Latest
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“Wells Says New Regulations to Cost $530M”
“Wells Fargo said Monday that new financial regulation will cost the San Francisco bank $530 million in lost revenue this year. The bank expects changes to its overdraft practices and other new policies will reduce its fee income $225 million, after tax, in the third quarter and $275 million in the fourth quarter.” Read more.…
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“Gold Is Steady Ahead of Fed”
“Spot gold was mostly flat early Monday in a quiet start to the week, as market participants await the Federal Reserve meeting Tuesday. Analysts said they expected the Fed’s comments this week to indirectly boost gold.” Read more. “Gold Is Steady Ahead of Fed” Matthew Walls The Wall Street Journal, August 9, 2010. Image by…
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“Who Will Regulate AIG? Who Knows”
“There is a section of today’s second quarter filing from AIG that reads like a “Choose Your Own Adventure” book. For those out there who need a reminder, in Choose Your Adventure books readers get to choose what happens to the main character by deciding to turn to one page or another. “If you decide…
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Tax and Spend
On Wednesday, August 4, Secretary of Treasury Timothy Geithner debated the Bush tax cuts with Douglas Hotz-Eakin, president of the American Action Forum. It was not much of a debate. With Geithner and Holtz-Eakin joined by the third panelist, John Podesta, president and CEO of Center for American Progress, and a time constraint of 45…
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“Senate Rejection of Fed Nominees Slows White House Plan”
“The Obama administration’s effort to fill every vacancy on the Federal Reserve Board is running into more trouble than expected after Senate leaders returned Peter A. Diamond’s nomination to the White House late Thursday. The move means President Obama must renominate Diamond or pick a new candidate. The White House did not immediately comment on…
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“Dollar Bears Will Soon Have Had Their Day”
“Dollar bears should soon be hiding their faces. A combination of soft U.S. economic data, over cautious Fed officials and sliding Treasury yields have all raised expectations of more quantitative easing. As a result, the dollar has been sold heavily over the last few weeks as investors have turned elsewhere for higher returns. However, the…
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“Dollar Near Eight-Month Low”
“The dollar traded near an eight-month low against the yen on speculation the Federal Reserve will take more credit easing measures to revive its flagging economic recovery, diminishing the appeal of U.S. assets. The greenback was close to its lowest level in three months versus the euro before a U.S. report today that economists said…
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“Less than Zero: The Case for a Falling Price Level in a Growing Economy”
“Not long ago, many economists were convinced that monetary policy should aim at achieving ‘full employment’. Those who looked upon monetary expansion as a way to eradicate almost all unemployment failed to appreciate that persistent unemployment is a non-monetary or ‘natural’ economic condition, which no amount of monetary medicine can cure. Today most of us…
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“Federal Reserve Information and the Behavior of Interest Rates”
“This paper tests for the existence of asymmetric information between the Federal Reserve and the public by examining Federal Reserve and commercial inflation forecasts. It demonstrates that the Federal Reserve has considerable information about inflation beyond what is known to commercial forecasters. It also shows that monetary-policy actions provide signals of the Federal Reserve’s information…
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The Money Debate
In the battle of ideologies, the libertarian always faces certain disadvantages. The foundation is, as the name implies, liberty. Yet there is no strict use towards which “liberty” can be put. It is a somewhat amorphous idea, and context changes its meaning. That is not to say that an individual libertarian is inconsistent, or at…
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