“In this valuable work, Michel and Schulp provide a necessary corrective to the anti-financial hysteria of many on the left and right today. As they show, finance has been an essential part of the American economy from its beginning and is an important reason for the nation’s prosperity. By providing an overview of many aspects of historical and contemporary finance, this book will reward both financial novices and experts alike.”
—Judge Glock, director of research and senior fellow, Manhattan Institute, and contributing editor, City Journal
“It is unfortunate that a book explaining the history and criticality of robust financial markets to US prosperity is even necessary, but given recent progressive and populist attacks upon them, it is. Fortunately, this accomplished professional duo has risen to the moment to produce an excellent, well-researched, and easily readable work on the topic. Norbert’s and Jen’s book methodically and devastatingly refutes the all-too-often fact free myths and faulty class-based narratives proffered by those who would entrust the state with credit allocation.”
—Rep. Jeb Hensarling, former chairman, House Financial Services Committee
“This book is a must-read for anyone who wants to understand how America’s financial markets have fueled our unmatched economic growth and prosperity. Norbert Michel and Jennifer Schulp dispel common myths and defend off-the-mark criticisms of financial markets by drawing on historical data and rigorous academic research. This highly readable book gives specific examples of financial regulations’ unintended negative consequences and offers thoughtful core principles and recommendations for a better approach.”
—Michael Piwowar, former commissioner of the US Securities and Exchange Commission
“Perennial false narratives from the American left hold that our financial markets are under-regulated casinos and that they drain capital from the productive sectors of our economy. Norbert Michel and Jennifer Schulp effectively refute both notions. They show that despite excessive and often misguided regulation, the depth and sophistication of our public and private financial markets help drive American growth and contribute to our global economic leadership.”
—Sen. Pat Toomey, former ranking member of the Senate Committee on Banking, Housing, and Urban Affairs
“Norbert Michel and Jennifer Schulp have written a vigorous and timely defense of the importance of vibrant financial markets to the past and future success of the American economy. With clear and lively arguments, they directly challenge the notion that deregulation caused in the 2008 financial crisis and contend that regulation based on market discipline—rather than conferring more authority on regulations—will improve the stability of the financial system and preserve Americans’ ability to make their own financial decisions. This volume will be invaluable to anyone seeking to understand the current debates about the future financial regulation.”
—Andrew Olmem, former deputy director, White House National Economic Council
