Simply put, the Fed pulled off a magic trick that would leave Houdini gasping. Janet Yellen and the Fed took the made-up money and bought Wall Street assets that would have otherwise crashed and gave money to Wall Street banks that would have otherwise gone bankrupt...with no strings attached.
I've long been worried about the future of the Federal Reserve Board, particularly as the pre-eminent monetary policy authority on the globe. That emi...
Every major bank on Wall Street has a rap sheet that would make a Chicago gangster blush. Nevertheless, bank-servile Republicans have been calling to disband the Consumer Financial Protection Bureau, even as it brings Wells Fargo to something like justice.
These ongoing and conflicting commentaries from Fed officials look a bit foolish. The central bankers for the world's largest economy should find a way to speak with more uniformity and clarity.
Clinton was absolutely right to criticize Donald Trump for his comments on the Fed. But she should have done so based on the principles of the party platform, not Robert Rubin's doctrine of the sacred Fed.
CONGRESS: THE BUCK NEVER STOPS HERE The desk sign motto in President Harry Truman's White House office was, "The Buck Stops Here." That motto is a ...
In the movie "The Man Who Shot Liberty Valance," a superficially timid Eastern lawyer who finally faces down a notorious gunman who has beaten, bullie...
Financial markets are typically quiet in August. But not this quiet. The past 30 days have been the least volatile in more than 20 years, with only five days during that stretch seeing the S&P 500 move more than 0.5%.
A recent New York Times story ("The Obama Years: The Best of Times to Be a Stock Investor," by Jeff Sommer, August 19, 2016) made the case that the past few years were terrific for stock investors, as the market has nearly tripled during Obama's years in office. The author also makes the point that "Fed interest rate policy may be the single most important factor behind the stock market boom."
Today the middle class faces an existential crisis. Many communities of color are in danger. So are the young people who struggle with unemployment, under-employment and closed doors of opportunity. The Fed should act as forcefully and imaginatively in the face of their crises as it did for Wall Street's.
Since African American employment is more sensitive to a slowing economy, it means the FOMC has to get it right about understanding when African Americans have reached full employment.
If the Atlanta Federal Reserve Bank's current estimate of GDP growth at a robust 3.7 percent rate in the current quarter--which the Reserve Board's interest-rate setting Open Market Committee itself looks to for the best available sense of where GDP will come out--proves to be reasonably accurate (as it did in the past few quarters), President Obama will have achieved a remarkable but little noticed milestone in economic management.
We are at a political and economic crossroads. Failure to address pressing economic needs such as low wage growth will lead to stagnation and reactionary political extremism.
The U.S. economy can't seem to settle on a narrative. Early in the year data suggested growth was accelerating, but a dismal May jobs report, combined with Brexit, brought fleeting expectations of a summer Fed hike to a screeching halt.
Trump's tax plan, his refusal to raise the minimum wage, his insistence that American workers make too much money, his anti-union stances, all endear him to his fellow 1 percenters. With pledges like these, Trump plans to guarantee that he - and his billionaire buddies - can continue taking too much.
As our nation's central bank, the Federal Reserve exerts tremendous control over our nation's banks. Unfortunately, it is also largely controlled by them. Too often, it fails to reflect the will of the people whose representatives created it.