Up for High-Stakes Tax Cut Fight," T んビ New 石′〃い , February 24 , 200L [10]Estimate, JOint Committee on Taxation, 、℃ ongress Cuts DeaI on Taxes," CQAlmanac 20 似 (Washington, DC: Congressional Quarterly, 2002 ) , http://www.cqpress.com/ [11]MicheIe Davis, memo, February 27 , 2001 , in Ron Suskind, The 乃加 e ツェの , 記り ,. ・ Ge01 ・ ge 召んⅢん〃 0 ″ , の e Ed ″ ca 行 0 〃可アåt 〃 O'Neill (New York: Simon & Schuster, 2004 ) , 0. い 21"Key Goals Face Early Obstacles," 7 ' / 肥朝朝 - ⅲ g 〃 Po 新 February 27 , 2001. [13]"Public Buys Bush's Tax-Cut Plan, but Details Magnify Differences, ” The 2 ″ & 尾 . / 0 〃 , March 8 , 200L [ 14 ド Poll Analysis: Bush in Honeymoon period,' 0 4 〃 gel い石″にゞ , March 8 , 200L [ 15 ] Richard W. Stevenson, 、、 ltching to Rebu ild the Tax Law," T んにに w ) 初・ん石川ぃ , November 24 , 2002. い 6]Jeffrey Birnbaum, "The Man in the Middle, ” CNNMoney.com/ Aprill, 2002 , http://money. cnn.com/ い 71Jensen, Salant, and Forsythe, 、、 Bush Rel ies on Corporate Lobbyists. '' [181"Bush Pushes Huge Tax Cut in U. S. Congress Debut," Da 〃 Mo 翔加 g News, February 28 , 2001. [19]"Union Campaigns to Thwart Tax Cut Plan," ″ån DaiIy ル初・ / ApriI 8 , 200L [20]Marc Lacey, 、、 Bush Deploys Charm on Daschle in Pushing Tax Cut," 7 ' んにルに w 石川い , March 10 , 200L [21]Jensen, SaIant, and Forsythe, 、、 Bush Relies on C orporate L0bbyists. ” [221The Center for Responsive Politics reported business interests pouring $ 333 million intO the 2009-10 election campaign cycle. By the center's calculations,just one 0fDirk Van Dongen's six groups, the Business Roundtable, and its 208 corporate members and their executives and families contributed $ 142 , 955 , 958 to that campaign cycle. Email April 炻 , 2 田 2. See 引 so "Business-Labor-Ide010gy Split ⅲ PAC & lndividual Donations tO Candidates and Parties," Center for Responsive Politics, based on FederaI Election Commission data, March 27 , 20 Ⅱ . [23]Jensen, Salant, and Forsythe, 。、 Bush Relies on Corporate Lobbyi sts. ' ' [24]Benjamin I. page and Robert Y. Shapiro, 7 ' ん e 襯〃記 P ″わ〃 c. ・ Fifty ロハツ・ e 〃ホⅲ月川のゾ - cans' Po 〃 q P 生ル尾〃 c (Chicago: University of Chicago Press, 1992 ) , 166 , 287. 卩5] 、、 Bush pushes Huge Tax Cut. '' [261Richard W. Stevenson, 、℃ ongress passes Tax Cut, with Rebates This Summer," 7 ' んにルビ w 物 石襯い , May 27 , 200L [271John McCain statement on final tax reconciliation bill, press release, May 26 , 2001 http://mccain.senate.gov. [28]"The Bush Tax Cuts Costs Two and a Half Times as Much as the House Democrats ' HeaIth Care Proposal," Citizens for Tax Justice, September 8 , 2009 , http://www.ctj.org/ [29]Jacob S. Hacker and paul Pierson, 、、 Abandoning the Middle: The Bush Tax Cuts and the Limits of Democratic Control," P 夜・ s. ビ ct ⅳビ、 0 〃 PO 〃行 0 、 3 , no. 1 (March 2005 ) : 33-53. [30]Nace, Gangs ツし 4 襯のロコ 48-49. [31]Based on Federal Election Commission data, the Center for Responsive Politics reported total business donations tO the 2009- IO campaign cycle as 新 , 362 , 777362 compared with $ 96 , 824 , 239 for labor, w ith soft-money contributions from individuals representing business interests Of $ 971 , 645 , 729 versus $ 9 , 906 , 072 forlabor, and $ 332 , 951 693 in contributions from business PACs compared with $ 69 , 073 , 927 from labor PACs. 、、 Business-Labor-IdeoIogy Split in PAC & lndividual Donations tO Candidates and Parties,' Center for Responsive Politics, based on Federal EIection Commission data, March 27 , 20 Ⅱ , http:// www.opensecrets.org/overview/blio.php. [32]Lobbying Database," Center for Responsive Politics, opensecrets.org/ based on data from Senate Office of Public Records, January 引 , 20 Ⅱ . Business groups spent $ 5.998 billion in those two years compared with $ 91.7 mi llion by labor groups. That pattern is fairly typicalin recent years. Even though the media generally treat business and labor as roughly equal "special interests," business interests heavily outspent labor interests on lobbying from 1998 through 20m by roughly a 60- to - I ratio ( $ 28.6 billion to $ 492 million). See http://www.opensecrets.org/ lobby/i ndex. php. [33]Ibid. ; see also Drutman, 7 ' んに召″、ⅲ肥可、 , 4 川の元ムカ 0 わⅲ g , online doctoral thesis, 3-6. [34]Drutman, 召″、ⅲ肥可ツ襯・ / ca , Ⅱ 7. [35]Jonathan Peterson, 、 'Lawmakers Debate Bill 19 8

Ⅲんの・ 0 〃〃の・ tu ⅲり , ? 犬なⅲ g 加 e la 〃 Sc ん 00 な , and C' ん / ビ〃 ' なん C ん c (New York: Russell Sage Foundation, 20 Ⅱ ) ; 、、 P00 「 Dropping Further Behind Rich ⅲ School," The ルに w 石川い , February 川 , 2012. [20]Martha J. BaiIey and Susan M. Dynarski, "Gains and Gaps: Changing lnequality in U. S. CoIIege Entry and Completion,"Working Paper 17633 , NationaI Bureau ofEconomic Research, December 20 Ⅱ , http://www.nber.org/ [21]Study by Sabino Kornrich, Center for Advanced Studies, Juan March lnstitute, Madrid, and Frank F. Furstenberg, University of Pennsylvania, cited in 、、 Poor Dropping Further Behind Rich ⅲ School, ” The ルビ w 石川 , February 10 , 2 田 2. [ 22 ] W Ⅲ Hutton, 、、 Log Cabin to White House? Not Any More, ” T んビ 0 房夜・ら ApriI 28 , 2002 , http://www.observer.co.uk.com/ent/ story / 0 , 6903 , 706484 , 00. html. [ 23 ] Bhashkar Mazumder, 、 'Fortunate Sons: New Estimates oflntergenerational Mobility in the United States Using SociaI Security Earnings Data, ” for Federal Reserve Bank ofChicago, July 6 , 2004 , published in The Review 可五 co 〃 0 川液、 の & 襯ⅳ i い 87 , no. 2 ( 2005 ) : 235-55. [24]Janny Scott and David Leonhardt, 、℃ lass ⅲ America: Shadowy Lines That StiII Divide," T んビ ル w ) わⅸ石襯い , May 15 , 2005. [25]Lawrence Mishel, Joshua Bivens, and Heidi Shierho レ , 励ビ & ビッ・Ⅲ 0 ⅲ g 」川元ロ , 2 似 2 / 2 似 3 (lthaca, NY: Cornell University Press, 2 田 2 ) , figure 4U, "HourIy Compensation for Production/Non- Supervisory Workers and TotaI Economy Productivity, 1948-20 Ⅱ " ・ Mishel, emails, March 29 and April 9 , 2012. 卩 6 ]lbid. The contrast is sharper when comparing productivity growth and hourly wages only in the private sector. Over this periOd, private sector productivity grew by 92.6 percent while the average hourly wage rose by only 4.2 percent. This difference is dampened when figures cover the overall economy, because that data includes government workers, Whose productivity iS assumed not tO grow while their salaries rise. [27]Census Bureau, 、、 lncome, Poverty, and Health lnsurance Coverage in the United States: 2 田 0 , ' September 20 Ⅱ . [28]Phillips, ル 2 記 andDemocracy, 112 , 163. [29]Aviva Aron-Dine and lsaac Shapiro, 、、 Share 0f NationaIIncome Going toWages and Salaries at Record Low in 2006 , " Center on Budget and PoIicy Priorities, March 29 , 2007 , http://www. cbpp.org/ [30]Study by EmmanueI Saez, University of California at Berkeley, cited in 、、 lt 's the lnequality, Stupid," MO 励夜・ノ 0 〃 e 、 , March-ApriI 20 Ⅱ , http://www.motherjones.com/ [311During recession, the share ofthe top 1 percent fell, but w ith recovery that share has been moving back up toward previous highs. Emmanuel Saez, 、、 Striking lt Richer: The Ev01ution ofTop lncomes in the United States, ” 0 w の M ロ ga ゴ〃 e , Stanford Center for the Study of Poverty and lnequality (Winter 2008 ) , and updated version Of same paper t0 include estimates for 2009 and 2010 , March 7 , 2012 , http: 〃elsa.berkeley.edu/—saez/ saez-UStopincomes-2010. pdf. AIso see Thomas Piketty and EmmanueI Saez, "lncome lnequality in the United States, 1913-1998 , updated, ” table A-3, 、、 Top FractiIes lncome Shares (lncluding CapitaI Gains) in the United States," http://elsa. berkeley.edu/—saez/TabFig2010. [32]Catherine RampeIl, 、、 ln Job Market Shift, Some Workers Are Left Behind, ” T, んにルビ w 施石川 , May 12 , 20m ; Louis Uchitelle, 、、 Unions Yield on Wage ScaIes to Preserve Jobs," 7 ' / にルビ w 石襯 , November 19 , 2010 ; "Still On the Job, but at Halfthe Pay," T んビルビ w ) 初・ん Times, October 13 , 2009. [33]Lance Morrow, 、、 The Tempting ofAmerica,' 石″ June 24 , 2001. 卩 4 ] 、、 EmpIoyment Arrangements: lmproved Outreach Could Help Ensure Proper Worker Classi fication," General Accounting Office report, JuIy 2006 , http://www.gao.gov. [351Bureau ofLabor Statistics (BLS), E 川がの , 襯 e 加 & ル at 〃一イの℃ん 73 , Table A-I. April 5 , 2013. http ://www.bls.gov/news.release/pdf/empsit.pdf. [36]Steven Greenhouse, "TechnoIogy: Temp ・ Workers at Microsoft Win Lawsuit," T んビルの材 行川ぃ , December 13 , 2000 ; Mike Blain, 、 Supreme Court Refuses t0 Hear Appeal 0f Microsoft 、 Permatemp' SettIement, ”ル、ん花 c ん Ⅳの” , November 13 , 2002 , http://archive. washtech.org/ [37]Ibid. 卩 8 ] U. S. Bureau ofLabor Statistics, 、 'Employment Situation, September 20 Ⅱ . ” 304

原注 Compensation, December 1985 , 211-215. [7]Kevin O'Brien, partner, lvins, Phillips & Barker, Chartered, email, January 30 , 2013. [8]Excerpt ofinterview ofBob ReynoIds, vice president 0fFidelity Funds, for the Fro 〃〃ⅲビ program 。℃ an You Afford to Retire?, ” http://www. pbs.org/frontline. [ 9 ] Excerpt of interview of Brooks Hami lton for the F ド 0 〃市′肥 program "Can You Afford to Retire? " February 23 , 2006 , http://www.pbs.org/frontline. [ 10 ] U. S. Department of Labor, 、 'Private Pension Plan Bulletin HistoricaI Tables and Gr 叩 hs," December 20 Ⅱ , table E20 , 、、 Number 0f401 ( k ) Plans , TotaI Participants, Active Participants , Assets , Contributions, and Benefits Payments, 1984-2009 , " http://www.dol.gov/ebsa/pdf/ historicaltables. pdf. [11]Brooks Hamilton, interview, December 8 , 2010. い 2 ] Excerpt of interview of Brian Conner for the F ド 0 厩〃〃に program 、℃ an You Afford tO Retire? ” February 26 , 2006 , http://www.pbs.org/frontline. [13]Excerpt ofinterview ofGiI Thibeau for the F 川〃〃ⅲに program 、℃ an You Afford to Retire?," February 22 , 2006 , http://www.pbs.org/frontline. い 4 ] G ⅱ Thibeau, interview, August 5 , 20m. [15]Excerpt ofinterview ofWinson and Bess Crabb for the Fro 〃市′肥 program "Can You Afford to Retire? " February 22 , 2006 , http://www.pbs.org/ frontline. [16]Brooks Hamilton, interview excerpt, from F 〃〃ⅲ e program 、℃ an You Afford to Retire?" [17]Ibid. [18]Jack VanDerhei, email, January 5 , 2012. [19]Ibid. , January に , 20 に . [20]Andrew Eschtruth, Center for Reti rement Research at Boston C011ege, email , Oct0ber 引 , 20 Ⅱ . [21]VanDerhei, interview, December 10 , 2010. See 引 SO Jack VanDerhei, 、、 Measuring Retirement lncome Adequacy : Calculating Realistic lncome Replacement Rates," EBRlIssue BriefN0. 297 , September 2006 , http://www.ebri.org/ and VanDerhei, 。、 Evaluation ofthe Adequacy and Structure Of U. S. Voluntary Retirement Plans, with Special Emphasis on 401 ( k ) PIans," EmpIoyee Benefits Research lnstitute, 召夜″な 0 ″のプげを (Third Quarter 20 IO). [22]Alicia MunneII, interview, July 9 , 2010 ; and Andrew Eschtruth, emails, January 23 and October 30 , 201L Economists and other experts at 193 Boston College created the National Retirement Risk lndex (NRRI) to measure the adequacy Of retirement savings by individual households ⅲ their 401 ( k ) ' s , IRAs, SociaI Security, and Other savings. The index compares the ability, at retirement age, Of individuals and households tO generate 70 percent Of the final pre-retirement income, a target chosen because the financial industry estimates that is what is needed to maintain standard ofliving after retirement. Munnell describes the N RRI as a conservative index, not intended tO exaggerate the problem. lt use s average life span expectations and average market returns on a balanced bond-stock retirement account. See Alicia Munnell, Anthony Webb, Francesca Golub-Sass, et al., "Long Term Care Costs and the National Retirement Risk lndex," BriefNo. 9-7 (Chestnut HiIl, MA: Center for Retirement Research at Boston College, March 2009 ) ; and Alicia MunneII, Anthony Webb, and Francesca Golub -Sass, 、、 The National Retirement Risk lndex: After the Crash, ” BriefNo. 9-22 (Chestnut HiII, MA : Center for Retirement Research at Boston CoIIege, October 2009 ). [23]MunneII, interview, December 8 , 2010. [24]Press release, 、、 54th AnnuaI Survey ofProfit Sharing and 401 ( k ) PIans," Profit Sharing/401(k) Council 0fAmerica, Oct0ber Ⅱ , 20 Ⅱ , http:// 嶬,W嶬′ .psca.org/ [25]Anne Tergesen, 、、 401(k ) Law Suppresses Saving for Retirement," 7 ' んビル″ & 尾ノ 0 Ⅲ・〃 , JuIy 7 , 201L [26]Ibid. ; Eschtruth, email, January 23 , 2011 ; see also PopuIation Reference Bureau, "U. S. Labor Force Trends," Po. 〃″ん 0 〃召″ / / 可ⅲ 63 , no. 2 (June 2008 ) ; Alicia MunneII, interview, February 6 , 2006 , transcript, 、℃ an You Afford to Retire? " PBS ん・ 0 加〃〃 e , May , 2006 , http://www.pbs.org/ [ 27 ] Excerpt of interview of Alicia MunneI し interview for the F ′・ 0 〃市〃ビ program 、、 Can You Afford to Retire?," February 6 , 2006 , http://www. pbs.org/frontline. [28]Ibid. [ 29 ] Eschtruth, email, November 7 , 20 Ⅱ . 卩 0 ] 、、 ln Need ofCash, Mo 代 Companies Cut 401 ( k ) Match," 7 ' ん e New 欣〃川 , December 21 , 2008 ; David Kansas, "Has the 401 ( k ) Failed?" CNNMoney.com/Fortune, June 16 , 2009. 卩 1 ] “ Good News for 401 ( k ) Plans, Just in Time for the HoIidays," Profit Sharing/401 (k) Council of

原注 [39]Haskins and SawhilI, Creating ロ〃 0 の・ルⅲり , Soc 明 10. [40]Larry MisheI, interview, June 30 , 2010. [41]Phillips, ル 2 ロ″ん andDemocracy, Ⅱ 3 ; U. S. Bureau Of Labor Statistics, "EmpIoyment Characteristics Of FamiIies Summary, ” March 24 , 2011 , http://www.bls.gov. [42]Phillips, 2 〃イ D ビ川 ocraq ) , , 113 , 164. [431Elizabeth Warren and AmeIia Warren Tyagi, The ハ 4 , 0- 加 co 〃肥 Trap: Ⅲ毎 , M 襯← C ん pat ℃〃な 図尾 GoingBroke (New York: Basic B00ks 2003 ) , 20-24. [44]Ibid. , 34. [45]Hacker and Pierson, Ⅲⅲ〃夜・ - ルん←月″ Po / ⅲい , 35-38. [46]Heidi Shierho レ , 、、 New College Grads Losing Ground on 、 Mages," ECO 〃 0 川た la. 〃ん 04 Economic PoIicy lnstitute, August 31 , 2011 , http:// www.epi.org/ Men's salaries fell from $ 22.75 per hour in 2000 to $ 21.77 ; women's fell from $ 19.38 to $ 18.43. [471Larry Mishel, interview, June 30 , 2010 ; Catherine Rampell, 、、 Many with New CoIIege Degree Find the J0b Market HumbIing," The New 石川い , May 18, 20 Ⅱ ; Joann S. LubIin, 、、 A CIoser Look at Three Big Paydays," T んビ″ & 尾ノ 0 Ⅲ•na / , November 15 , 2010. [48]Lawrence H. Summers, "The Future ofMarket C 叩 italism," Harvard Business Sch001 Forum, October 14 , 2008 , http://www.hbs.edu/ [ 49 ]Hacker and Pierson, Ⅲⅲ〃夜・ - っ 4 〃 Politics, 25. [501Jacob S. Hacker and Paul Pierson, cited in Kevin Drum, 、、 Why Screwing Unions Screws the Entire Middle Class, ” with statisticaltable, "Your Loss, Their Gain," Mo 夜・ノ 0 〃 , March-ApriI 20 Ⅱ . [51]Jacob S. Hacker, The G 尾なん S ん第 . ・ The ルビ w 石 co 〃 0 襯加、肥ロ〃・″ ) , 4 〃 d ビ D ビ c ん可、 e 川ロ〃 D 尾ロ川 (New York, Oxford Uni 、℃ rsity Press, 2008 ) , 69. [ 52 ] U. S. Bureau ofLabor Statistics, 、、 Worker Displacement, 2001-03 , ' ' July 30 , 2004 , http://www.bls.gov/news.release/archives/ disp ー 07302004. pdf. See 猷 so U. S. Bureau of Labor Statistics, 、、 Worker Displacement, 2007- 09 , ' ' August 26 , 2010. [ 53 ] U. S. Bureau ofLabor Statistics, 、、 Quarterly Census ofEmpIoyment & Wages Database," accessed January 20 , 2012 , http: 〃 www.bls.gov. 303 [ 54 ] U. S. Bureau of Labor Statistics, 、、 Employment, Hours, and Earnings from the Current Employment Statistics survey (National)," data extracted on January 23 , 2012 , http://www.bls. gov ・ [ 55 ]Peter S. Goodman, "Despite Signs of Recovery, Chronic Joblessness Rises, ” T んにルビル石川ぃ , February 21 , 2010. [56]Stephen Roach, "More Jobs, WorseWork, ” The ビ w 石襯い , July 22 , 2004. [ 5 刀、、 No Rush to Hire Even as Profits Soar, ” T んビ 'a 〃 & 尾 et ノ 0 〃 , February 6 , 2011. [ 58 ] U. S. Bureau ofLabor Statistics, 、、 The EmpIoyment Situation, December 2010 , " January 7 , 20 Ⅱ , http://www.bls.gov. Unemployed, 14.5 mill ion; part-time wanting full-time work, 8.9 million; 2.6 million marginally attached (day laborers); di scouraged dropouts from labor market, 3.6 million. [ 59 ] A 信 n Greenspan, citing FederaI Reserve data, in "Activism, ”ん″行 0 〃ロ / F ⅲロ〃 0 ビ 14 , no. 1 (Spring 20 Ⅱ ) , www.cfr.org/content/publications/ attachments/infi 1277 Rev6. pdf. 第 7 章莫大なリスクの移転 [ 1 ]Metrop01itan Life, 、、 The MetLife Study of the American Dream," January 25 , 2007. [2]Hacker, G 尾火なた S ん第 , xv-xvi. 卩 lPauI Taylor and Rich Morin, Pew Research Center, 、、 ()ne Recessi011, T 、 VO Americas, September 24 , 2010 , http://www.pewsocialtrends. org ・ [4]Ibid. Among other findings: 43 percent had been unemployed at some point; 35 percent had serious difficulty paying their rent or their mortgage. [511bid. [ 6 ] Pew Research Center, 、、 Public Looks Back at Worst Decade in 50 Years," December 21 , 2009 , http://www.pewresearch.org/ [7] 、 'Household Wealth FaIIs by TriIIions, ” T んビ New 石川 , March 13, 2009. [8]Edward Hyman's Misery lndex, cited in Phillips, ル 2 D の〃 oc , 133. ] U. S. Bureau ofLabor Statistics, "National Compensation Survey: EmpIoyee Benefits in Private lndustry, ” March 2006 , http://www.bls. gov/ncs/ebs/sp/ebsm0004. pd. [ 10 ] 、、 The Forbes 400 : The Richest People in America," net worth calculated September 2011 , accessed January 26 , 2012 , http://www.forbes.

原注 and Busi ness, Harvard University, February 2010 ). [641Frank Ahrens, 、、 Big Payday Awaits Chairman After Countrywide SaIe," 7 ' ん e ル 'a 、んⅲ g ね〃 Po 新 January 12 , 2008. [65]Eric Dash, 、、 Dodging Taxes ト a New Stock Options Scheme, ” 7 方 e ルビ w 石川 , Oct0ber 30 , 2006 ; 、、 Stock-Options Scandal Fugitive Puts Roots Down in Namibia, ”アん e ル 'a 〃 & 尾 . / 0 〃翔記 , November ロ , 2006 ; 。、 How Backdating HeIped Executives Cut Their Taxes, ”〃にル 'a 〃 & 尾ノ 0 ″″ ia / , December 12 , 2006. [ 66 に Jobs Helped Pick 、 Favorable' Dates for Options Grants," 〃にル 'a 〃 & 尾、 / 0 ″” 1a / , December 30 , 2006 ; and AIan Sipress, "AppIe ChiefBenefited from Options, Records lndicate, ” The ル 'a 、ん加 g ね〃 Po January Ⅱ , 2007. 7 ] 、、 Embattled CEO to Step Down at United Health, ”〃肥ル 'a 〃 & 尾ノ 0 ″記 , October 16 , 2006 ; "How a Giant lnsurer Decided to Oust Hugely SuccessfuI CEO, ” The ル "a ″ & ノ 0 Ⅲ・ - 〃 , December 7 , 2007. [68]Lucian Bebchuk, Yaniv Grinstein, and Urs Peyer, "Lucky CEOs and Lucky Directors," Discussion Paper NO. 573 (Cambridge, MA: John M. Olin Center for Law, Economics, and Business, Harvard University, December 2006 ) , published in ノ 0 Ⅲ・〃記ツ・ Finance 65 , no. 6 (December 2010 ) ; John Hechinger, 、、 Backdated Options Pad CEO Pay by Average 0f 10 % ' ' 7 ' んに ル 'a 〃尾可、 / 0 ″ロ / , November 17 , 2006. [ 69 】 John C. Bogle, The B 襯ぉ the 立″ / 可℃叩 他 / な川 (New Haven, CT: Yale University Press, 2005 ) , 10-26. [70 ]Jay Lorsch and Rakesh Khurana, 、、 The Pay ProbIem," 〃の・Ⅷ ga ゴ〃に , May-June 2010. [71]Despite his dismay, Jensen was against abandoning the pay-for-performance stock options. TO solve the problem, he suggested better-designed stock options. 、、 HOW tO Pay Bosses: Michael Jensen Still Thinks He Has the Answer," 7 ' んビ Eco 〃 0 襯なれ November 凵 , 2002 , http://www.economist.C0m/n0dC月44慴39. [721Arthur Levitt, ルんビ 0 〃に & 尾 . ・ルん〃 S ″℃に / 〃 d CO ~ ア 0 ドた川の・ロ DO 〃 7 朝〃ー ) の″ / 0 Know (New York: Pantheon Books, 2002 ) , 236. [73]MerriII Lynch & Co. , study by Gary Schieneman, C. P. A. , 5 , June 19 , 2001 , 5. [74]Warren Buffett, 、、 Who Really Cooks the Books?" 7 ' ん e New 石川い , July 24 , 2002 ; and 199 Buffett, 、、 Fuzzy Math and Stock Options," T ん け朝、ん〃 g 〃 PO 新 July 6 , 2004. [75]Levitt, 0 〃ビ & 尾 , 106- Ⅱ . [76]Arthur Levitt, interview, March 12 , 2002. [77] 、、 Foreign Firms to Expense Options: New lnternational Rule Pressures U. S. to HandIe Stock Grants the Same Way," The 〃 & 尾可 . / 0 ″″ / , February 20 , 2004. [78]Gary Rivlin, 、、 ReguIators Adopt Tighter Rules on Accounting for Stock Options," 〃肥 New York 石川 , December 18 , 2004. [ 79 lJohn Nester, SEC communications director, and SEC, email and interview, October 18 , 2011. 第Ⅲ部不平等な民主主義 第 9 章ゼロ年代の税戦争 [11BarteIs, し〃叫″のに襯 0 夜・ ac ) , , 287. [21Page and Jacobs, C ん”ル加・ ? , 88 , 93. [3]Joseph E. Stigli レ , 励ビ Price 可、加″ロ〃り , (New York: W. W. Norton, 2012 ) xii, xxi. [4]President George W. Bush, remarks, White House, May 28 , 2003 , PR Newswire, http://www. prnewswire.com/ Bush, remarks, U. S. Chamber ofCommerce, May 6 , 2003 , PR Newswire, http:// WWW. prnewswlre.com/ [5]Dirk Van Dongen, interview, ApriI 25 , 20 Ⅱ . [6]Kristin Jensen, Jonathan D. Salant, and Michael Forsythe, 、、 Bush Relies on Corporate L0bbyi sts to HeIp Him Push U. S. Agenda," Bloomberg, September 23 , 2005 , http://www.bloomberg.com/ [7]A Congressional Budget Office study estimated that Bush tax cuts reduced tax revenues by S2.9 billion from 2001 to 20 Ⅱ , while less than expected growth reduced revenues another $ 3.5 billion, cited ⅲ Bruce BartIett, 、 'Are the Bush Tax Cuts the Root of Our Fiscal Pr0blem? ”ルビ w York 石川 Eco 〃 0 川ⅸ , July 26 , 20 Ⅱ , http://economic. blos. nytimes/2011/07/26. are-the-bush-tax-cuts- the-root-of-our-fi scal-problem; James Horney and Kathy Ruffing, 、、 Economic Downturn and Bush PoIicies Continue tO Drive Large Pr0Jected Deficits," Center on Budget and P01icy Priorities, May 10 , 2011 , http: 〃 www.cbpp.org/ms/index. fm?fa=view&id=3490; "The Bush Tax Cuts Costs Two and a HalfTimes as Much as the House Democrats' HeaIth Care ProposaI," Citizens for Tax Justice, September 8 , 2009 , http://www.ctj. org ・ [8]Dirk Van Dongen, interview, ApriI 25 , 20 Ⅱ . [9]Alison Mitchell, "lnterest Groups Are Gearing

in T んビテ″ⅲ g 、可・ T ん 0 川のノ〃とハ 0 川 vol. 6 (Washington, DC: Taylor & Maury, 1854 ) , 604-8. [2]Robert A. DahI, Ⅲん 0 Go 怩、 ? Democracy and POW の・ⅲロ〃」川に ca 〃 C ″ (New Haven: Yale University Press, 1961 ) , 1. [3]Simon Johnson, "The Quiet Coup, ” The. 4 〃 0 〃れ c , May 2009 , http://www.theatlantic.com/magazine/ archive/2009/05/the-quiet-coup/7364. [4]Woodrow Wilson, "Money Monopoly ト the Most Menacing," speech, Harrisburg, Pennsylvania, reprinted in PhiIadeIphia ルの・ 川夜・たのな June 6 , 19 Ⅱ , cited in John Milton Cooper, Jr. , 火 eco ・ⅲ g ルわ 0 イ how 7 な 0 〃 . 、 P ′・′・に SS れ , な襯 , 7 ′〃 e ′・〃 4 行 0 〃 / な川 , ーをらロ〃イ戸 (BaItimore: Johns Hopkins University Press, 2008 ) , 68. に ] U. S. Bureau ofEconomic Analysis, National lncome and Product Accounts, figure 3- し "ReaI Corporate Profits, Financial vs. Nonfinancial Sectors, ” shows financial sector profits growing 800 percent from 1980 to 2005 , while nonfinancial sector profits grew by 250 percent. See Simon Johnson and James Kwak, ノ 3 召 am ⅸ e ハ . ・ The Ⅲ記 / & 尾ル 0 ドの e Financial M ビ″ dow 〃 (New York: Pantheon Books, 20m ) , 59-61 ; and John Bellamy Foster and Hannah Holleman, "The FinanciaI Power EIite, ” Mo 厩ん火ビⅵビ w 62 , no. 1 (May 2 田 0 ). [6]Johnson and Kwak, 73 召 0 〃 59 ; Kevin PhiII ips, 召ロ d Mo 〃 0 ,. ・火“んた Finance, F ⅲたイ Po / ″ i い , イ e G んわ C ドなな可川夜・ ica 〃 C ロ〃ト / な襯 (New York: Penguin Group, 2009 ) , x ⅲ , xv, 引 . The financial sectorjumped from 日 - に percent 0fU. S. GDP in the 1980S t0 20- 幻 percent by the mid -2000S. See U. S. Bureau ofEconomic Analysis, 、、 Gross Domestic Product by lndustry, table B-12, November Ⅱ , 2004. [7]Johnson and Kwak, 73 B ロ〃ハ , 60-61. [ 8 lMultiple ⅱ nancial analysts have developed these themes. See, for example, PhiIIips, 召ロ dMo 〃の , , xii-xvii; xxxii-xxxix; Johnson and K 、 vak, 73 B ロ〃ハ , I-IO, 75-88 ヨ 48-50. [9]Johnson and Kwak, 73 召 a' e な , 59-60. [10]Centerfor Responsive politics, 、、 Long-Term Contribution Trends," based on Federal Election Commission data, March 27 , 20 Ⅱ , http://www. opensecrets.org/ "Lobbying: Finance, ー nsurance & Real Estate, Sector Profiles 2009 & 20m , ” accessed March 8 , 2012 , http://www.opensecrets. org/lobby/indus.php?id=F&year=2010. [11]JuIie CresweII and Ben White, "The Guys from 、 Government Sachs,' ' ' The New ) 初・ん石襯い , October 円 , 2008. い 2 ]Jo Becker and Gretchen Morgenson, 、、 Geithner, Member and Overseer ofFinance Club, ” The New 石襯い , April 27 , 2009. [13]Center for ResponsibIe Politics and Public Citizen, report, T んビル 'a ⅲ g / 0 れ Po 豆 , June 3 , 20m. [14]Kevin O'Connor, 、、 Big Bank Takeover: How Too-Big-To-Fail's Army ofLobbyists Has Captured 、 vashington,"lnstitute for America's Future, May IO, 2010. http://www.ourfuture.org/ files/documents/big-bank-takeover-fi nal.pdf. "For Lobbyists , Banks T 叩 Washington Pipeline, Report Finds," The ル朝加 g 〃 Po , May 11 , 2 田 0. Center for Responsive Politics, "Lobbying: Finance, lnsurance & Real Estate, Sector Profiles 2009 & 2010 " http://www.opensecrets.org/lobby/ indus. php?id=F&year=2010. DealBook, ” Minting Bank Lobbyists on C 叩 itol H Ⅲ , ” T んビ New 石襯い , ApriI 13 , 2010 ; Erika LovIey, "Washington Draws Ex-Lawmakers," Politico, June 3 , 2010. [15]Johnson, 、、 Quiet Coup. [16]Ibid. [17]Warren Buffett, 、℃ hair-man's Letter, ” Berkshire Hathaway annualreport, 2002 , http: 〃 www.berkshirehathaway.com/ [18]BrooksIey Born, testimony, House Committee on Banking and Financial Services, October 1 , 1998 , http://www.cftc.gov. [19]Brady Dennis and Robert O'Harrow, Jr. , "A Crack in the System," 〃肥ル、んⅲ g 〃 Po 豆 , December 30 , 2008 ; ManueI R0ig-Franzia, 、、 Credit Crisis Cassandra, ”アんに、ん〃 g / 0 〃 Po 訂 , May 26 , 2009. 卩 0 lJohn Reed, interview, December 18 , 2002. 卩 1 ]NathanieI C. Nash, "Banks Ask Fed for Power tO Underwrite Securities, ” T んビ New ) わ′ん 石川い , October 26 , 1988 ; and Federal Reserve press release announcing proposed revision Of regulation, raising tO 25 percent from ー 0 percent the percentage Of tOtal revenues that commercial banks may derive from underwriti ng and securities dealings, December 20 , 1996 , effective March 6 , 円 97. [221Reed, interview, December 18 , 2002 ; Carol Loomis and James Aley, 、、 'One HeIluva Candy Store!' That's What SandyWeill Called the MegameId 0f his Travelers Group and J0hn Reed's 19 6

Princeton, NJ: Princeton Un iversity Press , 2008 ). [20]WiIIiam Greider, Ⅲん 0 Ⅲ襯花〃〃 P 0 がに The B ビなのⅥ / 可、 .4 襯夜・た an D ビ川 00m0 , (New York: Simon & Schuster, 1992 ) , 20. [21]John McCain, CNN AllPolitics, June 30 , 1999. 卩2] 、、 Lobbying Database," Center for Responsive Politics, based on data from the Senate Office of PubIic Records, January 引 , 2011 , http://www. opensecrets.org/.lobby/index.php; Lee Jared Drutman, 7 ' ん e B わ肥可、 .4 川夜・た 4 ム 0 わⅲ g , online doctoralthesis (Berkeley: University of CaIifornia at Berkeley, Fall 2010 ) , 5 , 140-141 , http://www.leedrutman.com/ [231"Lobbying Database": With this database, the Center for Responsive Politics covers lobbying expenditures from 1998 through 20 Ⅱ for thirteen sectors—Labor; 。、 ldeology," or single-i ssue lobbying; 、 'Other"; and ten business-related categories (listed in descending order oftheir lobbying expenditures): HeaIth; Miscellaneous Business; Finance/lnsurance/Real Estate; Communications/Electronics; Energy/Natural Resources; Transportation; Agribusiness; Defense; Construction; and Lawyers&Lobbyists. That database shows business lobbying expenditures from 1998 through 20m of $ 28 , 562 , 488 , 910 , compared with $ 492 , 244 , 499 for 信 bor. ln all, business group s accounted for 85. 引 percent of the totallobbying expenditures and labor for L48 percent for those twelve years. [24]Drutman, thesis, 117. [25]William H. Branson, Herbert Giersch, and Peter G. Peterson, "Trends in United States lnternational Trade and lnvestment Since 、 Morld War Ⅱ , " in 〃に襯夜・た 4 ″ Eco 〃 0 ″Ⅳ加ルのハ / - 行 0 〃 , ed. Martin FeIdstein (Chicago: University Of Chicago Press, 198 のヨ 83 -84. [26]CharIes S. Maier, .4 襯 0 〃 g E 襯〃かい . ・ , 4 川群ツ ca 〃 覊ビ〃 d ロ〃イ / な尾施 ce 、” 0 な (Cambridge, MA: Harvard University Press, 2006 ) , 255. [27]David Leonhardt, 。、 The German Example," T んビ ルビ w ) の欣乃襯 , June 8 , 2011 ; Steven Rattner, "The Secrets ofGermany's Economic Success: What Europe's Manufacturing Powerhouse Can Teach America," Foreign イ〃 90 , no. 4 (July- August 20 Ⅱ ) ; LesIie H. GeIb, 、、 What Germany's Economy Can Teach US, ” DaiIy 召ビの / , June 5 , 2011 , http://www.thedailybeast.com/ Kevin Phillips, ル 2 記の D ビ〃 wcracy. ・ , 4 Po / ⅲ c 記〃な - ね可、巳 4 襯夜・た〃犬たん (New York: Broadway Books, 2003 ) , 163. [28]The U. S. trade deficits totaled $ 6 trillion from 2000 through 2010. Germany's trade surplus totaled $ 2 trillion. "U. S. Trade in Goods and Services, BaIance ofPayment Basis, 1960-20 Ⅱ , ' U. S. Census Bureau, Foreign Trade Division, March 9 , 20 に , http://www.census.gov/foreign- trade/statistics/hi storical/gands. pdf; German Office ofFederal Statistics, 、 'Foreign Trade Data: OveraII DeveIopment in Foreign Trade Since 1950 , " Statistisches Bundesamt, DeutschIand, February 21 , 2 田 2 , http://www. destatis. deDocument2. [ 29 ]Leonhardt, 、、 German ExampIe"; Robert B. Reich, "The Limping Middle Class, ” T んビ New ⅸ乃襯い , Sunday Review, September 4 , 201L 卩 0 Ⅱ n U. S. nonfarm payroll of 131.6 million, the Bureau ofLabor Statistics listed Ⅱ .8 million in manufacturing in September 2011 : "The EmpIoyment Situation, September 20 Ⅱ , ” October 7 , 20 Ⅱ , http://www.bls.gov. For German figures, see U. S. Bureau ofLabor Statistics, 方″のⅱ 0 〃ロ / .4 可 d ねし & Co 〃 c 罕な , ノ 0 Co 〃厩いノ 970- 2 似 0 , table 2-8 , 、、 Percentage ofEmployment in Manufacturing," March 30 , 20 Ⅱ , 23 , http://www. bls. gov/fls/flscomparelf/lfcompendium. pdf. [31]MarcusWaIker, "ls Germany Turning into the Strong Silent Type? ” T んビ朝〃 & 尾 et. / 0 ″翔記 , JuIy 27 , 20 Ⅱ ; Gelb, 。、 What Germany's Economy Can Teach Obama. 卩 2]Neither ordinary Americans nor experts agree on what constitutes the U. S. middle class. ln opinion polls, close t0 half0fAmericans, from people wh0 make $ 45 , 000 a year to those who make $ 200 , 000 , call themselves middle class. The U. S. Census Bureau reports the median household income—right in the middle—was $ 49 , 445 in 2010 and that 80 percent ofall U. S. families had household incomes below $IOO 065. TypicaIly, economists divide the current U. S. population 0f 引 2 million into income quintiles, or fifths. ln its income analysis, the Congressional Budget Office uses four groupings: the bottom fifth; the three middle fifths; the top fifth, and the top 1 percent—corresponding tO lower-income, middle-income, and upper-income groupings, plus the super-rich. At the high end, income analysts such as Emmanuel Saez 0f the University Of CaIifornia at Berkeley separate the top 10 percent 310

原注 [4]Ben Stein, 、、 ln Class Warfare, Guess Which CIass ls Winning, ” T んビルビⅣ ) の石川い , November 26 , 2006. [5]Citigroup, "PIutonomy: Buying Luxury, ExpIaining G10baIImbaIances," October , 2005. 恒 ]Citigroup, "Revisiting PIutonomy: The Rich Getting Richer," March 6 , 2006 , http://www.ifg. org ・ ロ ] paul Krugman , 、、 Graduates Versus Oligarchs," T んビ New 石川 , February 27 , 2006 ; Stiglitz, "lnequality. ' [81David Hirschman, 、 'The New Wave of Affluence,"AdvertisingAge, May 23 , 20 Ⅱ ; David Hirschman, 、、 On the Road to Riches," May 22 , 20 Ⅱ ,. 4 イ .4ge blogs, http://adage.com/ [9]Stephanie Clifford, 、、 Even Marked Up, Luxury Goods FIy offShelves," 月肥 New Yo 石川 e August 4 , 201L [10]Be 可 amin I. Page and Lawrence R. Jacobs, C ル加・ ? ルん .4 襯夜・のハ火ビ記仕 T ん〃 kA わ 0 Economic 加ビ 9 ″ロ〃り , (Chicago: University of Chicago Press, 2009 ) ; lnequality Survey, 37-38 , pay data cited from simplyhired.com/ November 8 , 2007 , and Corporate Library Survey reported at aflcio.org/corporatewatch/paywatch. [11]Page and Jacobs, C ん初・ ? , 41. [121Benjamin M. Friedman, T んビ Mo 川 / Co ← 9 ″夜可五 00 〃 0 川た Growth (New York: Alfred A. Knopf, 2005 ) , Ⅱ 6-120 ; Paul Krugman, "The Third Depression, ” TheNew 石襯い , June 27 , 2 田 0. [13]EmmanueI Saez, 、、 Striking lt Richer: The EvoIution ofTop lncomes in the United States,' JuIy 17 , 2010. [141EmmanueI Saez, 、、 Striking lt Richer: The EvoIution ofTop lncomes in the United States ” (updated with 2009 and 2010 estimates), March 2 , 2012. The calculations ofEmmanuel Saez and Thomas Piketty cited throughout this book are based on salary, bonuses, and capital gains income—all inclusive. See alSO Shaila Dewan and Robert Gebeloff, "One Percent, Many Variations," 〃 1 の V ビ w ) ' 0 石川い , January 15, 2 田 2. The 石川い noted there were various ways of calculating income and reported that the FederaI Reserve Survey Of Consumer Finances set the cutofffor the top ー percent at $ 690 , 000 in 2007 , the latest year for which FederaI Reserve data is available. Econom ists at the Tax POIicy Center and Other institutions have developed figures close 301 to $ 600 , 000. [151Frank, c んな″ , 3. [16]Saez, 、、 Striking lt Richer, ”尸ロ w の財åg 礰ⅲ巳 [17]Saez, "Striking ItRicher," update, March 2 , 2012. [18]Ibid. , figure 3. [19]David Cay Johnston, 、 'Scary New Wage Data," October 24 , 2010 , http://www.tax.com/ [ 201"Pay of Hedge Fund Managers Roared Back Last Year," 7 ' んビ New ⅸ石川い , April 1 , 2010. 卩 1 ] Gregory Zuckerman, 。、 Trader Racks Up a Second Epic Gain," 〃尾ノ 0 Ⅲ・〃 4 / , January 28 , 20 Ⅱ . [22]Frank, 犬たんな″ , 3-12 ; see chart, 6. [23]Frank, 火たん立 an , Ⅱ -12. [24]Tony Judt, 7 ″ Fa 尾ビ Land(New York: Penguin Group, 2010 ) , . [251Frank, 犬んな〃 , 8-12. [ 26 ]Matthew Symonds, 、、 Absolutely Excessive,' ⅲり , Fair, October 2005. [271Robert H. Frank, 、、 Why 2 Paychecks Are Barely Enough, ” T んビ New 石い , Sunday Business, January 1 , 2012. [ 28 ]Abramowi レ and Montgomery, 、、 Bush Addresses lncome lnequality. ' [ 29 ] W Ⅲ Hutton, 、、 Log Cabin to White House? Not Any More," ア 0 房ビハ℃ April 28 , 2002 , http://www.observer.co.uk.com/ent/ story / 0 , 6903 , 706484 , 00. htm Organisation for Economic Co-operation and Development, 、、 Divided We Stand: Why lnequality Keeps Rising,". 4 〃 0 怩 r ⅵビ w 可、 Growing 加 CO 〃肥 加ビ / ⅲいⅲ OECD CO 〃″・ & ・ Main ん〃 d ⅲ g 、 , accessed December6, 20 Ⅱ , http: 〃 www.oecd.org/ dataoecd / 40 / に / 4 ⅵ 70449. pdf. 卩 0 ] Hacker and Pierson, Ⅲⅲ〃夜・ - ん〃 Po / ⅲい , 34-40. [3111bid. , 35-38. [32]Larry MisheI, interview, JuIy 10, 2010. [331David Cay J0hnston, ( / と c ん eg ロた 7 方に Co- Ca 川〃ⅲ g 〃ね Rig 0 〃ド Tax をい m 召の 肪に & 甲夜・犬たん一の C んに E 怩わ 0 め , E な (New York: Penguin Gro 叩 , 2003 ) , 11. [34]Thomas L. Hungerford, "An Analysis ofthe 、 Buffett Rule,' ' ' CongressionaI Research Service, October 7 , 20 Ⅱ , fpc. state. gov. 卩 5 ] U. S. Treasury Department, 、℃叩 it 引 Gains and Taxes Paid on Capital Gains fo 「 Returns with Positive Net C 叩 ital Gains, 1954-2008 , ” http:// www.ustreas.gov/offices/tax-policy/library/

原注 on Executive Pay," ん 0 、 .4 〃 g イい石襯い , March 9 , 2007. 卩 6]Thomas, "SharehoIder Vote on Executive Compensation Act," HR1257 , BiII Summary and Status, 1 1 Oth Congress, Library of Congress , accessed October 24 , 2011 , http://Thomas.loc.gov. [37] 、 'New Rule Tries to Rein ln the pay of Corporate Executives," ん 0 」〃 g ビた、石襯ビ January 25 , 2011. [38]BarteIs, Unequal Democracy, 253-54. [39]Martin Gilens, 、、 lnequality and Democratic Responsiveness," special issue, p ″わ〃 C 0 わⅳ 0 ″ 0 ″ art の・ 69 , no. 5 ( 2005 ) : 778-96. [40]Page and Jacobs, C / の、 4 切 ? , 93. [41]James R. Repetti, 、、 Democracy, Taxes, and ・ WeaIth, ” Research P 叩 er No. 2001-03 (Newton, MA: Boston College Law School, June 凵 , 2011 ) , 8 引 . [42]Torsten Persson and Guido Tabellini, 、、 Growth, Distribution, and Politics, ” in PO 〃〃 - c ECO 〃 0 襯 , Growth, の召ⅲ e CY ℃ les, ed. Alex Cukierman, Zvi Hercowirtz, and Leonardo Leiderman (Cambridge, MA : Massachusetts lnstitute of TechnoIogy Press, 1992 ). 3 ] A n Greenspan, remarks, CounciI on Foreign ReIations, March 15 , 2011 , http://www.cfr. org; Green-span, citing Federal Reserve data, in 、、 Activism," カ″の・〃ロ行 0 〃ロ / Finance 14 , no. 1 (October 20 Ⅱ ) : 165-82 , http://onlinelibrary.wiley. com. [44]James Livingston, 、、 lt 's Consumer Spending, Stupid," The ルに w York 石′〃 , October 25 , 20 Ⅱ . [45]NeIson D. Schwartz, 、 'As Layoffs Rise, Stock Buybacks Consume Cash, ” The New 物乃川 , November 2 し 201L [ 46 IA lan Krueger, 、、 The Rise and Consequences of lnequality in the United States," remarks, Center for American Progress, January 12 , 20 に , http:// WW 、 V. amencanprogress.org/ [47]David Leonhardt, 、、 We 代 the Bush Tax Cuts Good for Growth? ” The ルに w York 石襯 , November , 2010. [48]President Barack Obama, "lnvesting in America: A CNBC Town Hall Event with President Obama," September 20 , 2010 , http:// WW 、 V. cnbC.com/ [49]President Barack Obama, press conference, December 7 , 2 田 0 , White House transcript. [50]CNN Opinion Research Poll, November ロ , 2010 , http://i2.cdn.turner.com/cnn/2010/ 197 images/Il/17/re116e. pdf. CNN found 49 percent opposed tax cuts for people making over $ 250 , 000 a year; 15 percent opposed any tax cut; 64 percent in all opposed tax cuts for upper income brackets. See also BIoomberg News Poll, December 4-7 , 20m , http://media.bloomberg.com/ [51]Bruce Bartlett, 、、 Supply-Side Economics, R.I.P," C 叩 ital Gains and Games og , October l(), 2009 , http://www.capitalgainsandgames.com/ [52]"The Giving Pledge,". 4 召 C 励な 2 既 November 28 , 2010. [531Van Dongen, interview, April 25 , 201L 4 ] U. S. Chamber ofCommerce, 、、 Jobs for America: An Open Letter to the President of the United States, the United States Congress, and the American PeopIe," July 14 , 20m , http://www. uschamber.com/ に5] 、、 Bush Scores Win on Tax Cuts," CQAlmanac 2003 (Washington, DC: Congressional Quarterly, 2004 ) , http://www.cqpress.com/ Edmund L. Andrews, 、、 Greenspan Throws Co Water on Bush Arguments for Tax Cut," The ルに w 石襯 , February 12 , 2003 ; "NobeI Laureates , 450 Other Economists Fault Bush Tax Plan,' Economic PoIicy lnstitute, February 10 , 2003 , http://www.epi.org/ 、 'A Tax BiII, FuII ofBreaks, Passes Senate, ” T んビⅣビル石襯ぃ , October 12 , 2004 ; "Buffett Slams Dividend Tax Cut," CNNMoney.com/ May 20 , 2003 , http://money. cnn. C0ーれ . [56]Jeanne Cummings, 、、 Business Pushes to Extend Tax Cuts, ” 0 / ⅲ co , September 凵 , 20m , http:// WW 、 V. politico.com/ [ 5 刀 RepubIican letter to Majority Leader Harry Reid, Co れ g 尾〃 eco ぉ d , S8327 , December, 1 , 2010 , http://www.gpo・ gov ・ [ 58 lPresident Barack Obama, press conference, December 7 , 2010 ; 、、 Obama Defends Tax Deal, but His Party Stays HostiIe, ”アんビルビル ) ' 0 石〃肥、 , December 8 , 2010. [59]David M. Herszenhorn, 、℃ ongress Sends $ 8 田 BiIIion Tax Cut Bill to Obama," T 力にルビ w 乃ぃ , December 16 , 2 田 0. [60] 、、 Obama Tax Deal Wins praise from Business- Lobby Critics," Bloomberg, December 7 , 2010 , http://www.bloomberg.com/ [61]Van Dongen, interview, April 25 , 20 Ⅱ . 第 1 0 章中央政界とウォール街の枢軸 [1]Thomas Jefferson い John Taylor, May 28 , 1 新 6 ,

America, December 17 , 2 田 0 , http://www.psca. org ・ [32]"Retirement Plans Make Comeback, with Limits," 励に朝″ & 尾可 . / 0 〃” 1a / , June 14 , 20 Ⅱ . [33]John BogIe, interview, December 12 , 2 田 0. [341John Bogle, testimony, House Committee on Education and Labor, February 24 , 2009 , http://johncbogle.com/wordpress/wp-content/ upIoads/2009/03/statement2009. pdf ; Hamilton, interview, December 8 , 2010. [3511bid. [36]Ibid. [37]VanDerhei, email, July 20 , 2 田 0. 卩 8]Eschtruth, email, December 15, 20m. [391Rich Kidner, interview, July に , 2010. [40]Ibid. [41]DaIIas Salisbury, interview excerpt from Front- ル肥 , 、℃ an You Afford to Retire? ' ' November 9 , 2005. [ 42 ] Brooks Ham ilton, interview excerpt from F ド 0 〃〃加に , "Can You Afford to Retire? ” [43]Andrea Coombes, 、、 U. S. Retirement lncome Deficit: $ 6.6 Trillion," Ⅲ & / ・んん September 15 , 2010, http://www.marketwatch. com. [44]Anthony Webb, interview, January 20 , 20 Ⅱ . [451The Pension Benefit Guaranty Corporation gave an estimate 0f $ 504 billion. P ⅵ 0 〃方いⅢ・ - ance Data 召 00 ん 2009 14 (Summer 2010 ) : table S -49 , http://www.pbgc.gov・ [461Peter Whoriskey, "Economists: State, Local Pension Funds Understate ShortfaII by $ 1.5 Trillion 町 Mo 代 , ' ' The ル ra 訪ⅲ g / 0 〃 Po 評 , March 3 , 20 Ⅱ . 7 ] Bog 厄 , interview, December に , 20m. [481Benna, in OIshan, 、 'Father ofthe 401(k)'s Tough l_,ove. ' [ 49 lThomas C. Scott, 、、 The Risk-Averse Future, ”ⅲ "Room for Debate, ” T んにルに w Yo 石襯ぃ , online running commentary on the news, March 25 , 2009 , http://www.nytimes.com/roomfordebate. [50]Press release, 、、 54th AnnuaI Survey ofProfit Sharing and 401 ( k ) PIans. " [511Schurenberg, 、、 The 401(k) Has Failed. '' [ 52 ] 、、从 / orking in Retirement ls the New Normal for MiddIe Class Americans, Wells Fargo Retirement Survey Finds," Business Wire, December 8 , 20m , http://www.businesswire.com/ [53]Maria Heidkamp, Nicole Corre, and Carl E. Van Horn, "The 、 New Unemployables,' lssue BriefNo. 25 (Chestnut Hill, MA: Sloan Center on Aging & Work at Boston COIIege, November 2 田 0 ). [54]KeIIy Greene and Anne Tergesen, 、、 More Elderly Find They Can't Afford Not to Work, ” 7 ' んビ 'a 〃 & 尾ノ 0 ″閉記 , January 2 し 20 に . [55]Excerpt ofinterview ofTeresa Ghilarducci, for the F 川〃市〃ビ program 、℃ an You Afford to Retire? ' ' February に , 2006 , http://www.pbs.org/ frontline. [561Excerpt ofinterview ofAnna Sullivan for the F 川〃市〃 e program "Can You Afford to Retire? ” February 13 , 2006 , http://www.pbs.org/frontline. [57]Karen Friedman, interview, December 6 , 2 田 0. [58]MunneII, interview, December 8 , 20m. [ 59 ] Bog 厄 , testimony, February 24 , 2009. [601Teresa Ghilarducci, testimony, House Education and Labor Committee, October 7 , 2008 ; Jacob F. Kirkegaard, 、、 Stop Rewarding the Wealthy," Peterson lnstitute for lnternational Economics, in 、、 Room for Debate," 7 ' んビ New ) ' 0 石川い , online commentary, March 25 , 2009 , http: 〃 www.nytimes.com/roomfordebate. 第 13 章住宅強盗 い ] President George W. Bush, remarks on home ownership, Atlanta, GA, June 17 , 2002 , http:// georgewbush-wh itehouse. arch ives. gov. [2]EIiseo Guardado, interview, October 3 , 2010. [31Kathryn Keller, interview, August 9 , 2010. 国 ] B 代 Heller, interview, August 4 , 2010. [ 5 ] Bre Hel ler, email to Florida Attorney General's Office, October 22 , 2008. [6]HeIIer, interview, August 4 , 20m. [7]CoreLogic reported that Ⅱ .2 million homes, 24 percent ofresidential properties with mortgages, were ⅲ negative equity on March 引 , 2010 ; CoreLogic, 、、 Re 引 Estate News and Trends : New CoreLogic Data Shows Decline in Negative Equity, ” media alert, May 10, 20m , www. corelogic.com/about-us/researchtrends/asset upIoad_file155 1435. pdf. [ 8 lHel ler, interview, August 4 , 2010. [9]Robin Updike, 、、、 Friend ofthe Family' 、 Mashington MutuaI New TV Ads Focus on 'The LittIe Guy,' " SeattIe 石襯い , September 3 , 1991. [ 10 ル ee Lannoye, interviews, August 27 , 2010 , and September 27 , 2010. Sen. CarI Levin, summarizing the investigation ofWashington Mutual by the S enate Permanent lnvestigations 191