Economic History Commons^™

The Rescue Of The Us Auto Industry, Module E: Emergency Assistance For Chrysler Financial, Alexander Nye

Journal of Financial Crises

In the fall of 2008, due to the confluence of the Global Financial Crisis and years of structural decline in the auto industry, Chrysler was nearing bankruptcy. Chrysler’s related finance company, Chrysler Financial, was also in dire straits. On December 19, 2008, President Bush announced the Automotive Industry Financing Program and that the US Treasury would extend Chrysler a $4 billion Bridge Loan to give the company time to prepare a viable restructuring plan. Two weeks later, the Treasury arranged $1.5 billion in low-interest financing for Chrysler Financial to fund the securitization of new consumer car loans and the facility …

The Rescue Of The Us Auto Industry, Module F: Auto Supplier Support Program, Riki Matsumoto

Journal of Financial Crises

The Global Financial Crisis that began in 2007 intensified the decade-long malaise of two of the largest auto manufacturers in the US, General Motors and Chrysler. Their possible collapse was deemed to pose a systemic risk by the United States government. In response, the Department of the Treasury made efforts to provide support to the automotive industry through the Automotive Industry Financing Program (AIFP). As US auto parts suppliers experienced deteriorated automotive markets, disrupted manufacturer operations, and stressed credit markets, the Treasury announced the Auto Supplier Support Program (ASSP) on March 19, 2009, as an auxiliary program to the overall …

The Rescue Of The Us Auto Industry, Module C: Restructuring Chrysler Through Bankruptcy, Alexander Nye

Journal of Financial Crises

In late 2008, due to the confluence of the financial crisis and years of structural decline in the auto industry, Chrysler was nearing bankruptcy. The US Treasury provided Chrysler’s owner, Chrysler Holding, with a $4 billion bridge loan and Chrysler’s related finance company, Chrysler Financial, with a $1.5 billion financing program under the Troubled Assets Relief Program (TARP). The government-led restructuring through bankruptcy involved the commitment of roughly $5 billion in debtor-in-possession (DIP) loans from the US Treasury and the Canadian government, under which the US Treasury ultimately lent $1.89 billion, using TARP funds, and Canada lent about $1 billion, …

The Rescue Of The Us Auto Industry, Module D: Emergency Assistance To Ally Financial (Formerly Gmac), Riki Matsumoto, Kaleb B. Nygaard

Journal of Financial Crises

In 2008, GMAC was a $200 billion company providing financing to General Motors customers. As the Global Financial Crisis entered a critical stage in early 2008, GMAC’s funding strategy and liquidity position were adversely affected by the significant disruption in credit markets and the broader economic downturn. This reduced access to financing, which impacted GMAC’s ability to provide automotive wholesale inventory and retail financing to General Motors and Chrysler. In late 2008 and early 2009 GM and Chrysler underwent a complex restructuring process. To restore liquidity to GMAC’s auto finance business, the Federal Reserve agreed to expedite GMAC’s conversion to …

The Rescue Of The Us Auto Industry, Module B: Restructuring General Motors Through Bankruptcy, Kaleb B. Nygaard

Journal of Financial Crises

As the Global Financial Crisis worsened in 2008, credit markets tightened and a broader economic downturn developed, hitting the auto industry particularly hard. The crisis intensified a decade-long decline of the largest US auto manufacturers. Because of its size and importance to the economy, the US government decided to provide assistance to General Motors (GM) to sustain it while it developed plans for its long-term viability. Congress declined to authorize funding for the auto manufacturers, but in December 2008, Treasury provided a bridge loan to GM under the Troubled Assets Relief Program (TARP) to sustain the company until the Obama …

The Rescue Of The Us Auto Industry, Module A: Automotive Bridge Loans, Alexander Nye

Journal of Financial Crises

In 2008, in the midst of the Global Financial Crisis, America’s Big Three automakers neared their breaking point. Two of them, General Motors (GM) and Chrysler, asked Congress for funding to prevent uncontrolled bankruptcies. Policymakers realized these uncontrolled bankruptcies would damage the manufacturing sector. Congress considered but failed to pass a framework conditioning short-term financing on the companies’ producing acceptable restructuring plans. With the companies warning that they could not survive the coming presidential transition, on December 19, 2008, President George W. Bush announced the Automotive Industry Financing Program (AIFP) under the authority of the Emergency Economic Stability Act (EESA) …

Broad-Based Capital Injection Programs, June Rhee, Junko Oguri, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 36 broad-based capital injection (BBCI) programs and attempts to identify some best (and worst) practices. We argue that it is crucial to distinguish between programs implemented during acute (“panic”) and chronic (“debt overhang”) phases of a crisis, where the goals of program design should be different. In an acute phase, programs should be designed to influence the behavior of bank counterparties, while in chronic phases, the focus should be on bank behavior itself. With this framing, we identify seven themes to guide program design, and provide many illustrative examples for the policymaker’s tool kit.

Economist's Moral Reasoning On Foreign Aid, Stephen Langeland

Helm's School of Government Conference - 2021-2024

No abstract provided.

A Case Study: Socialism In Venezuela, Victoria Matlock

Helm's School of Government Conference - 2021-2024

No abstract provided.

Working Paper No. 56, Towards A Veblenian View Of Non-Fungible Tokens, Kamren Geist

Working Papers in Economics

This inquiry seeks to establish that ideas advanced by Thorstein Veblen in his book, The Theory of the Leisure Class [1899], offer insights into nonfungible tokens. Through the evolution of technology -- aided by broad access to the internet -- the emergence of non-fungible tokens can be understood to offer the leisure class a novel form of conspicuous consumption. Enabled by expansive networks, members of the leisure class can now engage in conspicuous displays of wealth and therewith establish their status relative to members of the laboring class as well as members of the leisure class. While there exist many …

Working Paper No. 61, The Regulation Of Hemp In The United States, Olivia Carrillo

Working Papers in Economics

This inquiry seeks to establish that in the United States the growing and processing of industrial hemp faced an array of barriers. Its involvement in the effort during World War Two was successful and experienced high praise from the federal government. While hemp provided measurable and grand benefits as a strategic war crop, its importance diminished sharply as the United States transitioned out of the war era. What was once a highly desirable crop became a demonized crop that gradually faded into the background of the American economy. Despite its initial positive portrayal, the utilization of industrial hemp was essentially …

Working Paper No. 58, Auro Ex Oleum: Departing The American Gold Standard*, Zakhary L. Roth

Working Papers in Economics

This inquiry seeks to establish that the character of the United States dollar fundamentally changed over the course of the 20th century as it moved away from its being rooted in the gold standard. As the global economy transitioned into the 20th century and the United States began establishing itself as a cornerstone of global trade, the dollar evolved into the standard currency of the world economy, changing significantly along the way as it moved from a gold-backed standard to the reserve currency of the international petroleum trade. These changes are reflected in U.S. foreign and monetary policy throughout this …

The Shirt Of Nessus: International Debt As A Tool Of Hegemonic Control, Omar Hamed Ghannam

Theses and Dissertations

International debt has been a fixture of the global economy and state financing for centuries. The economic logic of accruing international debt and its management is rarely questioned in the literature, even as sovereign debt crises abound. These crises offer a point of examination, re-assessment, and negotiations concerning allocating the burdens. This paper aims to study these debt crises to interrogate the issue of international debt, the depoliticized economic mantras that govern it, their validity, sincerity, and the political and social implications on the indebted polity. This is done by looking at the origins of debt crises, and examining how …

Courting American Capital: Public Relations And The Business Of Selling Ivorian Capitalism In The U.S., 1960-1980, Abou B. Bamba

History Faculty Publications

This chapter is an invitation to reimagine the roles assigned to players in the history of capitalism on the global stage. It challenges aspects of the historiography of capitalism in the twentieth century, which tend to center on historical actors and institutions of the Global North. Even when actors in the Global South are discussed, it is usually to portray them as passive victims of an intractable system. By focusing on the Ivory Coast and its economic diplomacy toward the United States, I seek to destabilize this general picture.

Municipal Reform In The Progressive Era: Spatial Spread And Fiscal Outcomes Of The Commission Government, Daniel T. Hiller

Honors Theses

The Galveston-Des Moines Plan for commission government, seen as an important municipal reform during the Progressive Era meant to address corruption and inefficiency in many cities, was pitched by business elites and spread like wildfire in the 1910s. Is there a spatial component to the spread of the adoption of the commission form of government? What are the municipal fiscal outcomes of adoption? This paper shows that there was a spatial spread to its adoption using a lagged state adoption proportion variable. This paper also reveals that promises made by business elites such as increased efficiency and projects to improve …

Economic Propaganda In The United States, Brooklyn Montgomery

CMC Senior Theses

This thesis aims to identify and analyze three different forms of economic propaganda: cultural, structural, and political. I first examine ‘Do What You Love’ culture and its impact on the labor force. Chapter Two explores the propagation of neoliberal economics as an objective study, and the final chapter analyzes the use of Black capitalism as a political mechanism to quell Black radical sentiment. In detailing these phenomenons, I investigate the implementation, normalization, and effects, as well as the material repercussions of these ideas and structures.

Disembedded Liberalism: The Global Pressure On Democracy, Hallie Spear

CMC Senior Theses

The international political order is at a crossroads with divergent paths. Liberal democracy is once again threatened on the international stage. What's more troubling is that the most stable and influential democracies, the United States, those in Europe and India, seem to be vulnerable to the autocratic wave sweeping through the world. This thesis completes a critical analysis to understand the root causes of the recent disruption to democracy the world has observed. Focusing on three established, diverse, and populous democracies, this thesis investigates the economic conditions at play that made each nation vulnerable to populism. Neoliberal economic policies implemented …

Missouri Soybean Exports And The Democratizing Market Force, David D. Hammons

Graduate Theses/Dissertations

A commonly held assumption of America’s post-Cold War place in the world is that prolonged contact with American capitalism and democracy will lead to the adoption of these systems in all nations that participate in international trade. This paper attempts to verify or disprove that assumption by examining a specific traded commodity between two specific nations, the institutions that support this trade, and the people actively participating in it. The growth of soybean exports from the state of Missouri provides this vehicle for examining the trade history between the United States of America and China, and provides evidence that disproves …

Cotton: A Historiographical And Instructional Exploration: 1835-2020, Chad Joseph Rosenbloom

History - Master of Arts in Teaching

I.Synthesis Essay……………………………...2

II.Primary Documents and Headnotes……...36

III.Textbook Critique…………………………...45

IV.New Textbook Entry………………………..49

V.Bibliography………………………………….53

The Cost-Effectiveness And Feminization Of The Human Papillomavirus Vaccine, Audrey Jammes

Scripps Senior Theses

Approved in 2006, the Human Papillomavirus (HPV) vaccine provided a medical breakthrough in combating cancer by inoculating first female and then male adolescents in 2010. In 2016, a new HPV vaccine was approved for all adolescents. However, it is the most expensive vaccine created in the United States and its female centered prescription led to debates regarding the vaccine’s necessity and risks. For the STS portion of this paper, analysis of the language in the vaccine’s prescriptions from 2006, 2010, and 2016 demonstrates two implicit assumptions regarding female health built into the vaccine’s rollout. Comparison of the two assumptions to …