Notes
Introduction
1. David Burger, “Longhorns 17, Badgers 1,” Iowahawk blog, March 2, 2011.
2. Modern Library 100 Best Novels, www.randomhouse.com/modernlibrary/100bestnovels.html.
3. Library of Congress Center for the Book, www.englishcompanion.com/Readings/booklists/loclist.html.
4. Chicago Tribune, October 13, 1957, B1.
5. Ayn Rand, “The Goal of My Writing,” in The Romantic Manifesto (New York: New American Library, 1969; 2nd ed. 1975).
6. Anne Heller, Ayn Rand and the World She Made (New York: Knopf, 2009).
7. Whittaker Chambers, “Big Sister Is Watching You,” National Review, December 18, 1957.
8. Ayn Rand, “A Last Survey,” Ayn Rand Letter 4, no. 2 (1975).
9. Ayn Rand, “Of Living Death,” Objectivist, October 1968.
10. Ayn Rand, “The War in Vietnam,” in Ayn Rand Answers (New York: New American Library, 2005).
11. Ayn Rand, “Miscellaneous,” in Ayn Rand Answers (New York: New American Library, 2005).
12. Ibid.
13. Ayn Rand, “On Racism and Feminism,” in Ayn Rand Answers (New York: New American Library, 2005).
14. Heller, Ayn Rand and the World She Made.
15. Ibid.
16. “Reds’ Program Tints Platform of Wallaceites,” Chicago Daily Tribune, July 23, 1948, 3.
17. Tom Junod, “Steve Jobs and the Portal to the Invisible,” Esquire, October 2008.
18. Paul Krugman, “Fannie, Freddie and You,” New York Times, July 14, 2008.
19. Deroy Murdock, “Jesse Jackson’s Corporate Cash Cow,” Chief Executive, July 2001.
Chapter 1 The Individualist
1. John Markoff, “Company Reports: Apple’s First Annual Profit since 1995,” New York Times, October 15, 1998.
2. Press release, “Apple Announces New Board of Directors,” August 6, 1997.
3. Michael R. Lawrence, “Memory and Imagination: New Pathways to the Library of Congress,” film for Library of Congress, 1990.
4. Tom Junod, “Steve Jobs and the Portal to the Invisible,” Esquire, October 2008.
5. Peter Elkind and Doris Burke, “The Trouble with Steve,” Fortune, March 17, 2008.
6. Brent Schlender, “The Three Faces of Steve,” Fortune, November 9, 1998, 96–104.
7. Leander Kahney, “Being Steve Jobs’ Boss,” Bloomberg Businessweek, October 24, 2010.
8. Ibid.
9. Jeffrey S. Young and William L. Simon, iCon Steve Jobs: The Greatest Second Act in the History of Business (Hoboken, NJ: John Wiley & Sons, 2006).
10. Kahney, “Being Steve Jobs’ Boss.”
11. Steve Jobs, Stanford commencement speech, 2005, www.youtube.com/watch?feature=player_embedded&v=UF8uR6Z6KLc.
12. Young and Simon, iCon Steve Jobs.
13. Daniel Alef, Steve Jobs: The Apple of Our i (Meta4 Publishing, 2009), Location 54. www.amazon.com/Steve-Jobs-Apple-Our-ebook/dp/B00359FCCE.
14. Young and Simon, iCon Steve Jobs.
15. Anthony Imbimbo, Steve Jobs: The Brilliant Mind Behind Apple (Gareth Stevens Publishing, 2009).
16. Ibid., 42.
17. Phil Patton, “Steve Jobs: Out for Revenge,” New York Times, August 6, 1989.
18. Andrew Pollack, “Next, a Computer on Every Desk,” New York Times, August 23, 1981.
19. Company brochure, reproduced in Interface Age, October 1976.
20. Young and Simon, iCon Steve Jobs.
21. Pilar Quezzaire, Steve Jobs (Great Neck Publishing, 2006).
22. Imbimbo, Steve Jobs.
23. Robert Metz, “Market Place: I.B.M. Threat to Apple,” New York Times, September 2, 1981.
24. Robert J. Cole, “An ‘Orderly’ Debut for Apple,” New York Times, December 13, 1980.
25. Young and Simon, iCon Steve Jobs.
26. Kahney, “Being Steve Jobs’ Boss.”
27. John Sculley and John Byrne, Odyssey: Pepsi to Apple––A Journey of Adventure, Ideas and the Future (New York: HarperCollins, 1989).
28. Elkind and Burke, “Trouble with Steve,” 88–160.
29. Andrew Pollack, “Apple Computer Entrepreneur’s Rise and Fall,” New York Times, September 19, 1985.
30. Mark Alpert and Sally Solo, “The Ultimate Computer Factory: Steve Jobs Has Built a NeXT Workstation Plant with Just about Everything: Lasers, Robots, Speed, and Remarkably Few Defects,” Fortune, February 26, 1990.
31. Pete Mortensen, “NeXT Fans Give Up the Ghost,” Wired, December 21, 2005.
32. Young and Simon, iCon Steve Jobs.
33. Cathy Booth and David S. Jackson, “Steve’s Job: Restart Apple,” Time, August 18, 1997.
34. PR Newswire, “Pixar to Sell Image Computer Operations to Vicom Systems; Pixar and Vicom Systems Sign Image Computer Agreement,” www.highbeam.com/doc/1G1-8389470.html.
35. www.w3.org/People/Berners-Lee/Overview.html.
36. Planet Rome.ro, “Apple-NeXT Merger Birthday,” December 20, 2006, http://rome.ro/2006/12/apple-next-merger-birthday.html.
37. John Markoff, “Apple Computer Co-Founder Strikes Gold with New Stock,” New York Times, November 30, 1995.
38. Young and Simon, iCon Steve Jobs.
39. Ibid.
40. John Markoff, “Apple to Take Big Write-Off on Acquisition,” New York Times, February 11, 1997.
41. Kahney, “Being Steve Jobs’ Boss.”
42. Markoff, “Company Reports: Apple’s First Annual Profit since 1995.”
43. Schlender, “Three Faces of Steve.”
44. Jeff Goodell, “Steve Jobs: The Rolling Stone Interview,” Rolling Stone, December 2003.
45. Ibid.
Chapter 2 The Mad Collectivist
1. This Week, ABC News, November 14, 2010.
2. Paul Krugman, “Incidents from My Career,” Princeton University web site.
3. Ibid.
4. The NewsHour with Jim Lehrer, PBS, October 13, 2008; and Allisa Macfarquar, “The Deflationist,” New Yorker, March 1, 2010.
5. Paul Krugman, “Games Nations Play,” New York Times, January 3, 2003.
6. Paul Krugman, “Rule by the Ridiculous,” New York Times web site Conscience of a Liberal blog, December 28, 2010.
7. Krugman, “Incidents from My Career.”
8. “Interview with Paul Krugman,” Die Weltwoche, December 24, 1998.
9. Paul Krugman, “The Sons Also Rise,” New York Times, November 22, 2002.
10. Ibid.
11. Daniel Okrent, “13 Things I Meant to Write About but Never Did,” New York Times, May 22, 2005.
12. Paul Krugman, “How I Work,” Krugman’s web site.
13. Michael Hirsh, “The Great Debunker,” Newsweek, March 4, 1996.
14. Paul Krugman, “Stimulus for Lawyers,” New York Times, January 14, 2003.
15. Sigmund Freud, Collected Writings (London: Hogarth Press, 1924).
16. Macfarquar, “ Deflationist.”
17. Paul Krugman, “Taking on China,” New York Times, March 14, 2010.
18. Tim Russert, CNBC, August 7, 2004.
19. Krugman, “Incidents from My Career.”
20. Paul Krugman and Lawrence Summers, “Inflation During the 1983 Recovery,” Council of Economic Advisers, September 9, 1982.
21. Paul Krugman, “An Economic Legend,” New York Times, June 11, 2004.
22. Paul Krugman, “Dow Wow, Dow Ow,” New York Times, February 27, 2000.
23. Paul Krugman, “No Relief in Sight,” New York Times, February 28, 2003.
24. Paul Krugman, “Still Blowing Bubbles,” New York Times, June 20, 2003.
25. Paul Krugman, “A Fiscal Train Wreck,” New York Times, March 11, 2003.
26. Paul Krugman, “Mistakes,” Conscience of a Liberal blog, New York Times web site, September 1, 2010.
27. Paul Krugman, “For Richer,” New York Times Magazine, October 20, 2002.
28. Author interview with Princeton Township officials.
29. Macfarquar, “Deflationist.”
30. Macfarquar, “Deflationist”; and Alex Kowalski, “Krugman Buys Manhattan Apartment for $1.7 Million,” Bloomberg, August 12, 2009.
31. The Haraka, September 1999.
32. Paul Krugman, “Capital Control Freaks,” Slate, September 27, 1999.
33. Ibid.
34. Paul Krugman, “Listening to Mahathir,” New York Times, October 21, 2003.
35. Glen Tobias, “ADL Letter to the New York Times,” Anti-Defamation League, October 21, 2003.
36. Paul Krugman, “The Smear Machine Cranks Up Again,” Krugman’s web site, October 24, 2003.
37. Paul Krugman, “The Great Divide,” New York Times, January 29, 2002.
38. Paul Krugman, “The Ascent of E-Man,” Fortune, May 29, 1999.
39. Mark Tran, “Enron ‘Sting’ Used Fake Command Center,” The Guardian, February 21, 2002.
40. Paul Krugman, “My Connection with Enron, One More Time,” Krugman’s web site, February 8, 2002.
41. Paul Krugman, “Power and Profits,” New York Times, January 24, 2001.
42. Paul Krugman, “Crony Capitalism, U.S.A.,” New York Times, January 15, 2002.
43. Paul Krugman, “Death by Guru,” New York Times, December 18, 2001.
44. Paul Krugman, “On the Second Day, Atlas Waffled,” New York Times, February 14, 2003.
45. Donald Luskin, “Krugman, Greenspan and Ayn Rand,” Conspiracy to Keep You Poor and Stupid blog, February 16, 2003.
46. Donald Luskin, “Paul Krugman: Party Animal,” Conspiracy to Keep You Poor and Stupid blog, November 8, 2002.
47. Paul Krugman, “Into the Wilderness,” New York Times, November 8, 2002.
48. Paul Krugman, “Let Them Hate as Long as They Fear,” New York Times, March 7, 2003; “Off the Wagon,” New York Times, January 17, 2003; “Steps to Wealth,” New York Times, July 16, 2002; and “Liberal Oasis Interview with Paul Krugman,” Liberal Oasis, August 29, 2003.
49. “What Greg Mankiw Really Thinks about Paul Krugman,” Curious Capitalist blog, Time web site, October 14, 2008.
50. Donald Luskin, “Meet the Krugman Truth Squad,” National Review Online, March 20, 2009.
51. Donald Luskin, “Krugman’s Job-Robbing Calculus,” National Review Online, April 23, 2003.
52. Paul Krugman, “Jobs, Jobs, Jobs,” New York Times, April 22, 2003.
53. Wall Street Week, PBS, January 31, 2003.
54. Paul Krugman, “Jobs, Jobs, Jobs: A Follow Up,” Krugman’s web site, April 24, 2003; “Fiscal Policy and Employment: Simple Analytics,” Krugman’s web site, April 28, 2003; “Even More on Jobs,” Krugman’s web site, April 29, 2003; “Zero Is Not Enough,” Krugman’s web site, May 4, 2003; and “Elephant Shit,” Krugman’s web site, May 5, 2003.
55. Paul Krugman, “Tax Cuts and Jobs: A Summary of the Debate,” Krugman’s web site, May 8, 2003.
56. Krugman, “Elephant Shit.”
57. Revelle Forum, University of California at San Diego, October 6, 2003.
58. Author’s contemporaneous notes.
59. Author’s contemporaneous notes.
60. Donald Luskin, “Face to Face with Evil,” Conspiracy to Keep You Poor and Stupid blog, October 7, 2003.
61. Atrios, “Diary of a Stalker,” Eschaton blog, October 7, 2003.
62. Hannity & Colmes, Fox News, October 17, 2003.
63. Ben McGrath, “Balking,” New Yorker, November 17, 2003.
64. Author’s contemporaneous notes.
65. Daniel Okrent, “Okrent Responds,” Public Editor’s Journal blog, New York Times, May 31, 2005.
66. Daniel Okrent, “The Privileges of Opinion, the Obligations of Fact,” New York Times, March 28, 2004.
67. Ibid.
68. Okrent, “13 Things I Meant to Write About.”
69. Paul Krugman, “What They Did Last Fall,” New York Times, August 19, 2005.
70. Donald Luskin, “This Again?” Conspiracy to Keep You Poor and Stupid blog, August 19, 2005.
71. Ford Fessendon and John M. Broder, “Study of Disputed Florida Ballots Finds Justices Did Not Cast the Deciding Vote,” New York Times, November 12, 2001.
72. Paul Krugman, “Don’t Prettify Our History,” New York Times, August 22, 2005.
73. Byron Calame, “The Story of a Correction,” Public Editor’s Journal blog, New York Times, September 2, 2005.
74. Paul Krugman, “Summer of Our Discontent,” New York Times, August 26, 2005.
75. Calame, “Story of a Correction.”
76. Paul Krugman, “Correction: From Paul Krugman,” New York Times web site, October 2, 2005.
77. Byron Calame, “Columnist Correction Policy Isn’t Being Applied to Krugman,” Public Editor’s Journal blog, New York Times, September 16, 2005.
78. Byron Calame, “Columnist Correction Policy to Be Addressed,” Public Editor’s Journal blog, New York Times, September 28, 2005.
79. Gail Collins, “A Letter from the Editor: It All Goes on the Permanent Record,” New York Times, October 2, 2005.
80. “For the Record,” New York Times, October 2, 2005.
81. Paul Krugman, “Assassination Attempt in Arizona,” Conscience of a Liberal blog, New York Times web site, January 8, 2011.
82. James Taranto, “‘It Did Not,’” Best of the Web Today blog, Wall Street Journal web site, January 13, 2011.
Chapter 3 The Leader
1. This and all quotations in this chapter, unless otherwise noted, are from December 2009 author interviews with the person quoted.
2. This and all other quotations of BB&T’s philosophy, mission, and values are from BB&T: The BB&T Philosophy, 1998.
3. John Allison, “The Financial Crisis, Causes and Possible Cures,” speech at the Ayn Rand Center for Individual Rights, January 29, 2009.
4. Ibid.
5. Ibid.
6. John Allison, “Allison on Strategy, Profits and Self-Interest,” interviewed by Russell Roberts on Econtalk podcast at the Library of Economics and Liberty web site, May 7, 2007.
7. Allison, “Financial Crisis.”
8. Ibid.
9. Ibid.
10. Allison, “Allison on Strategy.”
11. Allison, “Financial Crisis.”
12. Ibid.
13. Ibid.
14. Ibid.
15. Ibid.
16. Allison, “Allison on Strategy.”
17. Ibid.
18. Aristotle, The Nicomachean Ethics, trans. James Alexander, Kerr Thomson, Hugh Tredennick, and Jonathan Barnes (New York: Penguin Classics, 1955).
19. Aristotle, Rhetoric, ed. James H. Freese (Tufts University, Perseus Project web site), 1378b.
20. Allison, “Allison on Strategy.”
21. Ayn Rand, The Virtue of Selfishness (New York: Signet, 1964).
22. Allison, “Allison on Strategy.”
23. Ibid.
24. Ibid.
25. Ibid.
26. Allison, “Financial Crisis.”
Chapter 4 The Parasite
1. Jeff Bailey, “The Mortgage Maker vs. the World,” New York Times, October 16, 2005.
2. Shawn Tully, “Meet the 23,000% Stock,” Fortune, September 15, 2003.
3. Angelo Mozilo, “From the Bronx to the Boardroom,” Directorship, September 2007.
4. Federal National Mortgage Association Annual Report, 2003.
5. Bethany McLean and Joe Nocera, All the Devils Are Here (New York: Penguin, 2010).
6. John Tierney, “Privileged Life in Peril for 2 Mortgage Giants,” New York Times, June 17, 2003.
7. Ibid.
8. “Friends of Angelo: Countrywide’s Systematic and Successful Effort to Buy Influence and Block Reform,” Staff Report, U.S. House of Representatives, 111th Congress, Committee on Oversight and Government Reform, March 19, 2009.
9. Mozilo, “From the Bronx.”
10. Tierney, “Privileged Life.”
11. McLean and Nocera, All the Devils.
12. Securities and Exchange Commission v. Angelo Mozilo, David Sambol, and Eric Sieracki, Case No. CV09-03994, United States District Court, Central District of California, June 4, 2009.
13. United States Securities and Exchange Commission, Excerpts of E-Mails from Angelo Mozilo.
14. SEC v. Mozilo et al.
15. SEC v. Mozilo, Case 2:09-cv-03994-JFW-MAN, Document 301, filed August 16, 2010, page 17 of 47.
16. Countrywide Financial Corporation Q2 2007 earnings call, July 24, 2007.
17. Ibid.
18. Liz Moyer, “Countrywide, Markets on the Ropes,” Forbes, August 16, 2007.
19. Liz Moyer, “Countrywide Is on Its Side,” Forbes, August 16, 2007.
20. Ibid.
21. Federal Reserve press release, August 17, 2007.
22. McLean and Nocera, All the Devils.
23. Mozilo, “From the Bronx.”
24. Bailey, “Mortgage Maker.”
25. Gretchen Morgenson and Geraldine Fabrikant, “Countrywide’s Chief Salesman and Defender,” New York Times, November 11, 2007.
26. David Stix, “Naive, Egotistical, but Smart,” Forbes, October 1, 1990.
27. McLean and Nocera, All the Devils.
28. Paul Muolo and Matthew Padilla, Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis (Hoboken, NJ: John Wiley & Sons, 2008).
29. Ibid.
30. Ibid.
31. Ibid.
32. Letter from Representative Darrell Issa to Alfred M. Pollard, General Counsel, FHFA, July 20, 2010.
33. Albert Crenshaw, “High Pay at Fannie Mae for the Well-Connected,” Washington Post, December 23, 2004.
34. Annys Shin, “Examining Fannie Mae,” Washington Post, May 4, 2006.
35. Crenshaw, “High Pay.”
36. Morgenson and Fabrikant, “Countrywide’s Chief Salesman.”
37. Federal National Mortgage Association Annual Report, 2003.
38. U.S. Census Bureau, Current Population Reports, August 2008.
39. Angelo Mozilo, “Act Now to Make Every Month National Homeownership Month,” Mortgage Banking, June 2004, 16–18.
40. Steven A. Holmes, “Fannie Mae Eases Credit to Aid Mortgage Lending,” New York Times, September 30, 1999.
41. Jonah Goldberg, “Wall Street Fat Cats Aren’t at Fault This Time,” National Review, September 19, 2008.
42. Gretchen Morgenson, “Inside the Countrywide Lending Spree,” New York Times, August 26, 2007.
43. “Friends of Angelo,” op. cit.; Glenn R. Simpson and James R. Hagerty, “Countrywide Friends Got Good Loans,” Wall Street Journal, June 7, 2008.
44. “Friends of Angelo,” op. cit.
45. Ibid.
46. Ibid.
47. Ibid.
48. Daniel Golden, “Countrywide’s Many Friends,” Condé Nast Portfolio, June 12, 2008.
49. “Friends of Angelo,” op cit.
50. Dan Golden, “Angelo’s Many ‘Friends,’” Condé Nast Portfolio, July 16, 2008.
51. Ibid.
52. “Friends of Angelo,” op. cit.
53. Glenn R. Simpson and James R. Hagerty, “Countrywide Friends Got Good Loans—Mozilo Sought, Received Better Rates for Some: Problems for Fannie Mae?” Wall Street Journal, June 6, 2008.
54. “Friends of Angelo,” op cit.
55. Morgenson, “Inside Countrywide Lending Spree.”
56. Jody Shenn, “ARMed—Not ‘Stuck’: Bank Making Countrywide Less Rate Sensitive,” American Banker, June 21, 2004.
57. Bailey, “Mortgage Maker.”
58. McLean and Nocera, All the Devils.
59. Morgenson, “Inside Countrywide Lending Spree.”
60. Ibid.
61. McLean and Nocera, All the Devils.
62. Ibid.
63. United States District Court Central District of California, Civil Minutes—General, Securities and Exchange Commission -v- Angelo Mozilo, et al., Case 2:09-cv-03994-JFW-MAN, Document 351, filed September 16, 2010.
64. Mortgage Guaranty Insurance Corporation v. Countrywide Home Loans, Inc., and BAC Home Loans Servicing, LP (Formerly Countrywide Home Loans Servicing, LP), February 24, 2010.
65. Jody Shenn, “Fannie, Freddie Subprime Sprees May Add to Bailout,” Bloomberg, September 22, 2008.
66. Ibid.
67. Ibid.
68. “Friends of Angelo,” op. cit.
69. Gretchen Morgenson, “How Countrywide Covered the Cracks,” New York Times, June 27, 2006.
70. Mortgage Guaranty Insurance Corporation v. Countrywide Home Loans, Inc., et al., op. cit.
71. Countrywide Financial Corporation Q2 2007 earnings call, July 24, 2007.
72. Mortgage Guaranty Insurance Corporation v. Countrywide Home Loans, Inc., et al., op. cit.
73. Ibid.
74. RealtyTrac, “U.S. Foreclosure Activity Increases 75 Percent in 2007,” January 29, 2008.
75. Glenn Setzer, “SEC Turns Spotlight on Countrywide CEO Mozilo,” Mortgage News Daily, October 18, 2007.
76. “Countrywide CEO Angelo Mozilo Awarded $22.1 Million in Compensation,” New York Times, April 25, 2008.
77. “Bank of America to Acquire Countrywide: Deal for Country’s Largest Mortgage Lender Valued at $4.1 Billion,” Associated Press, January 11, 2008.
78. Claire Suddath, “Biggest Golden Parachutes,” Time, October 8, 2008.
79. Peter J. Wallison and Charles W. Calomiris, “The Last Trillion-Dollar Commitment: The Destruction of Fannie Mae and Freddie Mac,” American Enterprise Institute, September 2008.
80. Fannie Mae 2008 Q2 10Q Investor Summary Presentation, August 8, 2008.
81. “Timeline: Events Leading to the Fannie, Freddie Rescue,” Reuters, July 26, 2008.
82. Dawn Kopecki, “Fannie, Freddie ‘Insolvent’ after Losses, Poole Says,” Bloomberg, July 10, 2008.
83. David Bogoslaw, “Fannie Mae and Freddie Mac: A Damage Report,” BusinessWeek, August 29, 2008.
84. Andrew Ross Sorkin, “Paulson’s Itchy Finger, on the Trigger of a Bazooka,” New York Times, September 8, 2008.
85. Nick Timiraos, “Views Conflict on Fannie Meltdown,” Wall Street Journal, April 14, 2010.
86. Ibid.
87. SEC v. Mozilo, op. cit.
88. United States District Court, Central District of California, Civil Minutes—General, Securities and Exchange Commission -v- Angelo Mozilo, et al., Case 2:09-cv-03994-JFW-MAN, Document 351, filed September 16, 2010.
89. United States District Court, Central District of California, Civil Minutes—General, Securities and Exchange Commission -v- Angelo Mozilo, et al., Case 2:09-cv-03994-JFW-MAN, Document 301, filed August 16, 2010.
90. Walter Hamilton and E. Scott Reckard, “Angelo Mozilo, Other Former Countrywide Execs Settle Fraud Charges,” Los Angeles Times, October 16, 2010.
Chapter 5 The Persecuted Titan
1. Joel Brinkley, “U.S. versus Microsoft: The Overview; U.S. Judge Declares Microsoft Is a Market-Stifling Monopoly; Gates Retains Defiant Stance,” New York Times, November 6, 1999.
2. United States of America v. Microsoft Corporation, Civil Action No. 98-1232 (TPJ) Court’s Findings of Fact, November 5, 1999.
3. Robert Slater, Microsoft Rebooted: How Bill Gates and Steve Ballmer Reinvented Their Company (New York: Penguin, 2004).
4. Stephen Manes and Paul Andrews, Gates: How Microsoft’s Mogul Reinvented an Industry and Made Himself the Richest Man in America (New York: Simon & Schuster, 1993).
5. James Glassman, “A Right to an Internet Connection?” American Enterprise, April/May 2000.
6. GartnerGroup, “GartnerGroup’s Dataquest Says Worldwide PC Market Topped 21 Percent Growth in 1999,” press release, January 24, 2000.
7. Peter Newcomb et al., “The Forbes 400 America’s Richest People,” Forbes, October 22, 1999.
8. CIA World Factbook, 1999.
9. Chris Long, “Gates Opens Up (Cover Story),” The Director, April 1999.
10. Slater, Microsoft Rebooted.
11. Ibid.
12. Fortune 500, 1999, and Edward Rothstein, “Wronging Microsoft,” Commentary, September 2001.
13. John Markoff, “For Microsoft’s Rivals, It’s a Question of Fairness,” New York Times, July 19, 1993.
14. Rothstein, “Wronging Microsoft,” and United States Senate, Lobbying & Disclosure Act Database.
15. Mark Lewyn, “Going After Microsoft,” National Review, January 24, 1994.
16. Rothstein, “Wronging Microsoft.”
17. M. Rogers and J. Stone, “The Whiz They Love to Hate,” Newsweek, June 24, 1991.
18. U.S. Department of Justice, press release: “Microsoft Agrees to End Unfair Monopolistic Practices,” July 16, 1994.
19. Slater, Microsoft Rebooted.
20. Steven Levy, “Behind the Gates Myth,” Newsweek, August 30, 1999.
21. Adam Cohen, “Microsoft Enjoys Monopoly Power,” Time, November 15, 1999, 46.
22. United States Court of Appeals for the District of Columbia Circuit, Argued February 26 and 27, 2001. Decided June 28, 2001. No. 00-5212: United States of America, Appellee v. Microsoft Corporation, Appellant. Consolidated with 00-5213 Appeals from the United States District Court for the District of Columbia (No. 98cv01232) (No. 98cv01233).
23. Levy, “Behind the Gates Myth.”
24. Todd Bishop, “Software Notebook: ‘Evil Empire’ Microsoft Warms to Open Source,” Seattle Post-Intelligencer, August 15, 2005.
25. Adam Cohen and Declan McCullagh, “Demonizing Gates,” Time, November 2, 1998.
26. Rogers and Stone, “Whiz They Love to Hate.”
27. James Henry, “Silicon Bully: How Long Can Bill Gates Kick Sand in the Face of the Computer Industry?” Business Month, November 1990.
28. Levy, “Behind the Gates Myth.”
29. Michael Paulson and Dan Richman, “Microsoft Ruled a Monopoly: Company’s Conduct Has Hurt Consumers, Judge Says,” Seattle Post-Intelligencer, November 6, 1999.
30. Tom Stein, “Microsoft Ruled a Monopoly: Court Finds Firm Abused Its Power,” report from MSFT Press Conference, November 6, 1999.
31. Ayn Rand, “What Is Capitalism?” in Capitalism: The Unknown Ideal (New York: New American Library, 1966).
32. Harvey S. Singer, MD, “Motor Stereotypes,” Seminars in Pediatric Neurology, Johns Hopkins University 16 (2009): 77–81.
33. James Wallace and Jim Erickson, Hard Drive: Bill Gates and the Making of the Microsoft Empire (New York: John Wiley & Sons, 1992).
34. K. Anders Ericsson, Ralf Th. Krampe, and Clemens Tesch-Romer, “The Role of Deliberate Practice in the Acquisition of Expert Performance,” Psychological Review, 1993.
35. Wallace and Erickson, Hard Drive.
36. Ibid.
37. Ibid.
38. Ibid.
39. Ibid.
40. Ibid.
41. H. Edward Roberts and William Yates, “Altair 8800 Minicomputer Part I,” Popular Electronics, January 1975, 33.
42. Wallace and Erickson, Hard Drive.
43. Ibid.
44. Bill Gates, “An Open Letter to Hobbyists,” Homebrew Computer Club Newsletter, January 31, 1976.
45. Wallace and Erickson, Hard Drive.
46. John Markoff and Paul Freiberger, “In Focus—Making the Most of Opportunities at Microsoft,” InfoWorld, August 29, 1983.
47. Maggie Cole, “Gary Kildall and the Digital Research Success Story—The Man Behind CP/M,” InfoWorld, May 25, 1981.
48. Wallace and Erickson, Hard Drive.
49. Ibid.
50. Ibid.
51. Jeffrey R. Yost, “An Interview with Seymour Rubinstein,” Oral History 391, Charles Babbage Institute, May 7, 2004.
52. Stan J. Liebowitz and Stephen E. Margolis, Winners, Losers, and Microsoft: Competition and Antitrust in High Technology (Independent Institute, 1999).
53. James Wallace and Jim Erickson, “Computer Kid Grows into a Formidable Foe,” Seattle Post-Intelligencer, May 9, 1991.
54. Wallace and Erickson, Hard Drive.
55. Slater, Microsoft Rebooted.
56. Ibid.
57. Ibid.
58. Ibid.
59. Ibid.
60. Alan Greenspan, “Antitrust,” in Capitalism, the Unknown Ideal (New York: New American Library, 1966).
61. Michael A. Cusumano and David B. Yoffie, Competing on Internet Time: Lessons from Netscape and Its Battle with Microsoft (New York: Free Press, 1998).
62. Slater, Microsoft Rebooted.
63. Steve Lohr and Joel Brinkley, “Microsoft Defiant in First Response to Antitrust Case,” New York Times, October 21, 1998.
64. Rothstein, “Wronging Microsoft.”
65. Ken Auletta, “Final Offer—What Kept Microsoft from Settling Its Case?” New Yorker, January 15, 2001.
66. Bill Gates, deposition testimony, August 27, 1998.
67. Auletta, “Final Offer.”
68. Ibid.
69. Cohen, “Microsoft Enjoys Monopoly Power.”
70. Slater, Microsoft Rebooted.
71. Ibid., 121.
Chapter 6 The Central Planner
1. Michael R. Crittenden, “A Roof over Every Head: Longtime Advocate of Affordable Housing Brings His Passion to Helm of House Financial Services,” CQ Weekly, December 11, 2006, 3262, www.cq.com.
2. Stuart E. Weisberg, Barney Frank: The Story of America’s Only Left-Handed, Gay, Jewish Congressman (Amherst, MA: University of Massachusetts Press, 2009).
3. Town hall meeting, Dartmouth, MA, August 18, 2009.
4. “A Way with Words,” New York Times, May 13, 2008.
5. Weisberg, Barney Frank.
6. Speech at Harvard University Kennedy School of Government, April 7, 2009.
7. Weisberg, Barney Frank.
8. Ibid.
9. Ibid.
10. Ibid.
11. Ibid.
12. Ibid.
13. Jeffrey Toobin, “Barney’s Great Adventure: The Most Outspoken Man in the House Gets Some Real Power,” New Yorker, January 12, 2009.
14. Weisberg, Barney Frank.
15. Ibid.; and Toobin, “Barney’s Great Adventure.”
16. Ibid.
17. Ibid.
18. Ibid.
19. Ibid.
20. Ibid.
21. Ibid.
22. Ibid.
23. Ibid.
24. R. Wilkinson, “Frank Talk,” Mother Jones, January/February 1991.
25. Weisberg, Barney Frank.
26. George Archibald and Paul M. Rodriguez, “Sex Sold from Congressman’s Apartment,” Washington Times, August 23, 1989.
27. Weisberg, Barney Frank; and Margaret Carlson, Robert Ajemian, and Hays Gorey, “A Skeleton in Barney’s Closet,” Time, September 25, 1989.
28. Allan R. Gold, “Rep. Frank Acknowledges Hiring Male Prostitute as Personal Aide,” New York Times, August 26, 1989.
29. Charles P. Pierce, “To Be Frank,” Boston Globe, October 2, 2005.
30. Gold, “Rep. Frank.”
31. Frank Phillips, “Frank Tells of His Despair during ’89 Sex Scandal,” Boston Globe, August 14, 2004.
32. Weisberg, Barney Frank.
33. Sally Quinn, “Rep. Barney Frank, Minority Wit,” Washington Post, December 18, 1998.
34. Ayn Rand, “The Monument Builders,” in The Virtue of Selfishness (New York: New American Library, 1964).
35. Ayn Rand, “The New Fascism: Rule by Consensus,” in Capitalism, The Unknown Ideal (New York: New American Library, 1966).
36. Souphala Chomsisengphet and Anthony Pennington-Cross, “The Evolution of the Subprime Mortgage Market,” Federal Reserve Bank of St. Louis Review, January/February 2006.
37. Bill Sammon, “Lawmaker Accused of Fannie Mae Conflict of Interest,” Fox News, October 3, 2008.
38. Congressional Record, October 24, 2000.
39. Theresa R. DiVenti, “Fannie Mae and Freddie Mac: Past, Present, and Future,” Cityscape, U.S. Department of Housing and Urban Development, 2009.
40. Weisberg, Barney Frank.
41. “Two Views: Barney Frank,” Mortgage Banking, January 2004, 53–57.
42. Ibid.
43. Ibid.
44. Gretchen Morgenson, “A Coming Nightmare of Homeownership?” New York Times, October 3, 2004.
45. The OFHEO Report: Allegations of Accounting and Management Failure at Fannie Mae Hearing Before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Eighth Congress, Second Session, October 6, 2004.
46. Federal National Mortgage Association Annual Report, 2007.
47. Morgenson, “Coming Nightmare of Homeownership?”
48. Press release: “Delinquencies Continue to Climb in Latest MBA National Delinquency Survey,” Mortgage Bankers Association, November 19, 2009.
49. Congressional Record, June 27, 2005.
50. Congressional Record, July 25, 2006.
51. Ibid.
52. Ibid.
53. CNBC, July 14, 2008.
54. Jon Hilsenrath, Serena Ng, and Damian Paletta, “Worst Crisis Since ’30s, with No End Yet in Sight,” Wall Street Journal, September 18, 2008.
55. Peter J. Wallison, “Barney Frank, Predatory Lender,” Wall Street Journal, October 15, 2009.
56. Ibid.
57. Joe Nocera, “As Credit Crisis Spiraled, Alarm Led to Action,” New York Times, October 1, 2008.
58. Carrie Bay, “Probe Finds WaMu’s Demise in Subprime Lending, Regulatory Turf War,” DS News, April 16, 2010.
59. Edmund L. Andrews, “U.S. Shifts Focus in Credit Bailout to the Consumer,” New York Times, November 12, 2008, www.nytimes.com/2008/11/13/business/economy/13bailout.html?_r=1&hp&oref=slogin.
60. Press release: “Treasury Emails Suggest Rep. Barney Frank Called Former Treasury Secretary Paulson to Obtain TARP Cash for OneUnited Bank,” Judicial Watch, March 31, 2010.
61. Weisberg, Barney Frank.
62. Aaron Task interview, July 20, 2009, http://finance.yahoo.com/tech-ticker/article/285683/Barney-Frank-Don’t-Blame-Me-for-the-Housing-Bubble?tickers=len,fnm,fre,kbh,tol,xhb,hd.
63. Massachusetts Democratic State Convention Kickoff Party hosted by Young Democrats of Massachusetts and Worcester County Young Democrats, June 4, 2010.
Chapter 7 The Capitalist Champion
1. This and all Rodgers quotations in this chapter, and recollections by Rodgers of statements of others, unless otherwise noted, are from a January 2011 author interview.
2. Richard Brandt, “The Bad Boy of Silicon Valley,” BusinessWeek, December 9, 1991, 64–69.
3. T. J. Rodgers,“Statement of Dr. T. J. Rodgers,” Senate Committee on Governmental Affairs, Subcommittee on Oversight, June 3, 1997.
4. T. J. Rodgers, “Why Silicon Valley Should Not Normalize Relations with Washington D.C.,” Cato Institute, November 19, 1998.
5. “SEMATECH History,” SEMATECH web site.
6. United States General Accounting Office, “Report to Congressional Requestors: Assessment of the Financial Audit for SEMATECH’s Activities in 1991,” December 1992.
7. Brandt, “Bad Boy of Silicon Valley.”
8. Ibid.
9. T. J. Rodgers, No Excuses Management (New York: Doubleday, 1992).
10. Cypress Semiconductor Corporation, Annual Report, 2009.
11. T. J. Rodgers, “Profits vs. PC,” Reason, October 1996, 36.
12. Ibid.
13. T. J. Rodgers, “Valley Should Stand Up to Jackson’s Divisive Tactics,” San Jose Mercury News, March 14, 1999.
14. Deroy Murdock, “Jesse Jackson’s Corporate Cash Cow,” Chief Executive, July 2001.
15. Leonard Peikoff, “The Analytic-Synthetic Dichotomy,” in Ayn Rand, Introduction to Objectivist Epistemology, ed. Harry Binswanger and Leonard Peikoff (New York: Penguin, 1990).
16. Ayn Rand, “The Metaphysical versus the Man-Made,” in Philosophy: Who Needs It (New York: Signet, 1984).
17. T. J. Rodgers, “Holding Up the Shareholder,” New York Times, April 29, 1997.
18. SunPower Corporate History.
19. “Cypress Announces Investment in Designer and Manufacturer of Ultra-High-Efficiency Silicon Solar Cells,” SunPower Press Release, May 31, 2002.
20. www.fool.com/investing/high-growth/2005/11/17/sunpower-shines.aspx.
21. http://finance.yahoo.com/q/ks?s=SPWRA+Key+Statistics.
22. T. J. Rodgers, “Prop 23 and the Green Jobs Myth,” Wall Street Journal, October 29, 2010.
Chapter 8 The Sellout
1. House Committee on Oversight and Government Reform, Hearing on the Financial Crisis and the Role of Federal Regulators, October 23, 2008.
2. Alan Greenspan, “We Will Never Have a Perfect Model of Risk,” Financial Times, March 16, 2008.
3. House Committee Hearing, October 23, 2008.
4. Alan Greenspan, “The Assault on Integrity,” Objectivist Newsletter, August 1963.
5. Ibid.
6. William Bonner with Addison Wiggin, Financial Reckoning Day (Hoboken, NJ: John Wiley & Sons, 2003).
7. Alan Greenspan, The Age of Turbulence (New York: Penguin Books, 2007).
8. Nathaniel Branden, My Years with Ayn Rand (San Francisco: Jossey-Bass Publishers, 1999).
9. Ibid.
10. Ibid.
11. Anne Heller, Ayn Rand and the World She Made (New York: Doubleday, 2009).
12. Branden, My Years with Ayn Rand.
13. Ibid.
14. Ibid.
15. R. W. Bradford, “Alan Greenspan—Cultist? The Fascinating Personal History of Mr. Pinstripe,” American Enterprise, September/October 1997.
16. Branden, My Years with Ayn Rand.
17. Barbara Branden, The Passion of Ayn Rand (New York: Doubleday, 1986).
18. Branden, My Years with Ayn Rand.
19. Greenspan, Age of Turbulence.
20. Bonner with Wiggin, Financial Reckoning Day.
21. Jerome Tucille, Alan Shrugged (Hoboken, NJ: John Wiley & Sons, 2002).
22. Greenspan, Age of Turbulence.
23. Ibid.
24. Ibid.
25. Ibid.
26. Ibid.
27. Heller, Ayn Rand.
28. Branden, Passion of Ayn Rand.
29. Heller, Ayn Rand.
30. Ibid.
31. Ibid.
32. Alan Greenspan, “Gold and Economic Freedom,” Objectivist Newsletter, July 1963.
33. Ibid.
34. Greenspan, Age of Turbulence.
35. Bonner with Wiggin, Financial Reckoning Day.
36. Alan Greenspan, “The Challenge of Central Banking in a Democratic Society,” at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996.
37. Alan Greenspan, “The Crisis,” at the Brookings Institution, April 15, 2010.
38. Ibid.
39. John Taylor, “Housing and Monetary Policy,” at the Kansas City Federal Reserve Bank Economic Symposium, Jackson Hole, Wyoming, August 2007.
40. Alan Greenspan, Federal Reserve Board’s semiannual monetary policy report to the Congress, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, July 16, 2002.
41. Greenspan, “Crisis.”
Chapter 9 The Economist of Liberty
1. Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 1962).
2. Ben Bernanke, “Remarks by Governor Ben S. Bernanke at the Conference to Honor Milton Friedman,” November 8, 2002.
3. Arnold Beichman, “Letters to the Editor: How Wrong Can You Get?” Wall Street Journal (Eastern edition), November 17, 1994, A.25.
4. Ibid.
5. Ibid.
6. Introduction to PBS’s Free to Choose.
7. Rupert Cornwell, “Milton Friedman, Free-Market Economist Who Inspired Reagan and Thatcher, Dies Aged 94,” The Independent, November 17, 2006.
8. “The Intellectual Provocateur,” Time, December 19, 1969.
9. Brian Doherty, Radicals for Capitalism (Cambridge, MA: PublicAffairs, 2007).
10. Milton Friedman, “Banquet Speech” at the Nobel banquet, December 10, 1976.
11. PBS, “The Commanding Heights,” October 2, 2000, www.pbs.org/wgbh/commandingheights/shared/pdf/int_georgeshultz.pdf.
12. Phil Donohue Show, 1979.
13. Friedman, Capitalism and Freedom.
14. Milton Friedman, Essays in Positive Economics (Chicago: University of Chicago Press, 1953).
15. Milton Friedman, “Friedman—Autobiography,” Nobelprize.org, March 1, 2011.
16. Lanny Ebenstein, Milton Friedman: A Biography (New York: Palgrave Macmillan, 2007).
17. Milton Friedman, “My Favorite Libertarian Books,” Foundation for Economic Education, April 2002.
18. Milton Friedman, “Homer Jones: A Personal Reminiscence,” Journal of Monetary Economics 2, 1976.
19. Ibid.
20. Friedman, “Friedman—Autobiography.”
21. Ibid.
22. Matthew J. Dickinson, Bitter Harvest: FDR, Presidential Power and the Growth of the Presidential Branch (New York: Cambridge University Press, 1996).
23. Milton and Rose Friedman, Two Lucky People: Memoirs (Chicago: University of Chicago Press, 1998).
24. Friedman, “Friedman—Autobiography.”
25. Milton Friedman and George J. Stigler, “Roofs or Ceilings? The Current Housing Problem,” Popular Essays on Current Problems, September 1946.
26. William Breit and Barry T. Hirsch, Lives of the Laureates: Twenty-Three Nobel Economists (Cambridge, MA: MIT Press, 2009).
27. Leonard Silk, The Economists (New York: Avon Books, 1978).
28. Robert Bangs, “Reviewed Work: ‘Roofs or Ceilings? The Current Housing Problem’ by Milton Friedman, George J. Stigler,” American Economic Review, June 1947.
29. Milton Friedman, “George Stigler: A Personal Reminiscence,” Journal of Political Economy 101, no. 5 (October 1993): 768–773.
30. Ayn Rand, Letters of Ayn Rand, ed. Michael S. Berliner (New York: Dutton, 1995).
31. “The Economy: We Are All Keynesians Now,” Time, December 31, 1965.
32. Milton Friedman, “The Role of Monetary Policy,” American Economic Review, March 1968.
33. Friedman, Nobel banquet speech.
34. Friedman, Capitalism and Freedom.
35. Friedman, “George Stigler.”
36. Milton and Rose Friedman, Two Lucky People.
37. Phil Donohue Show, 1979.
38. Free to Choose (1980), PBS segment 2 of 10, “The Tyranny of Control.”
39. Free to Choose (1980), PBS segment 5 of 10, “Created Equal.”
40. Editorial: “A 40-Year Wish List,” Wall Street Journal, January 28, 2009.
41. Milton Friedman, Why Government Is the Problem (Stanford, CA: Hoover Press, 1993).
42. Ibid.
43. Milton Friedman, “Schools at Chicago,” University of Chicago Record, 1974.
44. Fox News interview, May 2004.
45. “Business: The Rising Risk of Recession,” Time, December 19, 1969.
46. Milton Friedman, “We Have Socialism, Q.E.D.,” New York Times, December 31, 1989.
47. Friedman, Capitalism and Freedom (20th anniversary ed., 1982).
48. Friedman, Free to Choose.
49. Ebenstein, Milton Friedman.
50. Interview with Richard Heffner on The Open Mind, WNET, December 7, 1975.
51. Ebenstein, Milton Friedman.
52. PBS, “The Commanding Heights.”
Afterword
1. “New York Times Columnist Paul Krugman,” Fresh Air, WHYY, February 25, 2003.
2. Anne Heller, Ayn Rand and the World She Made (New York: Knopf, 2009).