Sound Banking
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“Fed limits card fees to $25”
“Most credit card penalties will be limited to $25 and fees for customers who don’t use their cards will be eliminated under rules released Tuesday by the Federal Reserve. The Fed also ordered a review of all credit card interest rate hikes imposed since January 2009, including most of the record increases that came in…
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The Gulf Spill, the Financial Crisis and Government Failure
The Gulf oil spill and the global financial crisis both demonstrate the failings of big government. Partisan politics obscures the linkage, with the consequence that each political party repeats the mistakes of the other as its turn to govern arrives. First, consider the oil spill. BP and its contractors are surely responsible for the accident.…
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“Politicizing the Fed”
“For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks. The biggest underreported threat comes from Subtitle I, Section 1801 of the…
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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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“Congress Begins Conference on Financial Regulation”
“Today begins the televised political theatre that Barney Frank has been waiting months for: the first public meeting of the House and Senate conferees on the two financial regulation bills. While there are a handful of important differences between the House and Senate bills, these differences are overshadowed by what the bills have in common.…
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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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“Monetary Policy Rules and Business Cycles”
“Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features…
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“Crisis, Conditions and Capital”
“A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund (IMF) programs on international capital markets and examine how agreements are perceived by multinational investors. Results reveal that even after controlling for factors that lead countries to seek IMF support, IMF agreements lead to lower…
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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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“Fed limits card fees to $25”
“Most credit card penalties will be limited to $25 and fees for customers who don’t use their cards will be eliminated under rules released Tuesday by the Federal Reserve. The Fed also ordered a review of all credit card interest rate hikes imposed since January 2009, including most of the record increases that came in…
-
The Gulf Spill, the Financial Crisis and Government Failure
The Gulf oil spill and the global financial crisis both demonstrate the failings of big government. Partisan politics obscures the linkage, with the consequence that each political party repeats the mistakes of the other as its turn to govern arrives. First, consider the oil spill. BP and its contractors are surely responsible for the accident.…
-
“Politicizing the Fed”
“For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks. The biggest underreported threat comes from Subtitle I, Section 1801 of the…
-
“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…
-
“Congress Begins Conference on Financial Regulation”
“Today begins the televised political theatre that Barney Frank has been waiting months for: the first public meeting of the House and Senate conferees on the two financial regulation bills. While there are a handful of important differences between the House and Senate bills, these differences are overshadowed by what the bills have in common.…
-
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…
-
“Monetary Policy Rules and Business Cycles”
“Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features…
-
“Crisis, Conditions and Capital”
“A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund (IMF) programs on international capital markets and examine how agreements are perceived by multinational investors. Results reveal that even after controlling for factors that lead countries to seek IMF support, IMF agreements lead to lower…
-
“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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