1150 Seventeenth Street, N.W., Washington, D.C. 20036
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Email Event
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AEI's prescient Deflating Bubble panel returned with an update on the financial world in the wake of the bubble and to outline its expectations for the the summer of 2010. At the time of the first AEI Deflating Bubble conference in March 2007, as official voices were optimistically proclaiming that
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"the subprime problems are contained," panelists gave a far more pessimistic and far more accurate assessment. These insightful analyses were repeated in subsequent sessions. Three years later, is the bubble finally over? Have the fundamentals of real estate finance recovered, as bond and equity markets have? How will continuing bank failures, the insolvency of Fannie Mae, Freddie Mac, and the Federal Deposit Insurance Corporation, as well as the unwinding of the Federal Reserve's vastly expanded balance sheet, affect developing financial events? How do these relate to problems regarding U.S. and foreign government debt?
These and related questions were discussed by Deflating Bubble expert panelists AEI resident fellow Desmond Lachman; AEI visiting scholar John H. Makin; New York University professor of economics Nouriel Roubini; R. Christopher Whalen, managing director of Institutional Risk Analytics; and Thomas Zimmerman, managing director at UBS Investment Bank. AEI resident fellow Alex J. Pollock moderated.
| 1:45 p.m. |
Registration | |
| 2:00 | Panelists: |
Desmond Lachman, AEI |
| John H. Makin, AEI and Caxton Associates | ||
| Nouriel Roubini, New York University | ||
| R. Christopher Whalen, Institutional Risk Analytics | ||
| Thomas Zimmerman, UBS Investment Bank |
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| Moderator: | Alex J. Pollock, AEI | |
| 4:00 | Adjournment |
American Enterprise Institute
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 served as deputy director in the International Monetary Fund's (IMF) Policy and Review Department and was active in staff formulation of IMF 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.
John H. Makin is a visiting scholar at AEI. He is also a principal at Caxton Associates. Mr. Makin has been an adviser to numerous U.S. government agencies, the Federal Reserve System, and the Bank of Japan. He is a member of the Council on Foreign Relations and the Economic Club of New York. Mr. Makin joined AEI in 1984 after a distinguished career in academic research. He is the author of numerous books and articles on financial, monetary, and fiscal policy, and he writes AEI's monthly Economic Outlook.
Alex J. Pollock has been a resident fellow at AEI since 2004, focusing on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. Previously, he spent thirty-five years in banking, including twelve years as president and chief executive officer of the Federal Home Loan Bank of Chicago. 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. He is a director of Allied Capital Corporation, the Chicago Mercantile Exchange, the Great Lakes Higher Education Corporation, the International Housing Union for Housing Finance, and the chairman of the board of the Great Books Foundation.
Nouriel Roubini is an internationally known expert in the field of international macroeconomics. He is a professor of economics at New York University's Stern School of Business and the cofounder and chairman of Roubini Global Economics LLC, an innovative economic and geostrategic information service that was named one of the best economics websites by BusinessWeek, Forbes, the Wall Street Journal, and The Economist. Mr. Roubini has served as a senior adviser to the President's Council of Economic Advisers and the U.S. Treasury Department, has published numerous policy papers and books on international macroeconomic issues, and is regularly cited as an authority in the media. He has also been a faculty member at Yale University.
R. Christopher Whalen is the cofounder and managing director of Institutional Risk Analytics, where he is responsible for sales, business development, and editorial activities. He has worked as an investment banker, research analyst, and journalist for more than two decades and has covered a variety of industry sectors, including technology and financial institutions. In addition to editing The Institutional Risk Analyst newsletter, Mr. Whalen contributes regularly to publications such as Barron's, The International Economy, and American Banker. He is a member of Professional Risk Managers International Association and volunteers as a regional director of the association's Washington, D.C., chapter and chairs its speakers committee. He is also a fellow of the Networks Financial Institute at Indiana State University.
Thomas Zimmerman is a managing director at UBS AG. He has been involved in managing the firm's asset-backed and mortgage-backed securities research efforts for the past eleven years. Before joining UBS, Mr. Zimmerman managed the asset-backed and mortgage-backed securities research groups at Prudential Securities and Chemical Bank. Mr. Zimmerman 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. He was a member of the UBS research team that consistently ranked first in the annual Institutional Investor survey of fixed-income analysts.
