Living in the Post-Bubble World, Part Two: Something New or Business as Usual?
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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.
1:45 p.m.



ALLAN MENDELOWITZ, Federal Housing Finance Board


MARK TENHUNDFELD, American Bankers Association



Question and Answer

Event Contact Information
Steffanie Hawkins
1150 Seventeenth St., NW
Washington, DC 20036
Phone: 202-862-5212
Media Contact Information
Veronique Rodman
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-4870

Desmond Lachman joined AEI as a resident fellow after serving as a managing director and chief emerging-market economic strategist at Salomon Smith Barney. He previously was deputy director in the International Monetary Fund’s Policy and Review Department and was active in staff formulation of the organization’s policies toward emerging markets. Mr. Lachman has written on topics such as economic policy, fund arrangements, monetary reform, import restrictions, and exchange rates. At AEI, he studies major emerging-market economies and the role of multilateral lending institutions.

Vincent R. Reinhart
, a former director of the Federal Reserve Board’s Division of Monetary Affairs, joined AEI in 2008 after working on domestic and international aspects of US monetary policy at the Fed for more than two decades. He held a number of senior positions in the Monetary Affairs and International Finance Divisions and served for the last six years of his Federal Reserve career as secretary and economist of the Federal Open Market Committee. Mr. Reinhart worked on topics as varied as economic bubbles and the conduct of monetary policy, auctions of US Treasury securities, alternative strategies for monetary policy, and the efficient communication of monetary policy decisions. At AEI, he has continued his work on all the above in addition to research on key economic variables before and after adverse global and country-specific shocks, policy mistakes leading to the 2007–2009 financial meltdown, and the implementation and impact of quantitative easing.

Allan Mendelowitz
is a founding member of the Committee to Establish the National Institute of Finance. Previously, he served on the board of directors of the Federal Housing Finance Board from 2000 to 2009 (and as the board’s chairman from 2000 to 2001), and he was the executive director of the US Trade Deficit Review Commission, a congressionally appointed bipartisan panel. Mr. Mendelowitz has also been vice president of the Economic Strategy Institute and an executive vice president of the Export-Import Bank of the United States. From 1981 to 1995, he was managing director for international trade, finance, and economic competitiveness at the US Government Accountability Office. Mr. Mendelowitz was formerly an economic policy fellow at the Brookings Institution and on the faculty of Rutgers University. His articles have appeared in the Journal of Business, National Tax Journal, the Journal of Policy Analysis and Management, the Financial Times, and American Banker.

Mark Tenhundfeld is senior vice president at the American Bankers Association (ABA), where he manages the Office of Regulatory Policy, the Center for Risk Management Policy, and the Center for Securities, Trust, and Investments. He came to the ABA in 2006 from Promontory Interfinancial Network, where he served as general counsel. Before his time at Promontory, Mr. Tenhundfeld was general counsel to the Federal Housing Finance Board and worked in the legal divisions of the Federal Reserve Board and the Comptroller of the Currency. He has also represented financial institutions in transactional and compliance matters as a partner in the law firm Miller, Hamilton, Snider and Odom LLC (now Jones, Walker). 

Thomas Zimmerman is a managing director at UBS AG. He has been involved in managing the firm’s research efforts on asset-backed and mortgage-backed securities for the past eleven years. Before joining UBS, Mr. Zimmerman managed the research groups on asset-backed and mortgage-backed securities at Prudential Securities and Chemical Bank. He started his research career as a vice president in the mortgage-research department at Salomon Brothers. His research has appeared in numerous fixed-income publications and industry reference works. Mr. Zimmerman was a member of the UBS research team that consistently ranked first in the annual Institutional Investor survey of fixed-income analysts.
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AEI Participants


  • 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
  • Assistant Info

    Name: Emma Bennett
    Phone: 202.862.5862


John H.
  • 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.

    Follow John Makin on Twitter.

  • Phone: 202-862-5828
  • Assistant Info

    Name: Brittany Pineros
    Phone: 202-862-5926


Alex J.
  • Alex J. Pollock is a resident fellow at the American Enterprise Institute (AEI), where he studies and writes about housing finance; government-sponsored enterprises, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks; retirement finance; and banking and central banks. He also works on corporate governance and accounting standards issues.

    Pollock has had a 35-year career in banking and was president and CEO of the Federal Home Loan Bank of Chicago for more than 12 years immediately before joining AEI. A prolific writer, he has written numerous articles on financial systems and is the author of the book “Boom and Bust: Financial Cycles and Human Prosperity” (AEI Press, 2011). He has also created a one-page mortgage form to help borrowers understand their mortgage obligations.

    The lead director of CME Group, Pollock is also a director of the Great Lakes Higher Education Corporation and the chairman of the board of the Great Books Foundation. He is a past president of the International Union for Housing Finance.

    He has an M.P.A. in international relations from Princeton University, an M.A. in philosophy from the University of Chicago, and a B.A. from Williams College.

  • Phone: 202.862.7190
  • Assistant Info

    Name: Emily Rapp
    Phone: (202) 419-5212
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