Events

Ten years later: Lessons from the 2008–09 financial crisis

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Ten years later: Lessons from the 2008–09 financial crisis

William Antholis, Robert Bruner, Peter Conti-Brown, Jeffry Frieden, Graciela Kaminsky, John Lawrence, David Leblang, Frances Lee, Jonathan R. Macey, Julia Mahoney, Paul Mahoney, Daniel Meyer, Peter Orszag, Carmen Reinhart, Lawrence H. Summers, Linda Tesar , David Wessel

Thursday, January 10, 2019
9:00AM - 3:00PM (EST)
Event Details

It’s hard to detect a financial bubble when you’re in the middle of it—especially when accompanied by the type of economic euphoria we saw during the U.S. housing boom of the mid 2000s. Today, with the benefit of hindsight, there are many lessons to be learned, but we must first understand what went wrong and how the “fixes” have fared. 

This one-day event will emphasize the political and global dimensions of the crisis, exploring how a new Congress—and a new president—responded in the aftermath and how it compares to other financial crises. Perhaps most crucially, we'll also examine if we are prepared to handle the inevitable next crises, whenever it may occur.

9:00 – 10:00 a.m. A conversation with Peter Orszag

Introduction by William Antholis, director and CEO, Miller Center; non-resident senior fellow, Brookings Institution 
Peter Orszag, former director of the Office of Management and Budget, Barack Obama
David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy, Brookings Institution (moderator)

10:00 – 11:15 a.m. Legislative Politics and the Response to the Financial Crisis

John Lawrence, University of California, Washington Center; former chief of staff, Nancy Pelosi
Frances Lee, University of Maryland
Dan Meyer, Duberstein Group; George W. Bush administration
David Leblang, Department of Politics; Miller Center, University of Virginia (moderator)

11:15 a.m. – 12:30 p.m. Regulation and the Financial Crisis

Peter Conti-Brown, Wharton School, University of Pennsylvania
Jonathan Macey, Yale Law School
Paul Mahoney, University of Virginia School of Law
Julia Mahoney, University of Virginia School of Law (moderator)

1:00 – 1:45 p.m. A conversation with Lawrence H. Summers

Lawrence H. Summers, former director of the National Economic Council, Barack Obama
Robert Bruner, Darden School of Business; Miller Center, University of Virginia (moderator)

1:45 – 3:00 p.m. Comparative Perspectives

Jeffry Frieden, Harvard University
Graciela Kaminsky, George Washington University and National Bureau of Economic Research
Carmen Reinhart, Harvard University
Linda Tesar, University of Michigan
Robert Bruner, Darden School of Business; Miller Center, University of Virginia (moderator)

*Hosted by the Miller Center, the University of Virginia Darden School of Business, the UVA Law School, and the Brookings Institution’s Governance Studies Program.

This gathering is part of our "Road to the Presidential Ideas Festival 2019"—a series of events leading up to the Presidential Ideas Festival 2019: Democracy in Dialogue to be held in Charlottesville, Virginia, from May 21–23, 2019.

When
Thursday, January 10, 2019
9:00AM - 3:00PM (EST)
Where
Brookings Institution
1775 Massachusetts Ave NW
Washington, DC 20036
Speakers
William Antholis, Director and CEO of the Miller Center

William Antholis

Currently director and CEO of the Miller Center, Antholis was managing director at the Brookings Institution from 2004 to 2014 and is currently and is a non-resident senior fellow in Governance Studies. He has also served in government, including at the White House’s National Security Council and National Economic Council, and at the State Department’s policy planning staff and bureau of economic affairs. He has published two books, as well as dozens of articles, book chapters, and opinion pieces on U.S. politics, U.S. foreign policy, international organizations, the G8, climate change, and trade. He earned his Ph.D. from Yale University in politics (1993) and his B.A. from the University of Virginia in government and foreign affairs (1986).

Robert Bruner

Robert Bruner

A Miller Center senior fellow, Bruner is University Professor at the University of Virginia, Distinguished Professor of Business Administration, and dean emeritus of the Darden School of Business. He has also held visiting appointments at Columbia University, INSEAD in France, and IESE in Spain. Bruner is the author, co-author, or editor of more than 20 books on finance, management, and teaching. A faculty member since 1982 and winner of awards at the University of Virginia and within the Commonwealth of Virginia, he teaches and conducts research in finance and management.

Peter Conti-Brown

Peter Conti-Brown

Conti-Brown is an assistant professor at The Wharton School of the University of Pennsylvania. A financial historian and a legal scholar, Conti-Brown studies central banking, financial regulation, and public finance, with a particular focus on the history and policies of the US Federal Reserve System. He is author of the book The Power and Independence of the Federal Reserve (Princeton University Press 2016), the editor of two other books, and author or co-author of a dozen articles on central banking, financial regulation, and bank corporate governance.

 

Jeffry Frieden

Jeffry Frieden

Frieden is Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. Frieden is the author of Currency Politics: The Political Economy of Exchange Rate Policy (2015); and (with Menzie Chinn) of Lost Decades: The Making of America's Debt Crisis and the Long Recovery (2011). Frieden is also the author of Global Capitalism: Its Fall and Rise in the Twentieth Century (2006), of Banking on the World: The Politics of American International Finance (1987), and of Debt, Development, and Democracy: Modern Political Economy and Latin America, 1965‑1985 (1991). 

Graciela Kaminsky

Graciela Kaminsky

Kaminsky is professor of economics and international affairs at George Washington University and Research Associate at the National Bureau of Economic Research. She previously held positions as assistant professor at the University of California, San Diego, and staff economist at the Board of Governors of the Federal Reserve System. She has been a visiting scholar at numerous government organizations, including the Bank of Japan, the Bank of Spain, the Federal Reserve Bank of New York, the Hong Kong Monetary, and the Monetary Authority of Singapore. 

John Lawrence

John Lawrence

Lawrence spent 38 years as a staff member in the U.S. House of Representatives, the last eight as chief of staff to Speaker Nancy Pelosi (2005–2013). He is a visiting professor at the University of California’s Washington Center and author of The Class of '74: Congress After Watergate and the Roots of Partisanship (2018), which congressional scholar Norman Ornstein describes as “a landmark volume on congressional history." His most recent article, "When America Stared into the Abyss," an insider's account of the response to the 2008 fiscal crisis, was published in The Atlantic on January 7, 2019. 

David Leblang

David Leblang

Leblang is professor of politics at the University of Virginia and is a faculty associate at the Miller Center where he is the J. Wilson Newman Professor of Governance. He is also a professor of public policy at the University's Batten School for Leadership and Public Policy, where he is director of the Global Policy Center. Since 2010 he has served as chair of the Department of Politics.  

Frances Lee

Frances Lee

Lee has been a member of the University of Maryland faculty since 2004. She teaches courses in American government, the public policy process, legislative politics, political ambition, and political institutions. Her research interests focus on American governing institutions, especially the U.S. Congress. She is co-editor of Legislative Studies Quarterly, a scholarly journal specializing in legislatures. She is author of  Insecure Majorities: Congress and the Perpetual Campaign (University of Chicago Press, 2016) and Beyond Ideology: Politics, Principles and Partisanship in the U.S. Senate (University of Chicago Press, 2009). 

Jonathan Macey

Jonathan R. Macey

Macey is Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law at Yale University, and professor in the Yale School of Management. Professor Macey is the author of several books including academic press books on corporate governance and corporate reputation and of the two-volume treatise, Macey on Corporation Laws, originally published in 1998 and updated annually (Aspen Law & Business), and co-author of two leading casebooks, Corporations: Including Partnerships and Limited Liability Companies (2017 Thomson West), which is in its thirteenth edition, and Banking Law and Regulation (2017 Aspen Law & Business), which is now in its sixth edition. He also is the author of over 100 scholarly articles.

Julia Mahoney, UVA Law School

Julia Mahoney

Mahoney teaches courses in property, government finance, constitutional law, and nonprofit organizations at the University of Virginia School of Law. A graduate of Yale Law School, she joined the University of Virginia faculty as an associate professor in 1999 and is now John S. Battle Professor of Law. She has also taught at the University of Southern California Law School and the University of Chicago Law School, and before entering the legal academy, practiced law at the New York firm Wachtell, Lipton, Rosen & Katz. Her scholarly articles include works on land preservation, eminent domain, health care reform, and property rights in human biological materials.

Paul Mahoney head shot

Paul Mahoney

Mahoney is a David and Mary Harrison Distinguished Professor and served as dean of the University of Virginia School of Law from 2008-16. Mahoney's teaching and research areas are securities regulation, law and economic development, corporate finance, financial derivatives, and contracts. He has published widely in law reviews and peer-reviewed finance and law and economics journals. His book, Wasting a Crisis: Why Securities Regulation Fails, was published by the University of Chicago Press in 2015.

Daniel Meyer

Daniel Meyer

During the last two years of the George W. Bush administration, Meyer served in the White House as an Assistant and Deputy Assistant to the President for Legislative Affairs. In his book, Decision Points, President Bush described Meyer as his “cool-headed legislative affairs chief.” He is currently president of the Duberstein Group, an independent, strategic planning and advisory company located in Washington, DC. He has been with the Duberstein Group for 16 of the last 18 years.

Peter Orszag official portrait

Peter Orszag

Orszag is head of North American M&A and vice chairman of investment banking at Lazard Frères. Before joining Lazard, he served as vice chairman of corporate and investment banking and chairman of the financial strategy and solutions group at Citigroup. He previously served as the director of the Office of Management and Budget in the Obama administration, a Cabinet-level position, from January 2009 until July 2010. From January 2007 to December 2008, he was the director of the Congressional Budget Office (CBO).

Carmen Reinhart

Carmen Reinhart

Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Previously, she was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Professor of Economics and Director of the Center for International Economics at the University of Maryland. Professor Reinhart held positions as chief economist and vice president at the investment bank Bear Stearns in the 1980s.  She spent several years at the International Monetary Fund and as a member of the Congressional Budget Office Panel of Economic Advisers. She serves in the Economic Advisory Panel of the Federal Reserve Bank of New York.

Lawrence H. Summers

Lawrence H. Summers

Summers is president emeritus of Harvard University. During the past two decades he has served in a series of senior policy positions, including vice president of development economics and chief economist of the World Bank, undersecretary of the treasury for international affairs, director of the National Economic Council for the Obama Administration from 2009 to 2011, and secretary of the treasury of the United States, from 1999 to 2001. In 1983, he became one of the youngest individuals in recent history to be named as a tenured member of the Harvard University faculty. He is currently the Charles W. Eliot University Professor at Harvard University. 

Linda Tesar

Linda Tesar

Tesar is a professor of economics in the department of economics at the University of Michigan. She previously taught at the University of California, Santa Barbara. She is a research associate at the National Bureau of Economic Research and has been a visitor in the Research Departments of the International Monetary Fund, the Board of Governors of the Federal Reserve System, and the Federal Reserve Bank in Minneapolis. She has also served on the Academic Advisory Council to the Federal Reserve Bank of Chicago. During 2014–2015, she served as a senior economist on the Council of Economic Advisers. 

David Wessel

David Wessel

Wessel is a senior fellow in Economic Studies at Brookings and director of the Hutchins Center on Fiscal and Monetary Policy, the mission of which is to improve the quality of fiscal and monetary policies and public understanding of them. He joined Brookings in December 2013 after 30 years on the staff of the Wall Street Journal where, most recently, he was economics editor and wrote the weekly Capital column. He is the author of two New York Times best-sellers: In Fed We Trust: Ben Bernanke’s War on the Great Panic (2009) and Red Ink: Inside the High Stakes Politics of the Federal Budget (2012). He has shared two Pulitzer Prizes, one in 1984 for a Boston Globe series on the persistence of racism in Boston and the other in 2003 for Wall Street Journal stories on corporate scandals. 

This event is sponsored by

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