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630 Notes to Chapter 21

48. “Moody’s/REAL Commercial Property Price Indices, December 2010,” Moody’s Investors Service
Special Report, December 21, 2010; Moody’s Investors Service, “US Commercial Real Estate Prices Rise
1.3% in October,” December 20, 2010.
49. Congressional Oversight Panel, “Commercial Real Estate Losses,” February Oversight Report,
February 10, 2010, pp. 2–3.
50. Dr. Kenneth T. Rosen, chairman, Fisher Center for Real Estate and Economics, University of Cali-
fornia at Berkeley, slides in testimony before the FCIC, First Public Hearing of the FCIC, day 1, panel 3:
Financial Crisis Impacts on the Economy, January 13, 2010.
51. Elizabeth McNichol, Phil Oliff, and Nicholas Johnson, “States Continue to Feel Recession’s Im-
pact,” Center on Budget and Policy Priorities, December 16, 2010.
52. Bruce Wagstaff, Sacramento Countywide Services Agency, testimony before the FCIC, Hearing on
the Impact of the Financial Crisis—Sacramento, session 4: The Impact of the Financial Crisis on Sacra-
mento Neighborhoods and Families, September 23, 2010, transcript, p. 234.
53. Sujit CanagaRetna, interview by FCIC, November 18, 2010.
54. McNichol, Oliff, and Johnson, “States Continue to Feel Recession’s Impact.”
55. “NCSL Fiscal Brief: Projected State Revenue Growth in FY 2011 and Beyond,” National Confer-
ence of State Legislatures, September 29, 2010, p. 1.
56. Ibid.
57. State of California, Legislative Analyst’s Office, “The 2011–12 Budget: California’s Fiscal Outlook.”
58. Kaiser Commission on Medicaid and the Uninsured, “Medicaid Enrollment: December 2009 Data
Snapshot,” September 2010, pp. 1, 3.
59. Kaiser Commission on Medicaid and the Uninsured, “Hoping for Economic Recovery, Preparing
for Health Reform: A Look at Medicaid Spending, Coverage and Policy Trends,” September 30, 2010,
pp. 16, 25.
60. National League of Cities, “Recession’s Effects Intensify in Cities,” October 6, 2010.
61. Christopher W. Hoene and Michael A. Pagano, “City Fiscal Conditions in 2010,” National League
of Cities, October 2010, p. 3.
62. Ibid., pp. 7, 2.
63. Alan S. Blinder and Mark Zandi, “How the Great Recession Was Brought to an End,” Moody’s An-
alytics, July 27, 2010, p. 1.
64. Donald L. Kohn, vice chairman, Federal Reserve Board of Governors, “The Federal Reserve’s Pol-
icy Actions during the Financial Crisis and Lessons for the Future,” speech at Carleton University, Ot-
tawa, Canada, May 13, 2010.
65. U.S. Department of the Treasury, Office of Financial Stability, “Troubled Asset Relief Program:
Two Year Retrospective,” October 2010, p. 8.
66. Congressional Budget Office, “Report on the Troubled Asset Relief Program,” November 2010.
67. White House Office of Management and Budget, FY2011 Budget Historical Tables, Section 1,
Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (–):1789–2015, Total Budget Deficit.
68. FDIC, “Failed Bank List.”
69. “Quarterly Banking Profile: Third Quarter 2010,” FDIC Quarterly 4, no. 4 (2010): 4.
70. FDIC, “Quarterly Banking Profile: First Quarter 2009,” FDIC Quarterly 3, no. 2 (2009): 1, and
“Quarterly Banking Profile: First Quarter 2010,” FDIC Quarterly 4, no. 2 (2010); Board of Governors of
the Federal Reserve System, Profit and Balance Sheet Developments at U.S. Commercial Banks in 2009.
71. FDIC, Statistics on Depository Institutions, Income and Expense, All Commercial Banks—Assets
more than $1B—National, Standard Report #1 (reports issued on 3/31/2010 and 3/31/2009). Profit is
logged as “Net income attributable to bank.”
72. FDIC, Statistics on Depository Institutions, Income and Expense, All Commercial Banks—Assets
less than $100M and Assets $100M to $1B; Standard Report #1 (reports issued on 3/31/2010 and
3/31/2009). Profit is logged as “Net income attributable to bank.”
73. “Wall Street Bonuses Rose Sharply in 2009,” New York State Comptroller Thomas P. DiNapoli
press release, February 23, 2010.
74. N.Y. State Comptroller Thomas P. DiNapoli, “Economic Trends in New York State,” October 2010.