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4 J. Bus. & Tech. L. 301 (2009)
The Legacy of Deregulation and the Financial Crisis - Linkages between Deregulation in Labor Markets, Housing Finance Markets, and the Broader Financial Markets

handle is hein.journals/jobtela4 and id is 305 raw text is: DAMON SILVERS & HEATHER SLAVKIN* The Legacy of Deregulation and the Financial Crisis-Linkages Between Deregulation in Labor Markets, Housing Finance Markets, and the Broader Financial Markets i. DEREGULATION OF LABOR MARKETS ................................ 304 A. The Erosion of the Collective Bargaining System .............. 304 B. Wage and Hour Laws ...................................... 308 C. The Decline of the Progressive Tax System .................... 312 D. Consequences: Stagnant Real Wages, Rising Inequality, Falling Savings Rates .............................................. 315 II. DEREGULATION OF THE RESIDENTIAL MORTGAGE MARKETS ....... 316 A. History of U.S. Mortgage Regulation ......................... 316 B. Deregulation of Mortgage Markets ........................... 320 C. Preemption of State Consumer Protection Laws ............... 323 D. GSEs-Privatizing Public Institutions ........................ 325 E. The Explosion of Subprime Lending ......................... 328 F. The Community Reinvestment Act and the Subprime Bubble... 329 G. Conclusions .............................................. 332 III. FINANCIAL MARKET DEREGULATION AND THE CREATION OF THE SHADOW FINANCIAL SYSTEM ......................................... 332 A. Early Stages of Deregulation ................................ 332 B. Securitization .............................................. 334 C. Shadow Financial M arkets .................................. 337 D. The End of Glass-Steagall ................................... 340 IV. CONCLUSION .................................................. 341 APPENDIX A-PRIVATE SECTOR UNION DENSITY ............................. 342 APPENDIX B-WAGES AND PRODUCTIVITY ................................... 342 APPENDIX C-PENSION COVERAGE AND UNION DENSITY ..................... 343 Damon Silvers is an Associate General Counsel, AFL-CIO; Deputy Chair of the Congressional Oversight Panel, overseeing the Treasury Department's implementation of the Emergency Economic Stabilization Act of 2008. Heather Slavkin is the Senior Legal and Policy Advisor, AFL-CIO Office of Investment. The views as expressed in this article are the authors' alone and not those of the AFL-CIO or the Congressional Oversight Panel. The authors wish to express their profound thanks to Joseph Canovas for his assistance with this article. JOURNAL OF BUSINESS & TECHNOLOGY LAW

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