James Grant | |
|---|---|
 Grant in 2014 | |
| Born | July 26, 1946 |
| Alma mater | |
| Occupation(s) | Writer, publisher |
| Spouse | Patricia Kavanagh |
James "Jim" Grant (born 26 July 1946) [1] is an American writer and publisher. He founded Grant's Interest Rate Observer, a twice-monthly journal of the financial markets published since 1983. He has also written several books on finance and history.
Grant served as a Navy Gunner's mate, graduated from Indiana University, and received a master's degree in International relations from Columbia University. [2]
He is married to Patricia Kavanagh, M.D., a neurologist, and lives in Brooklyn Heights, Brooklyn. They have four children. [3]
He began his journalistic career at the Baltimore Sun in 1972 and joined the staff of Barron's in 1975. He founded Grant's in 1983. [2] Success was slow. "A critic complained that Money of the Mind, my ... history of American finance, was like an account of the interstate highway system written from the point of view of the accidents", Grant wrote in Minding Mr. Market (1993). "The same might be said, both fairly and unfairly, of Grant's. Where most observers of the 1980s emphasized the rewards, we dwelled mainly on the risks. In the junk bond, in the reckless patterns of bank lending, in the dementia of Japanese finance, in the riot of the Treasury's borrowing, we saw not the bull markets of today but the comeuppance of tomorrow." [4]
However, the publication's signature skepticism served it, and its readers, better in the 2000s. Mr. Market Miscalculates (2008), a collection of Grant's articles published over the preceding 10 years, elicited an appreciative review in the Financial Times . John Authers wrote of the staff of the FT: "If Grant could see what was happening this clearly ... and warn of it in a well-circulated publication, how did the world's financial regulators fail to avert the crisis before it became deadly, and how did the rest of us continue to make the irrational investing decisions that make Mr. Market behave the way he does?" [5]
Grant received the 2015 Gerald Loeb Lifetime Achievement Award for excellence in business journalism. [6]
Grant is the author of Money of the Mind (1992), The Trouble with Prosperity (1996), John Adams: Party of One (2005), Mr. Speaker: The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (2011), and The Forgotten Depression (2014) among other works.
His most recent publication is Bagehot: The Life and Times of the Greatest Victorian (2019), a biography of Walter Bagehot, the influential English banker, economic and political writer, and editor of the Economist, whose ideas about central banking informed the U.S. Federal Reserve's response to the global financial crisis of 2007–2009.
During Representative Ron Paul's 2012 U.S. presidential campaign, he named Grant as his likely candidate for Chairman of the Federal Reserve to replace Ben Bernanke whose term expired in 2014. [7]
Thomas Brackett Reed Jr. was an American attorney, author, parliamentarian and Republican Party politician from Maine who served as the 32nd Speaker of the United States House of Representatives from 1889 to 1891 and 1895 to 1899. He represented Maine's 1st congressional district in the House from 1877 to 1899 and, prior to his time in Congress, represented Portland in the Maine legislature and served as Attorney General of Maine. In 1876, he was elected to represent Cumberland and York counties in the U.S. House and was re-elected for twelve consecutive terms.
Walter Bagehot was an English journalist, businessman, and essayist, who wrote extensively about government, economics, literature and race. He is known for co-founding the National Review in 1855, and for his works The English Constitution and Lombard Street: A Description of the Money Market (1873).
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Publishers Weekly (PW) is an American weekly trade news magazine targeted at publishers, librarians, booksellers, and literary agents. Published continuously since 1872, it has carried the tagline, "The International News Magazine of Book Publishing and Bookselling". With 51 issues a year, the emphasis today is on book reviews.
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Lombard Street: A Description of the Money Market (1873) is a book by Walter Bagehot. Bagehot was one of the first writers to describe and explain the world of international and corporate finance, banking, and money in understandable language. The book was initially printed in Great Britain by Henry S. King & Co. in 1873.
The Panic of 1825 was a stock market crash that started in the Bank of England, arising in part out of speculative investments in Latin America, including the imaginary country of Poyais. The crisis was felt most acutely in Britain, where it led to the closure of twelve banks. It was also manifest in the markets of Europe, Latin America and the United States. An infusion of gold reserves from the Banque de France saved the Bank of England from collapse. The panic has been called the first modern economic crisis not attributable to an external event, such as a war, and so the start of modern economic cycles. The Napoleonic Wars had been highly profitable for all sectors of the British financial system, and the expansionist monetary actions taken during transition from war to peace brought a surge of prosperity and speculative ventures. The stock market boom became a bubble and banks caught in the euphoria made risky loans.
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The expression "everything bubble" refers to the correlated impact of monetary easing by the Federal Reserve on asset prices in most asset classes, namely equities, housing, bonds, many commodities, and even exotic assets such as cryptocurrencies and SPACs. The policy itself and the techniques of direct and indirect methods of quantitative easing used to execute it are sometimes referred to as the Fed put. Modern monetary theory advocates the use of such tools, even in non-crisis periods, to create economic growth through asset price inflation. The term "everything bubble" first came in use during the chair of Janet Yellen, but it is most associated with the subsequent chair of Jerome Powell, and the 2020–2021 period of the coronavirus pandemic.
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James Donald Tracy is an American historian. With Heiko A. Oberman, he was co-founder of the Journal of Early Modern History, and editor from 1999 through 2010. He has served as president of the Sixteenth Century Society and Conference, the Society for Reformation Research, and the American Catholic Historical Association. At the University of Minnesota, he was associate dean of the College of Liberal Arts, chaired the Department of History, and held the Union Pacific Chair in Early Modern History from 2001 to 2004. Upon his retirement, Tracy was granted emeritus status. Among early modernists he is known for his contributions to an unusual range of research areas.
He's an Austrian economist, he has experience on Wall Street, he's brilliant, he's a good historian, he would quit printing money.
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