Harnessing Market Discipline”in the September 2001issue of The Region，published by the Federal Reserve Bank of Minneapolis.Information on the 700billion economic bailout package （TARP）signed by President Bush in 2008can be found on pages A1and A12of the October 4，2008issue of the Item？Yorli Times，under the headline ”Bush Signs Bill，“while information on the 787billion stimulus package signed by President Obama in 2009is from page A11of the February 14，2009issue of the Next York Times in an article tided ”A Smaller，Faster Stimulus Plan，but Still with a Lot of Money.”Data on the costs of the bailouts of J.P.Morgan Chase，Wells Fargo，AIG，Bank of America，and Citigroup are from pages 78and 79of the February 16，2009issue of "orfune，in an article tided “The World According to TARP.”Adam Smith’s remarks on the misapplication of money set aside by government for a particular purpose can be found on page 873of his Z’be Wealth of Nations，Modern Library edition.David Ricardo’s remarks on the same subject aredeficit would reach 1.4trillion in 2009is from page A4of the October 8，2009issue of the Wall Street Journal，in a news story titled “Deficit Complicates Push on Jobs，”and the CBO’s estimate that the deficit would continue to run at over a trillion dollars a year as late as 2019is from page 33of the June 13，2009issue of The Economist under the headline “Seeing Red.”Data on the share of the American national debt that is foreign owned are from pages 240and 241o？zlnaIyticaI Persf？ectizes，Budget of the United States Government，Fiscal Year 2009published in 2008i？y the U.S.Government Printing Office.The drop in business spending on equipment and software in the last quarter of 2008was reported on page A10of the January 31，2009issue of the Wall Street fouimal，under the tide “A Capital Strike.”The fact that distressed-debt deals in 2009were taking place at nearly double the rate of 2008is from a front-page story titled “Distressed Takeovers Soar，”
From the August 11，2009issue of the thrill SfreetJourii？z/.That banks were reluctant to lend money to borrowers after the Bush administration’s bailout was noted on page BE of the January 27，2009issue of the /Ve"iu Won 7’imei，from an article beginning on page B1titled “Something to Fear，After All.”The fact that banks which had received funding from the Troubled Asset Relief Program （TARP）were lending 23percent less in new loans in February 2009compared to the previous October when the TARP was launched was reported on page A1of the April 20，2009issue of the Wall Street Journal，under the headline “Bank Lending Keeps Dropping.“The fact that bank lending in the United States declined in 2009from 7.14trillion in May to 6.78trillion in September is from page 83of the October 17，2009issue of 7’3e Economist，in an article titled “Slim Pickings，No Appetite.”The historic fall in monetary velocity is reported on page A10of the January 31，2009issue of the Wall Street foumal，under the title “A Capital Strike.”
The continued decline of jobs in the private sector，the less than 1percent increase in jobs in state and local governments，and a view of the performance ofjobs in the public and private sectors during recessions over the past 40years were shown in a graphic on page A15of the August 20，2009issue of the /Ve"iii Yorli Times，under the headline “Government Jobs Have Grown Since Recession’s Start，Study Finds.”The 247，000jobs lost in July 2009——down from a peak of 741，000jobs lost in January 2009——were reported onStreet journal，under the headline “Job Losses Weigh on Recovery.”The comment that job losses “continued to moderate from their worst numbers of the year”wasquoted from a front-page story tided “Unemployment Hits 9.70o Despite SlowerJob Losses，”from the September 5，2009issue of the 7Ve"iii Work 7’i？iei.The fact that the unemployment rate in October 2009exceeded 10percent for the first time in more than a quarter of a century was reported on the front page of the Wall Street jnuriiiz/of November 7——8，2009，under the headline “Grim Milestone as Jobless Rate Tops 10%.”
The decline in February 2009of the Dow Jones Industrial Average to one-half of where it had been 16months earlier was reported on page A1of the February 24，2009issue of the Wall Street ]ouimaI under the headline ”Stocks Dropto 500/o of Peak.”The fact that business investment fell 38percent in the first quarterof 2009was reported on page A14of the April 30，2009issue of the Wall Street Joiirzizi/，under the headline “Better Bad News.’The fact that the stock markets of Asian nations such as Indonesia，China，Singapore，and South Korea experienced greater percentage increases than the United States in the first half of 2009was reported on page 70of the August 15，2009issue oY T"he Economist in an article titled “On the Rebound.”The growth in industrial production in Asian nations in the second quarter of 2009，at a time when industrial production was falling in the United States，was noted on page 69of the same article.The growth in GDP in France and Germany in the second quarter of 2009，and the continued decline in GDP in the United States were reported on the front page of the August 14，2009issue of the hiz//SweeiJonriiiz/，under the headline “Europe Recovers as U.S.Lags.”
That the economies of Europe and Asia were experiencing recovery while consumer spending in the United States feh，and the caution by Federal Reserve officials that economic activity in the United States would remain “weak for a time”were reported on the same page.The fact that industrial production in the United States increased by one-half of one percent in July 2009was reported on page A2of the August 15——16，2009issue of the Wall Street journal，in an article titled ”Industrial Output Climbs，While Prices Stay Steady.”Discussion of the lack of clarity of the TARP legislation was from pages 28and 29o？C1et：I：ing OffTracli，by John B.Taylor.