Boom and Bust Financial Cycles and Human

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?"

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.

Foreword	p. ix
Nothing New under the Financial Sun	p. 01
The Disturbing Experience of Watching Your Friends Get Rich	p. 09
All Too Human	p. 15
The "Minsky Moment"	p. 17
Panic	p. 21
"Liquidity" and the Plank Curve	p. 26
Bubbles and Economics: Confounding Isaac Newton	p. 31
Is Economics a Science?	p. 34
Did They Really Believe House Prices Couldn't Go Down?	p. 39
A $5 Trillion Government Failure	p. 43
Expanding "Access" to Mortgages: Be Careful What You Wish For	p. 45
The GSE "Risk Turkey"	p. 46
The Yin and Yang of Two Big Balance Sheets	p. 49
The Price You Never Thought You'd Have to Pay	p. 51
Everybody Can't Deleverage at Once	p. 52
Bailouts	p. 54
Bailout History Repeats	p. 56
Taxpayers as Investors	p. 57
The Golden Age of Government Regulation?	p. 61
Sensible Improvements	p. 64
Taking Risks, Taking Responsibility	p. 71
Clear and Straightforward Information	p. 72
Can You Regulate Systemic Risk When You Are the Systemic Risk?	p. 77
A Systemic Risk Regulator?	p. 78
A Systemic Risk Advisor	p. 81
About the Authors	p. 85
Endnotes	p. 86
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Boom and Bust Financial Cycles and Human Prosperity

Summary

Author Biography

Table of Contents

Supplemental Materials