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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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