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How much do you know about the inflationary financing of America’s role in World War I, the high-inflation postwar aftermath, the depression of 1920–21, and the rapid recovery that followed? Since most Americans learn so little financial history, the answer is probably, “nothing.” James Grant’s new book, “The Forgotten Depression: 1921” (Simon & Schuster, 2014), gives you the chance to consider what lessons this unknown history may supply.
Expanding on these instructive events with his usual insight, wit, provocative research into forgotten realms of financial history, and outlandish quotes from prominent personages of the day, Grant considers 1920–21 to have been “the last governmentally untreated business depression in America,” yet “by late 1921, a powerful jobs-filled recovery was under way.” This history offers a sharp contrast to and skeptical look at the hyperactive central banking and regulation of our own time.
At this event, Grant will present on his book and AEI senior economists will discuss, followed by a reception and book signing.
If you are unable to attend, we welcome you to watch the event live on this page. Full video will be posted within 24 hours.
Agenda
4:45 PM
Registration
5:00 PM
Introduction:
Alex J. Pollock, AEI
5:05 PM
Presentation:
James Grant, Grant’s Interest Rate Observer
5:30 PM
Panelists:
Kevin A. Hassett, AEI
Paul H. Kupiec, AEI
Moderator:
Alex J. Pollock, AEI
6:15 PM
Wine and Cheese Reception and Book Signing
Event Contact Information
For more information, please contact Brian Marein at [email protected], 202.862.5890.
Media Contact Information
For media inquiries, please contact [email protected], 202.862.5829.
Speaker Biographies
James Grant, financial journalist and historian, is the founder and editor of Grant’s Interest Rate Observer, a twice-monthly journal of the investment markets. His new book, “The Forgotten Depression, 1921: The Crash that Cured Itself” (Simon & Schuster, 2014), is a history of America’s last governmentally unmedicated business-cycle downturn. Among his other books on finance and financial history are “Bernard M. Baruch: The Adventures of a Wall Street Legend” (Simon & Schuster, 1983), “Money of the Mind” (Farrar, Straus & Giroux, 1992), “Minding Mr. Market” (Farrar, Straus, & Giroux, 1993), “The Trouble with Prosperity” (Times Books, 1996), and “Mr. Market Miscalculates” (Axios Press, 2008). He is also the author of a pair of political biographies, “John Adams: Party of One: A Life of the Second President of the United States” (Farrar, Straus & Giroux, 2005) and “Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster” (Simon & Schuster, 2011). Grant’s television appearances include “60 Minutes,” “The Charlie Rose Show,” “CBS Evening News,” and a 10-year stint on “Wall Street Week”. His journalism has appeared in a variety of periodicals, including The Financial Times, The Wall Street Journal, and Foreign Affairs. A former US Navy gunner’s mate, he began his career in journalism in 1972 at The Baltimore Sun. He joined the staff of Barron’s in 1975, where he originated the “Current Yield” column. He is a trustee of the New York Historical Society.
Kevin A. Hassett is the State Farm James Q. Wilson Chair in American Politics and Culture and director of economic policy studies at AEI. Before joining AEI, he was a senior economist on the Board of Governors of the Federal Reserve System, an associate professor of economics and finance at Columbia Business School, and a policy consultant to the US Department of the Treasury during the George H. W. Bush and Clinton administrations. He served as an economic adviser during the George W. Bush 2004 presidential campaign, as chief economic adviser to Senator John McCain during the 2000 presidential primaries, and as senior economic adviser during the McCain 2008 presidential campaign. Hassett also writes a column for National Review.
Paul H. Kupiec is a resident scholar at AEI, where he studies the management and regulation of banks and financial institutions markets, including issues of systemic risk and the impact of financial regulations on the US economy. Before joining AEI, Kupiec was director of the Center for Financial Research at the Federal Deposit Insurance Corporation (FDIC) and served as chairman of the Research Task Force of the Basel Committee on Banking Supervision. Before joining the FDIC, he held positions at the International Monetary Fund, Freddie Mac, J. P. Morgan, and the Board of Governors of the Federal Reserve System. Kupiec has served on the editorial boards of the Journal of Financial Services Research, Journal of Risk, and Journal of Investment Management. He is a member of the Shadow Financial Regulatory Committee.
Alex J. Pollock joined AEI in 2004 after 35 years in banking. He was formerly president and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is also the author of numerous articles on financial systems and the organizer of the Living in the Post-Bubble World series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is the lead director of CME Group, a director of Great Lakes Higher Education Corporation and the International Union for Housing Finance, and chairman of the board of the Great Books Foundation.
