Living in the Post-Bubble World, Part Two: Something New or Business as Usual?
John H. Makin, Desmond Lachman, Alex J. Pollock
March 29, 2011

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The dominant factor in today's politics of finance is that we are living in the aftermath of the twenty-first-century bubble. In both the United States and Europe, debt was built on asset prices that no longer exist. Write-offs of the resulting losses are far from complete; the involved parties are now vigorously disputing who gets to take the inevitable losses. How big are these losses? What kinds of financial systems, banking, mortgage securitization, central banking, and related economic effects can we expect in the post-bubble world? Will we find something new or just business as usual? Our panel of experts will address these and related questions.
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About the Author

 

John H.
Makin

  • John H. Makin is a resident scholar at the American Enterprise Institute (AEI) where he studies the US economy, monetary policy, financial markets, corporate taxation and banking. He also studies and writes frequently about Japanese, Chinese and European economic issues.

    Makin has served as a consultant to the US Treasury Department, the Congressional Budget Office, and the International Monetary Fund. He spent twenty years on Wall Street as the chief economist, and later as a principal of Caxton Associates a trading and investment firm. Earlier, Makin taught economics at various universities including the University of Virginia. He has also been a scholar at the Bank of Japan, the Federal Reserve Bank of San Francisco, the Federal Bank of Chicago, and the National Bureau of Economic Research. A prolific writer, Makin is the author of numerous books and articles on financial, monetary, and fiscal policy. Makin also writes AEI's monthly Economic Outlook which pairs insightful research with current economic topics.

    Makin received his doctorate and master’s degree in economics from University of Chicago, and bachelor’s degree in economics from Trinity College.

  • Phone: 202-862-5828
    Email: jmakin@aei.org

  • Assistant Info

    Name: Daniel Hanson
    Phone: 202-862-5883
    Email: daniel.hanson@aei.org
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Desmond
Lachman
  • Desmond Lachman joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund's (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.
  • Phone: 202-862-5844
    Email: dlachman@aei.org

  • Assistant Info

    Name: Daniel Hanson
    Phone: 202.862.5883
    Email: Daniel.Hanson@aei.org
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Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is the lead director of CME Group, a director of Great Lakes Higher Education Corporation and the International Union for Housing Finance, and chairman of the board of the Great Books Foundation.

    CLICK HERE TO DOWNLOAD ALEX POLLOCK'S ONE-PAGE MORTGAGE FORM
  • Phone: 2028627190
    Email: apollock@aei.org

  • Assistant Info

    Name: Emily Rapp
    Phone: (202) 419-5212
    Email: emily.rapp@aei.org
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