judgeglock

“I’m from the government and I’m here to help.” Ronald Reagan described those as the most dangerous words in the English language. I generally agree with the Gipper who I have fond memories of extending back to the 1980 presidential election that I watched with interest as a kindergartener. When the government gets too big, it gets dangerous and sloppy, and it costs too much. And like other monsters, it’s got to eat. It does this through taxation.  Now if that monster was lean, mean and efficient, it would be less scary. But this one is fat and keeps growing. Government begets more government which creates more cost and inefficiency. What’s a better answer? Well, ideally, you would break the whole thing apart and put it back together in a way that makes sense. Instead, a lot of the benefits that we get from those taxes are taxed themselves making you wonder what the point was in the first place. When you take a step back and see what’s going on, it’s pure insanity. And to make you crazy, this week’s guest on the Wealth Formula Podcast exposes this problem with gory details.  Show Notes: 08:03 Robbing Peter to pay Peter 12:33 Where is the inefficiency coming from? 15:54 The origin of the tax and return scheme 17:51 How does this affect behavior? 19:48 How can we fix it? 21:45 The origin of the mortgage market

Judge Glock is an economic historian, a scholar at the Cicero Institute, and a returning guest to the podcast. Judge rejoins Macro Musings to talk about the origins of the US mortgage market as detailed in his new book, *The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939*. David and Judge also discuss the emergence and evolution of the national US mortgage market, the price parity movement, the history of federal land banks, and more.

 

Transcript for the episode can be found here.

 

Judge’s Twitter: @judgeglock

Judge’s blog: https://judgeglock.medium.com/

 

 Related Links:

 

*The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939* by Judge Glock

https://cup.columbia.edu/book/the-dead-pledge/9780231192538

 

*The “Riefler-Keynes” Doctrine and Federal Reserve Policy in the Great Depression* by Judge Glock

https://read.dukeupress.edu/hope/article-abstract/51/2/297/137129/The-Riefler-Keynes-Doctrine-and-Federal-Reserve?redirectedFrom=fulltext

 

*Housing Finance at a Glance* by the Urban Institute

https://www.urban.org/policy-centers/housing-finance-policy-center/projects/housing-finance-glance-monthly-chartbooks

 

David’s blog: macromarketmusings.blogspot.com

David’s Twitter: @DavidBeckworth

Judge Glock is an economic historian and a scholar at the Cicero Institute in San Francisco. Judge’s research is focused on the Great Depression, and he has recently published a paper on an important idea shaping Federal Reserve policy during this time; the Riefler-Keynes Doctrine.  He joins the show today to talk about this paper and the Great Depression.  David and Judge also discuss the key ideas behind the Riefler-Keynes Doctrine, how it differs from the Real Bills Doctrine, and how this relates to the Fed’s response to the Great Depression.

 

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09022019/judge-glock-riefler-keynes-doctrine-and-monetary-policy-during-great

 

Judge’s Twitter: @judgeglock

Judge’s AIER profile: https://www.aier.org/staff/judge-glock

 

Related Links:

 

*The ‘Riefler-Keynes’ Doctrine and Federal Reserve Policy in the Great Depression* by Judge Glock

https://read.dukeupress.edu/hope/article-abstract/51/2/297/137129/The-Riefler-Keynes-Doctrine-and-Federal-Reserve?redirectedFrom=fulltext

 

*Pressuring the Fed is No Surefire Electoral Solution, Says Economic Historian* by Frank Fuhrig

https://www.mercatus.org/bridge/commentary/pressuring-fed-no-surefire-electoral-solution-says-economic-historian

 

David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth