{"product_id":"surprised-again-the-covid-crisis-and-the-new-market-bubble-paperback","title":"Surprised Again!--The Covid Crisis and the New Market Bubble - Paperback","description":"\u003cp\u003eby \u003cb\u003eAlex J. Pollock\u003c\/b\u003e (Author), \u003cb\u003eHoward B. Adler\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003e\"What will not surprise you is the wisdom, wit, and insight that Alex Pollock and Howard Adler bring to this indispensable guide to financial prophecy. The future may be a closed book, but you must open--and read--this one.\"--James Grant, \u003c\/b\u003e\u003cb\u003e\u003ci\u003eGrant's Interest Rate Observer\u003c\/i\u003e\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cb\u003e\"This book serves as an excellent introduction to modern economics and monetary policy, presenting it cleaner than in any textbook, and with a complete absence of pedantry.\"--\u003ci\u003eLaw \u0026amp; Liberty \u003c\/i\u003e\u003c\/b\u003e\u003cp\u003e\u003c\/p\u003e\u003cb\u003e\"\u003ci\u003eSurprised Again! \u003c\/i\u003ewill demystify finance for students and give experts a deeper understanding of things they thought they knew.\"--Christopher DeMuth, Distinguished Fellow, Hudson Institute and former President, American Enterprise Institute\u003c\/b\u003e\u003cb\u003e\u003cbr\u003e\u003c\/b\u003e\u003cb\u003e\"A masterful survey of the financial sector and its post-COVID dependence on easy money from the Federal Reserve. This book is the first place to turn for a clear exposition of key financial topics--housing, municipal debt, pension funds, student loans, cryptocurrencies, and more. The reader will be surprised yet again at the extent of financial problems lurking below the surface.\"--Thomas H. Stanton, Johns Hopkins University \u003c\/b\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eAbout every ten years, we are surprised by a financial crisis. In 2020, we were \u003ci\u003eSurprised Again!\u003c\/i\u003e by the financial panic of the spring triggered by the Covid-19 pandemic. Not one of the 30 official systemic risk studies developed in 2019 had even hinted at this financial crisis as a possibility, or at the frightening economic contraction which resulted from the political responses to control the virus. In response came the unprecedented government fiscal and monetary expansions and bailouts. Later 2020 brought a second big surprise: the appearance of an amazing boom in asset prices, including stocks, houses, and cryptocurrencies.\u003c\/p\u003e\u003cp\u003eAlex Pollock and Howard Adler lived through this historic instability while serving as senior officials of the U.S. Department of the Treasury. Their book lays out the many elements of the panic and its aftermath, from the massive elastic currency operations which rode to the rescue by financing the bust with unprecedented government debt, to the consequent asset price boom, which included a renewed bubble in house prices financed by government guarantees. It considers key leveraged sectors such as commercial real estate, student loans, pension funds, banks, and the government itself. It reflects on how to understand these events both in retrospect and prospect.\u003cbr\u003e\u003c\/p\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003cb\u003eAlex\u003cbr\u003eJ. Pollock \u003c\/b\u003eis a Senior Fellow of the Mises Institute\u003cbr\u003eand the author of \u003ci\u003eFinance and Philosophy: \u003cbr\u003eWhy We're Always Surprised\u003c\/i\u003e (Paul Dry Books) and \u003ci\u003eBoom and Bust: Financial Cycles and Human Prosperity\u003c\/i\u003e. He was\u003cbr\u003ePrincipal Deputy Director of the Office of Financial Research, U.S. Treasury, \u003cbr\u003efrom November 2019 to February 2021, and has been a fellow of the R Street\u003cbr\u003eInstitute and the American Enterprise Institute, president and CEO of the\u003cbr\u003eFederal Home Loan Bank of Chicago, and a director of CME Group, Ascendium\u003cbr\u003eEducation Group, and the Great Books Foundation. Pollock's work includes the study\u003cbr\u003eof financial systems and their recurring crises; the politics of finance, risk, \u003cbr\u003eand uncertainty; central banking; and housing finance. He is a graduate of\u003cbr\u003eWilliams College, the University of Chicago, and Princeton University, and he\u003cbr\u003elives in Lake Forest, Illinois. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cbr\u003e\u003cb\u003eHoward B. Adler \u003c\/b\u003eis an attorney and\u003cbr\u003eformer government official. From May 2019 through January 2021, he served as\u003cbr\u003eDeputy Assistant Secretary of the Treasury for the Financial Stability\u003cbr\u003eOversight Council, where he was responsible for monitoring the financial\u003cbr\u003estability of the United States during the first year of the Covid-19 crisis. He\u003cbr\u003ewas awarded the Treasury's Distinguished Service Award for his efforts by the\u003cbr\u003eSecretary of the Treasury. Mr. Adler was a partner for over thirty years in the\u003cbr\u003eGibson, Dunn \u0026amp; Crutcher, LLP law firm, where he served as co-head of both\u003cbr\u003ethe firm's Corporate Transactional Practice Group and REIT Practice Group.\u003cbr\u003ePrior to joining Gibson Dunn, he served as Executive Vice President and General\u003cbr\u003eCounsel of The Riggs National Bank of Washington, D.C. Mr. Adler has also\u003cbr\u003eserved as the Treasurer of the Washington, D.C. Bar and on the Board of\u003cbr\u003eGoverning Trustees of American Ballet Theatre. He is a graduate of Johns Hopkins\u003cbr\u003eUniversity and New York University School of Law, and he lives in the\u003cbr\u003eWashington, D.C. area.\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 224\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.7 x 8.4 x 5.4 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e November 15, 2022\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":51767311991072,"sku":"9781589881655","price":21.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0974\/9764\/5344\/files\/7c9dfb2fef787e555cd4877c20434619.webp?v=1780308936","url":"https:\/\/ebocreations.com\/products\/surprised-again-the-covid-crisis-and-the-new-market-bubble-paperback","provider":"The E-Book Oasis LLC","version":"1.0","type":"link"}