{"product_id":"surprised-again-the-covid-crisis-and-alex-j-pollock-9781589881655","title":"Surprised Again!--The Covid Crisis and the New Market Bubble","description":"\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\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Alex J. Pollock, Howard B. Adler\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 1589881656\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9781589881655\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Paul Dry Books\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 11\/15\/2022\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 224\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.62lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 8.40h x 5.40w x 0.70d\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eLibrary Journal\u003c\/i\u003e 11\/01\/2022 pg. 117","brand":"Alex J. Pollock","offers":[{"title":"Paperback","offer_id":44068681023743,"sku":"9781589881655","price":21.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_556845d6-1c82-408d-b59b-94762ef91a67.jpg?v=1685420406","url":"https:\/\/www.whiterainbookhouse.com\/products\/surprised-again-the-covid-crisis-and-alex-j-pollock-9781589881655","provider":"WR Book House","version":"1.0","type":"link"}