Jeff Madrick

New York Review of Books Essays by Jeff Madrick

June 21, 2012: Obama and Health Care: The Straight Story
      By Jeff Madrick on the benefits, despite its drawbacks, of Obamacare...

November 10, 2011: Should Some Bankers Be Prosecuted?
       By Jeff Madrick and Frank Partnoy on how to prosecute bankers for wongdoing...

October 27, 2011: Did Fannie Cause the Disaster?
       By Jeff Madrick and Frank Partnoy the misleading claims that the govdernmnet cused the financial crisis...

April 28, 2011:The Wall Street Leviathon
       Bt Jeff Madrick on what caused the financial crisis...

Dec 23, 2010: How Can the Economy Recover?
Jeff Madrick on Seeds of Destruction, by Glen Hubbard and Peter Navarro  ...
By Jeff Madrick  an essay on The Big Short, by Michael Lewis  ...

Nov 5, 2009They Didn't Regulate Enough and Still Don't
Jeff Madrick on Bear Stearns and Lehman Brothers  ...

June 11, 2009The Crisis and How to Deal with It 
By Bill Bradley, George Soros, Niall Ferguson, Nouriel Roubini, Paul Krugman, Robin Wells, Moderated by Jeff Madrick Following are excerpts from a symposium on the economic crisis presented by The New York Review of Books ...
March 12, 2009Government Beyond Obama? 
By Richard Parker Jeff Madrick's The Case for Big Government arrives when one might imagine that Wall Street has made the case quite persuasively on its own. By mid-February, the Federal Reserve's once-gargantuan $29 billion ...
March 12, 2009Sticking to the Union 
By John Sweeney, Reply by Jeff Madrick To the Editors: Jeff Madrick's article "Time for a New Deal" [NYR, September 25, 2008] noted that much can...be done by providing fair opportunities for unions to organize ...
February 12, 2009How We Were Ruined & What We Can Do 
By Jeff Madrick Some prominent figures in the financial markets insist that unchecked opportunism by financiers was not a root cause of the current credit crisis. Robert Rubin, the former Treasury secretary who has just ...
November 20, 2008Trapped in the New 'You're on Your Own' World 
... in these pages by James Lardner, June 14, 2007. [2]Oxford University Press, 2006; reviewed in these pages by Jeff Madrick, March 20, 2008. Trapped in the New 'You're on Your Own' World Volume 55, Number 18 November 20, 2008 ...
September 25, 2008Time for a New Deal
By Jeff Madrick Only recently has the situation outlined by Steven Greenhouse in his new book,The Big Squeeze, been getting serious attention from politicians. Average wages for American workers have been largely stagnating ...
March 20, 2008The Specter Haunting Old Age
By Jeff Madrick The industrial revolution is more than two centuries old, but the first rich nations to provide for the retirement of their elderly did not do so until roughly a century ago. Until the late 1800s, when agriculture ...
June 8, 2006The US in Peril?
By Jeff Madrick 1. In the early 1970s, the United States imported approximately one third of the oil it consumed. Today, it imports almost 60 percent and by 2025, so the Energy Department forecasts, the US will probably ...
January 12, 2006The Way to a Fair Deal
By Jeff Madrick 1. Between 1973 and 1993, the standard of living for average Americans rose more slowly than in any previous twenty-year period since the Civil War. Although the economy grew, the benefits of this growth ...
May 26, 2005A Mind of His Own
By Jeff Madrick 1. John Kenneth Galbraith has been a Harvard economist, an accomplished diplomat, a political activist, a close adviser to presidents, a novelist and memoirist, and the best-selling economic writer of his ...
March 10, 2005The Producers
By Jeff Madrick 1. For many Americans the long expansion of the economy during the 1990s reinforced the belief that technological advances will naturally lead to prosperity. So strong is this belief that the stock market ...
December 18, 2003Health for Sale
By Jeff Madrick 1. That the US has adopted a more and more constricted view of the uses of government is especially evident in the recent debate over a prescription drug plan for the elderly. After bitter negotiations to ...
July 3, 2003Mysteries of Growth
... spending, especially on new goods. Economics is full of such two-way chains of causation. 2. The title of Jeff Madrick's new book is Why Economies Grow, which suggests that it is mainly about the causes of the trend in growth ...
July 18, 2002The Power of the Super-Rich
By Jeff Madrick 1. The great hope of some reform-minded Americans is that there will be, sooner or later, a political backlash against rising inequality in America. Kevin Phillips, a former Republican adviser, is one of ...
March 14, 2002Enron: Seduction and Betrayal
By Jeff Madrick 1. Widely promoted as one of the great corporations of a new age, the Enron company has turned out to be largely, and perhaps even mostly, a creation of accounting gimmickry. But the scandal of its collapse ...
February 28, 2002The Betrayal of Capitalism
... on these and other operations of Enron, on which I draw here, has been compiled by Randall Dodd and Jeff Madrick and will be the subject of a forthcoming article by Mr.Madrick in these pages. The Betrayal of Capitalism ...
February 14, 2002Welch's Juice
By Jeff Madrick 1. When Jack Welch became chief executive officer of General Electric in 1981, American business was more beleaguered than at any time since the Great Depression. Economic growth in the 1970s had slowed ...
July 19, 2001Mr. Fixit 
By Jeff Madrick 1. When George W. Bush signed the $1.35 trillion federal tax cut in June, it marked the culmination of one of the more unlikely legislative victories of our time. Bush's original tax reduction proposal was ...
May 31, 2001The Charms of Property
By Jeff Madrick No one can tell us with any authority that money makes people happy. But we know that extreme poverty usually makes people unhappy. The World Bank calculates that the number of people in the world living ...
March 8, 2001The World on a String
... . Open Society: Reforming Global Capitalism by George Soros Public Affairs, 365 pp., $26.00 Notes [1]See Jeff Madrick's "How to Succeed in Business," The New York Review, April 18, 1996. [2] Rational expectations ...
August 10, 2000All Too Human
By Jeff Madrick 1. To most observers of the ups and downs of today's stock market, it defies common sense when eminent economists assert that the stock market works according to logical principles. But most economists believe ...
October 7, 1999He's Got the Whole World in His Hands
... years to approximately 2 percent a year, roughly double its average from 1973 to 1995, can be sustained, see Jeff Madrick's recent article in these pages, "How New Is the New Economy?" The New York Review, September ...
September 23, 1999How New Is the New Economy?
By Jeff Madrick The rapid economic growth of the past few years has surprised even the most optimistic forecasters, and it has made a significant difference to Americans' sense of themselves. The volume of goods and services ...
January 14, 1999The International Crisis: An Interview
By George Soros, Jeff Madrick In July of 1997, the currency of Thailand, the baht, fell precipitously in value when the government abolished the link it had long maintained to the US dollar. The fall in the value of currency ...
December 17, 1998Hedge Fund Mysteries
By Jeff Madrick, Leon Levy When the investment fund called Long-Term Capital Management almost collapsed last August, the event sent tremors throughout the financial world. Many feared that Long-Term Capital's problems ...
October 8, 1998Wall Street Blues
By Jeff Madrick, Leon Levy Leon Levy started his career on Wall Street as a security analyst and became a partner in Oppenheimer & Co., then a small brokerage firm, in 1951. He and his partner, Jack Nash, built the ...
September 24, 1998Revolution Watch: An Exchange 
By Bob Davis, David Wessel, Reply by Jeff Madrick To the Editors: Jeffrey Madrick's description of the productivity disappointments of the past and the present ["Computers: Waiting for the Revolution," NYR, March ...
June 25, 1998How to Think About the Stock Market 
... closed his investment partnership. USAir is discussed in the 1994, 1996, and 1997 Annual Reports. See also Jeff Madrick, "How to Succeed in Business," The New York Review, April 18, 1996, p. 24, and, on the growing ...
March 26, 1998Computers: Waiting for the Revolution
By Jeff Madrick 1. In early January, the Bureau of Labor Statistics reported data, including strong job growth in December, suggesting that the economy again grew rapidly in the last three months of 1997. This followed ...
August 14, 1997In the Shadows of Prosperity
By Jeff Madrick 1. Andrew Hacker's new book, Money, arrives at a propitious time. With the US unemployment rate now around its lowest level in twenty-five years, inflation subdued, and stock prices high, many commentators ...
June 26, 1997The Cost of Living: An Exchange 
By Robert J. Gordon, Zvi Griliches, Reply by Jeff Madrick To the Editors: As the two Commission members most responsible for the treatment of quality change in the report of the Advisory Commission on the Consumer Price ...
April 10, 1997Reinventing the Corporation
... thought. For a contrary view criticizing the Commission's conclusions as "highly debatable," see Jeff Madrick, "The Cost of Living:A New Myth," The New York Review, March 6, 1997, pp. 19-24. [2] Simon ...
March 6, 1997The Cost of Living: A New Myth
By Jeff Madrick 1. When the Advisory Commission to Study the Consumer Price Index released its report in early December claiming that consumer inflation is being overstated by 1.1 percent a year, its findings were generally ...
December 19, 1996Social Security and Its Discontents
By Jeff Madrick 1. In his new book about saving Social Security, Restoring Hope in America, the writer Sam Beard, an inner-city organizer turned fiscal conservative, indulges in a few tricks of the political pamphleteer ...
July 11, 1996'How to Succeed in Business': An Exchange 
By Thomas M. Doerflinger, Reply by Jeff Madrick To the Editors: Jeff Madrick [NYR, April 18] seems to blame Wall Street for the oft-cited fact that real wages have stagnated since the early 1970s. Just as pundits hailed ...
April 18, 1996How to Succeed in Business
By Jeff Madrick During the past fifteen or twenty years, after several decades in which the distance between America's rich and poor was relatively narrow, the distribution of wealth has again skewed dramatically in favor ...
September 21, 1995The End of Affluence
By Jeff Madrick 1. The last time Americans were strongly in favor of balancing the federal budget was during the Great Depression. Then, as now, the public generally thought that budget deficits were the cause rather than ...