Central Banking
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“AIG Bailout ‘Poisonous’ to Wall Street”
“A Congressional watchdog sank its teeth into the Federal Reserve for its 2008 bailout of insurance crook AIG, calling the billion-dollar magic pill “poisonous.” The panel also criticized the Fed for not acting earlier, or tougher, with AIG for its credit-default swaps, sending a signal to the rest of the Wall Street giants that risky…
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Controlling the Fed
Blame goes to the Fed. They allowed a financial crisis due to lack of regulation and oversight of the banking/financial industry. At least that is the claim of today’s policy makers. While I may not disagree that the Fed holds much of the responsibility for the mess of the last few years, but I do…
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“Fed’s Plosser: Sustainable Economic Recovery Is Now Underway”
“With a sustainable economic recovery now underway, policy makers will soon have to start thinking about pulling back their monetary stimulus to ensure inflation stays low and inflation expectations remain well-anchored, Philadelphia Federal Reserve President Charles Plosser said Friday. While complete healing from the deepest downturn since the Great Depression will take time, Plosser said…
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“A Monetary Policy Simulation Game”
The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate.
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“Federal Reserve chief says U.S. budget on road to peril”
“Federal Reserve Chairman Ben Bernanke warned Wednesday that “the federal budget appears to be on an unsustainable path,” but also recognized that an “exceptional increase” in the deficit had been necessary to ease the pain of recession. In nearly two hours of testimony before the House Budget Committee, Bernanke offered a mix of optimism and…
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“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
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“Treasury Three-Year Yield Rises From Near 2010 Low Before Sale”
“Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, Bernanke said. Given the depth of the recession,…
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Financial Reform: Ready, Fire, Aim
“Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.* ‘. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we…
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“The Fed Weighs In on Credit Card Reform”
“Last year, when Congress passed the Credit Card Accountability, Responsibility and Disclosure Act, it declined to extend new consumer protections against certain card company practices to small business accounts. This was in part because some legislators expressed concern that nobody had properly studied how such a move might affect the price and availability of credit…
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“Fed Bank Chief Calls for Interest Rate Hikes”
“Thomas Hoenig, the head of the Federal Reserve Bank of Kansas City, is cementing his reputation as the best friend of savers with money in the bank. Hoenig, who has a seat on the Fed’s interest-rate committee, on Thursday called for the central bank to raise its benchmark short-term rate to 1% “by the end…
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“AIG Bailout ‘Poisonous’ to Wall Street”
“A Congressional watchdog sank its teeth into the Federal Reserve for its 2008 bailout of insurance crook AIG, calling the billion-dollar magic pill “poisonous.” The panel also criticized the Fed for not acting earlier, or tougher, with AIG for its credit-default swaps, sending a signal to the rest of the Wall Street giants that risky…
-
Controlling the Fed
Blame goes to the Fed. They allowed a financial crisis due to lack of regulation and oversight of the banking/financial industry. At least that is the claim of today’s policy makers. While I may not disagree that the Fed holds much of the responsibility for the mess of the last few years, but I do…
-
“Fed’s Plosser: Sustainable Economic Recovery Is Now Underway”
“With a sustainable economic recovery now underway, policy makers will soon have to start thinking about pulling back their monetary stimulus to ensure inflation stays low and inflation expectations remain well-anchored, Philadelphia Federal Reserve President Charles Plosser said Friday. While complete healing from the deepest downturn since the Great Depression will take time, Plosser said…
-
“A Monetary Policy Simulation Game”
The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate.
-
“Federal Reserve chief says U.S. budget on road to peril”
“Federal Reserve Chairman Ben Bernanke warned Wednesday that “the federal budget appears to be on an unsustainable path,” but also recognized that an “exceptional increase” in the deficit had been necessary to ease the pain of recession. In nearly two hours of testimony before the House Budget Committee, Bernanke offered a mix of optimism and…
-
“Bernanke Says Fed to Take Necessary Steps on Growth”
“Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis. ‘Our ongoing international cooperation sends an important signal to global financial markets that we will take the actions necessary to ensure stability and…
-
“Treasury Three-Year Yield Rises From Near 2010 Low Before Sale”
“Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, Bernanke said. Given the depth of the recession,…
-
Financial Reform: Ready, Fire, Aim
“Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.* ‘. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we…
-
“The Fed Weighs In on Credit Card Reform”
“Last year, when Congress passed the Credit Card Accountability, Responsibility and Disclosure Act, it declined to extend new consumer protections against certain card company practices to small business accounts. This was in part because some legislators expressed concern that nobody had properly studied how such a move might affect the price and availability of credit…
-
“Fed Bank Chief Calls for Interest Rate Hikes”
“Thomas Hoenig, the head of the Federal Reserve Bank of Kansas City, is cementing his reputation as the best friend of savers with money in the bank. Hoenig, who has a seat on the Fed’s interest-rate committee, on Thursday called for the central bank to raise its benchmark short-term rate to 1% “by the end…
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