Boom and Bust

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  • Format: Paperback
  • Copyright: 2010-10-01
  • Publisher: Aei Pr

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The cyclical nature of market economies is as old as the markets themselves. In a free market system, financial downturns inevitably accompany economic prosperity. So, while it is helpful to understand what causes these downturns, the more important questions to consider are "What makes the 'boom and bust' cycle so predictable?" and "What are the ethical responsibilities of the citizens of a free market economy?"

Author Biography

Alex J. Pollock spent thirty-five years in the banking industry before becoming a resident scholar at the American Enterprise Institute, where the researches housing finance, government-sponsored enterprises, corporate governance, and the banking system. He is a director of the Chicago Mercantile Exchange and the International Housing Union for Housing Finance.

Table of Contents

Forewordp. ix
Nothing New under the Financial Sunp. 01
The Disturbing Experience of Watching Your Friends Get Richp. 09
All Too Humanp. 15
The "Minsky Moment"p. 17
Panicp. 21
"Liquidity" and the Plank Curvep. 26
Bubbles and Economics: Confounding Isaac Newtonp. 31
Is Economics a Science?p. 34
Did They Really Believe House Prices Couldn't Go Down?p. 39
A $5 Trillion Government Failurep. 43
Expanding "Access" to Mortgages: Be Careful What You Wish Forp. 45
The GSE "Risk Turkey"p. 46
The Yin and Yang of Two Big Balance Sheetsp. 49
The Price You Never Thought You'd Have to Payp. 51
Everybody Can't Deleverage at Oncep. 52
Bailoutsp. 54
Bailout History Repeatsp. 56
Taxpayers as Investorsp. 57
The Golden Age of Government Regulation?p. 61
Sensible Improvementsp. 64
Taking Risks, Taking Responsibilityp. 71
Clear and Straightforward Informationp. 72
Can You Regulate Systemic Risk When You Are the Systemic Risk?p. 77
A Systemic Risk Regulator?p. 78
A Systemic Risk Advisorp. 81
About the Authorsp. 85
Endnotesp. 86
Table of Contents provided by Ingram. All Rights Reserved.

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