Healthy Voices Unhealthy Silence or When Washington Shut Down Wall Street

Healthy Voices, Unhealthy Silence: Advocacy and Health Policy for the Poor

Author: Colleen Grogan

Public silence in policymaking can be deafening. When advocates for a disadvantaged group decline to speak up, not only are their concerns not recorded or acted upon, but also the collective strength of the unspoken argument is lessened-a situation that undermines the workings of deliberative democracy by reflecting only the concerns of more powerful interests.

In Healthy Voices, Unhealthy Silence, Colleen M. Grogan and Michael K. Gusmano address issues of public silence through the lens of state-level health care advocacy for the poor. They examine how representatives for the poor participate in an advisory board process by tying together existing studies; extensive interviews with key players; and an in-depth, firsthand look at the Connecticut Medicaid advisory board's deliberations during the managed care debate. Drawing on the concepts of deliberative democracy, agenda setting, and nonprofit advocacy, Grogan and Gusmano reveal the reasons behind advocates' often unexpected silence on major issues, assess how capable nonprofits are at affecting policy debates, and provide prescriptive advice for creating a participatory process that adequately addresses the health care concerns of the poor and dispossessed.

About the Author:
Colleen M. Grogan is associate professor in the School of Social Service Administration at the University of Chicago

About the Author:
Michael K. Gusmano is assistant professor of health policy and management and Lauterstein Scholar in the Mailman School of Public Health at Columbia University

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When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy

Author: William Silber

When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.

William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.

When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.

Table of Contents:

Acknowledgments     xi
Introduction: The Legacy of 1914     1
The Opening Salvo     8
The European Gold Rush     26
The Nightmare of 1907     42
Unlocking Emergency Currency     66
Sterling Steals the Spotlight     86
New Street Defies McAdoo     104
Rescue     116
End Game     131
Birth of a Financial Superpower     151
Epilogue: Blueprint for Crisis Control     173
Notes     177
References     201
Index     207