scholars Diana Furchtgott-Roth, Nicole Gelinas, Edward Glaeser, Howard Husock, Steven Malanga, and E.J. McMahon provide their insight on a range of topics:


Federal Fiscal Policy and the Credit Crisis:

The Unseen Economic Harm Wrought by Clunkers Steven Malanga, RealClearMarkets.com, August 5, 2009
'Rich' Taxes Cripple Small Towns Diana Furchtgott-Roth, RealClearMarkets.com, July 23, 2009
Don't throw deregulation overboard Guy Sorman, Washington Examiner, 07-01-09
A VAT Tax Is Not the Answer Diana Furchtgott-Roth, RealClearMarkets.com, 06-18-09
Why Inflation Is So Scary Steven Malanga, RealClearMarkets.com, 06-10-09
Militant Unions Raise Muni Risk Steven Malanga, RealClearMarkets.com, 06-03-09
Washington Helped Fuel Our Credit Card Woes Steven Malanga, RealClearMarkets.com, 05-27-09 (This article also appears on RealClearPolitics.com, 5-27-09)
The Minimum Wage and Its Employment Impact Diana Furchtgott-Roth, RealClearMarkets.com, 05-14-09
Monetarism Defiant Guy Sorman, Forbes.com, 04-27-09 (This article is from the spring issue of City Journal and is also linked on RealClearPolitics.com, 4-27-09, RealClearMarkets.com, 4-27-09, and NRO Web Briefing, 4-27-09)
Job Loss By Millions, Tax Hikes By Billions Diana Furchtgott-Roth, RealClearMarkets.com, 04-23-09
Choose Tax Cuts for Economic Recovery Diana Furchtgott-Roth, RealClearMarkets.com, 04-16-09
Politicians Love the Tax Code We Hate Steven Malanga, RealClearMarkets.com, 04-15-09
Unequal Protection Under the Law Diana Furchtgott-Roth, RealClearMarkets.com, 04-09-09
Obama and the Reawakening of Corporatism Steven Malanga, RealClearMarkets.com, 04-08-09
Free-Marketeers Should Welcome Some Regulation Paul Singer, Wall Street Journal, 04-03-09
A New Regulatory Framework Luigi Zingales, Forbes.com, 04-01-09 (This article also appears on RealClearMarkets.com, 4-1-09, and on NRO Weblinks, 4-1-09. It originally appeared on City Journal Online)
First the Politicians Come After the Rich... Steven Malanga, RealClearMarkets.com, 04-01-09

More articles >>

Wall Street and "Bailouts":

Stop Subsidizing The Street Paola Sapienza and Luigi Zingales, Forbes.com, July 29, 2009 (This article is adapted from the summer issue of City Journal)
Are the Good Times Really Back On Wall Street? Steven Malanga, RealClearMarkets.com, July 8, 2009
A Better, Simpler Financial Fix Nicole Gelinas, City Journal Online, June 19, 2009
The problem with bailouts Edward Glaeser, The Boston Globe, 06-05-09 (This article is also linked on RealClearPolitics.com, 06-05-09)
GM's Bitter Reality: US Manufacturing is History Jim Manzi, New York Post, 06-02-09
Stop Subsidizing the Street Paola Sapienza and Luigi Zingales, City Journal Online, 05-01-09 (This article also appears on RealClearMarkets.com, 5-1-09)
Is the Bonus Tax Unconstitutional? Richard Epstein, Wall Street Journal, 03-26-09
Baying for AIG Blood, City Journal Online, 03-24-09 (This article also appeared on NRO Weblinks, 3-24-09)
AIG Bashing Is a Political Smokescreen, RealClearMarkets.com, 03-19-09
Failure should be an option for financial regulation, Nicole Gelinas, Washington Examiner, 03-04-09
A Trust Deficit Is Driving Down Our Economy, Paolo Sapienza and Luigi Zingales, RealClearMarkets.com, 02-28-09 (This article is from City Journal Online, 02-27-09)
Gotham's Problems Are Camelot-Proof, Nicole Gelinas, City Journal Online, 01-06-09
The True Lessons Of Citi's Collapse, Nicole Gelinas, New York Post, 11-25-08 (This article is an NRO Web Briefing, 11-25-08)
A Tale of Two Paulsons, Nicole Gelinas, Real Clear Markets, 11-24-08 (This article originally ran on City Journal Online, 11-21-08)
Paulson Bails Out the Bailout, Nicole Gelinas, City Journal Online, 11-12-08
Super SIV to the Rescue?, Nicole Gelinas, City Journal Online, 11-8-08
The Keys To Rebuilding Wall Street, Nicole Gelinas, New York Post, 10-31-08 (This article also appears on Real Clear Markets, 10-31-08)
Sheltering Speculation, Nicole Gelinas, RealClearMarkets.com, 10-30-08 (This article originally appeared on City Journal Online, 10-29-08)
Letting Bad Companies Go Bust, Nicole Gelinas, New York Post, 10-17-08
The Bailout and the Vanishing Taxpayer, Steven Malanga, Hawaii Reporter, 10-14-08 (This article originally ran at Real Clear Markets, 10-8-08)
The Missing Piece Of The 'Rescue', Nicole Gelinas, New York Post, 10-09-08
A Better Bailout, Nicole Gelinas, Real Clear Markets, 10-08-08(This article originally appeared at City Journal Online, 10-7-08)
How a Conservative Strategy (Mostly) Saved Goldman Sachs, Nicole Gelinas, New York Post, 10-05-08
The Long Road to Slack Lending Standards, Steven Malanga, Real Clear Markets, 10-01-08
The Meltdown's Main Street Roots, Steven Malanga, New York Post, 09-25-08
Five Questions About the Bailout..., Nicole Gelinas, City Journal, 09-26-08
'Mark-To-Market' Isn't To Blame For Meltdown That Led To Crisis, Nicole Gelinas, Investor's Business Daily, 09-26-08
Wall St. Debt Knell, Nicole Gelinas, New York Post, 09-22-08
Throwing Bad Debt After Bad-Again!, Nicole Gelinas, City Journal Online, 9-18-08
Will Growing Number Of Bailouts Make Economic Problems Worse?, Nicole Gelinas, Investor's Business Daily, 09-11-08
Can Wall Street Reinvent Itself Again?, Steven Malanga, RealClearMarkets.com, 9-17-08
Uncle Sam Can Bail Out Fannie, But Who Will Bail Out Uncle Sam?, Nicole Gelinas, Investor's Business Daily, 07-19-08
The Bear Precedent, By Nicole Gelinas, Wall Street Journal, 03-19-08
Weathering Wall Street Woes, Nicole Gelinas, New York Post, 03-18-08
Hitting Stock Bottom, Nicole Gelinas, New York Post, 03-02-08
Banks, Shot, Nicole Gelinas, City Journal Online, 1-2-08
'08: More Wall Street Wailing, Nicole Gelinas, New York Post, 01-02-08
Wall Street's Mortgage Pain, Nicole Gelinas, New York Post, 3-12-07

Housing Crisis:

Bailing Out Homeowners Isn't Easy Steven Malanga, RealClearMarkets.com, July 29, 2009
Dykstra: Another Too-Good-To-Be-True Story Steven Malanga, RealClearMarkets.com, 07-15-09
Housing Resists a Turnaround Edward Glaeser, RealClearMarkets.com, 03-31-09
Our Real Estate Obsession Endures, Steven Malanga, Real Clear Markets, 03-11-09
The Developers' Bailout,Nicole Gelinas, City Journal Online, 02-24-09
Feds Re-Impose Loan Standards They Helped Undermine, Steven Malanga, Real Clear Markets, 02-18-09
Housing Won't Lead Us Out of Recession, Steven Malanga, Real Clear Markets, 02-11-09
Price-Fixing Begins At Home, Nicole Gelinas, Forbes.com, 01-15-09
Community Reinvestment Act: Con: Reinvestment regulation irrelevant, Howard Husock, Atlanta Journal-Constitution, 12-17-08 (This article originally ran in The New York Times, 12-10-08)

More articles >>

New York City and State Fiscal Policy:

High Tax-Trap E.J. McMahon, New York Post, August 3, 2009
An Empty Boom Nicole Gelinas, New York Post, July 29, 2009 (This article also appeared on RealClearMarkets.com, 7-29-09)
Sledgehammer Hit To Crumbling Empire State E.J. McMahon, New York Post, 07-16-09
The Reinventive City Edward Glaeser, Forbes.com, 07-13-09
Wall Street 2015 Luigi Zingales, Forbes.com, 07-14-09 (This article also appears on RealClearMarkets.com, 7-14-09 and in Investor's Business Daily, 07-13-09)
The City's Finances, Part 1: Life in Taxopolis Steven Malanga, City Journal, Special Issue Defuse the Pension Bomb E.J. McMahon, New York Post, 07-09-09, (This article is adapted from City Journal, read the full article here) New York's future could preview America's, for better or worse Brian C. Anderson, Washington Examiner, 07-08-09 Budget-Cut ABC's Steven Malanga, New York Post, 07-06-09 (This article is adapted from the special issue of City Journal. Click here to read the entire article) States Place Bad Bets With Gambling Steven Malanga, RealClearMarkets.com, 06-24-09 Gov. turned his back on Suozzi tax cap E.J. McMahon, Newsday, 06-05-09
Mike's Achilles' Heel Nicole Gelinas, New York Post, 06-04-09
NY's Pension Peril E.J. McMahon, New York Post, 06-01-09
Leaving Homeowners in the Lurch E.J. McMahon, New York Post, 05-15-09
Paterson's Fall Guy Nicole Gelinas, New York Post, 05-11-09
Unions vs. Taxpayers Steven Malanga, Wall Street Journal, 05-14-09 (This article also appears on RealClearPolitics.com, 5-14-09, and NRO Weblinks, 5-14-09)
Shackling NY: Why State is in Decline Steven Malanga, New York Post, 05-05-09 (This article is adapted from the new issue of City Journal)
How New York Stokes Dependency E.J. McMahon, New York Post, 04-30-09
A Desperate Gimmick Nicole Gelinas, New York Post, 04-30-09
Million Dollar Babies Nicole Gelinas, New York Post, 04-28-09
New York's Subway Woes Could Have Been Avoided Nicole Gelinas, Wall Street Journal, 04-25-09
New York's Budget Targets the Golden Eggs E.J. McMahon, Wall Street Journal, 04-04-09
It's the Labor Costs Nicole Gelinas, New York Post, 04-02-09
Dave's Layoff Delay E.J. McMahon, New York Post, 03-27-09
Blood on the Tracks Nicole Gelinas, New York Post, 03-26-09
Cutting Back—Except for Transit, Gotham Gazette, 03-23-09 (This article is part of a Gotham Gazette Symposium titled "Keeping New York Afloat")

More articles >>

Infrastructure:

Save the Subways Nicole Gelinas, New York Post, July 8, 2009 (This was also linked on NRO's Web Briefing, 07-08-09)
Stimulating Some Thinking, Nicole Gelinas, City Journal Online, 02-02-09 (This article is linked on RealClearMarkets, 2-3-09)
The President's First Roadblock, Nicole Gelinas, City Journal Online, 01-23-09
Build Big, Mr. President, Howard Husock, City Journal Online, 01-23-09
Bungled 'Stimulus': How House Bill Stiffs Transit, Nicole Gelinas, New York Post, 01-23-09
Bootstrap Transit, Nicole Gelinas, New York Post, 12-30-08
Three core principles for conservative infrastructure investment, Nicole Gelinas, National Review Online, 12-18-08 (This piece is Nicole's contribution to an NRO symposium called "Playing Bridge: A conservative approach to infrastructure.")
MTA Madness: The Politicians Haven't Helped, Nicole Gelinas, New York Post, 12-19-08
Our Infrastructure Boondoggles to Nowhere, Steven Malanga, Real Clear Markets, 12-17-08
How to Do Public Works Right, Nicole Gelinas, The Wall Street Journal, 12-08-08
Devilish MTA Details, Nicole Gelinas, New York Post, 12-05-08

The World Economy and Free Markets:

Wild Randomness Guy Sorman, Forbes.com, August 4, 2009 (This article is adapted from the Summer issue and is also linked on RealClearMarkets.com, 8-05-09)
Capitalism and the Cheating Ethic Steven Malanga, Wall Street Journal, 05-21-09 (This piece is excerpted from RealClearMarkets.com, 5-20-09)
Can Free-Market Values Survive In An Increasingly Secular World?, Steven Malanga, Investor's Business Daily, 01-29-09 (This piece is adapted from RealClearMarkets, 1-28-09)
Can Free Markets Survive In a Secularized World?, Steven Malanga, Real Clear Markets, 01-28-09
Mumbai, Terrorists and Capitalists, Steven Malanga, Real Clear Markets, 12-03-08

Energy and the Economy:

Is Cap-And-Trade Just Political Posturing? If Not, It Could Mean Economic Suicide Guy Sorman, Investor's Business Daily, 07-15-09
It's Time to Go Nuclear Diana Furchtgott-Roth, RealClearMarkets.com, July 2, 2009
Neither Taxing Nor Rationing CO2 Survives Cost Vs. Benefit Analysis Jim Manzi, Investor's Business Daily, June 12, 2009
Behind the Cap-and-Trade Curtain Max Schulz, National Review Online, June 9, 2009

Health Care Economics:

The High Cost of Medical Malpractice Diana Furchtgott-Roth, RealClearMarkets.com, August 6, 2009
The Healthcare Bankruptcy Myth Diana Furchtgott-Roth, RealClearMarkets.com, July 30, 2009
A Very Unhealthy Health Bill Diana Furchtgott-Roth, RealClearMarkets.com, July 16, 2009
Limited Choices Regina Herzlinger, National Review Online, July 9, 2009
Government Will Control Medical Costs? Steven Malanga, RealClearMarkets.com, July 1, 2009
Trying to Cover the Unenthusiastic Uninsured Steven Malanga, RealClearMarkets.com, June 17, 2009

President George W. Bush at Manhattan Institute,
November 13, 2008

Video Now Available of Market Meltdown Conference
On Thursday, November 13, 2008, the Manhattan Institute proudly hosted President of the United States George W. Bush at New York's historic Federal Hall National Memorial. The President spoke in defense of free market principles and warned of the dangers of excessive financial regulation.

Market Meltdown Conference,
October 22, 2008

Video Now Available of Market Meltdown Conference
On October 22, 2008, the Manhattan Institute held a conference entitled "Market Meltdown: New York's Financial Crisis." To watch video of this conference, or to see the complete agenda, please click here.



Useful Resources

For the latest on NY State and City finances and the economy, visit NYFiscalWatch.com.

Steve Malanga, Edward Glaeser, and Diana Furchtgott-Roth are regular columnists at RealClearMarkets.

The Manhattan Institute is also proud to sponsor Facts & Fallacies —a resource for readers who want a better understanding of economic fundamentals.


See how your state and local tax dollars are spent at SeeThroughNY.


Track labor issues that affect the cost of state and local government in New York with Public Payroll.




Sign up for Market Minded, a weekly e-mail review of Manhattan Institute commentary on the financial crisis and fiscal and economic policy.

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