Decision Point®: The Inger Letter. Panicky peddling pummeling prices . . persistently pressured prices before Friday, especially in NASDAQ 'former' momentum favorites.
As a combination of factors we've specifically outlined in recent days revealed the nature of this market's delusional optimism, prices started unraveling, basically on schedule. Fed Deflation in One Picture. A Limited Central Bank. A Limited Central Bank Charles I.
Plosser Federal Reserve Bank of Philadelphia, November 14, 2013 PDF version (159 KB, 13 pages) The Yellen Doctrine: Robust Growth Is the Priority, but Bubbles Matter. Alan Greenspan owes America an apology. Alan Greenspan will go down in history as the person most responsible for the enormous economic damage caused by the housing bubble and the subsequent collapse of the market.
The United States is still down almost 9m jobs from its trend path. We are losing close to $1tn a year in potential output, with cumulative losses to date approaching $5tn. These numbers correspond to millions of dreams ruined. Families who struggled to save enough to buy a home lost it when house prices plunged or they lost their jobs. Many older workers lose their job with little hope of ever finding another one, even though they are ill-prepared for retirement; young people getting out of school are facing the worst job market since the Great Depression, while buried in student loan debt. Greenspan Has Left the Building by J. Bradford DeLong. Exit from comment view mode.
Click to hide this space BERKELEY – The first time I went to Washington, DC, as an adult was in 1993, when I arrived to work for President Bill Clinton in the Treasury Department. Back then, America urgently needed to rebalance the federal budget to rein in explosive growth in the debt/GDP ratio; to overhaul America’s extraordinarily expensive and inefficient health-care system; and to begin to deal with global warming via a slow ramp-up of a carbon tax. Greenspan on Cap Requirements, Self Regulation.
Greenspan discusses many of the ideas he had reversed himself on regarding the financial requirement.
Note he has adopted my Partner’s Joint & Thesis Liability explanation (from BN) that states the move to Corporate structure from a Partnership radically reduced the focus on risk management. In this exclusive, unedited interview, former Fed Chairman Alan Greenspan explains why bankers are so terrible at self-regulation. Alan Greenspan Extended Interview Pt. 1 In this exclusive, unedited interview, former Fed Chairman Alan Greenspan discusses the need for increased capitalization in the global financial system. Does Yellen Pick Show Obama Finally Cares About Jobs? Janet Yellen, at long last President Barack Obama's nominee for the next chairman of the Federal Reserve, is also something else: His first appointment focused on jobs and economic growth.
It's a sad fact that, five years into his presidency, Obama has shown little interest in nudging monetary policy toward growth -- or even just appointing growth-minded policy makers. Yellen changes that. She has been outspoken about the need for the central bank to support a U.S. economic recovery with accommodative monetary policy -- and, in particular, to reduce unemployment.
Janet Yellen's Nomination Just Changed The Game For Economists. When Barbara Bergmann graduated from Harvard with a Ph.D in economics in 1959, she was one of about three women in her class of 50.
Her male colleagues had no trouble getting gigs after school, but Bergmann couldn't find a job, despite her credentials. “There was a lot of discrimination,” she said in an interview Wednesday. She ultimately became a senior adviser in President John F. Kennedy’s Council of Economic Advisers and later landed a series of academic appointments -- though not without some struggle, she said. Women economists have it better today, as evidenced by President Barack Obama's decision to appoint Janet Yellen to become the next Federal Reserve chairman, making her perhaps the most powerful woman in U.S. history. Obama To Nominate Janet Yellen For Fed Chair. Fed Faces New Era of Thinking Global as Yellen Nomination Nears. At the height of the 1998 Asian economic crisis, then-Federal Reserve Chairman Alan Greenspan declared the U.S. was no “oasis of prosperity” in times of global stress.
It is a lesson Ben S. Bernanke’s successor will need to heed upon inheriting a central bank once again facing a domestic need to think internationally. For five years, the Fed has focused on home-grown challenges, including financial turmoil and the recession and surge in unemployment that resulted. The biggest threat to U.S. expansion under its next chairman may lie outside its borders as China and fellow emerging markets show signs of weakening. Vice Chairman Janet Yellen is the top candidate to replace Bernanke if he steps down in January, and then would become the top monetary-policy maker as markets open wider for trade and finance and regulators seek more cross-border coordination in monitoring banks.
Buffett: Federal Reserve Is Greatest Hedge Fund in History. Billionaire investor Warren Buffett compared the U.S.
Federal Reserve to a hedge fund because of the central bank’s ability to profit from bond purchases while accumulating a balance sheet of more than $3 trillion. Buffett: Fed Is Greatest Hedge Fund in History 19 Sep 2013 Buffett: Bernanke Is Right, But Inequality Worsens ~~~ James Bullard, St. Bullard: Dismayed at Fed Decision Market Surprise. Buffett Says Federal Reserve Is Greatest Hedge Fund in History. Billionaire investor Warren Buffett compared the U.S.
Federal Reserve to a hedge fund because of the central bank’s ability to profit from bond purchases while accumulating a balance sheet of more than $3 trillion. “The Fed is the greatest hedge fund in history,” Buffett told students yesterday at Georgetown University in Washington. Yellen as Labor Favorite Seen Pressing Fed Emphasis on Stimulus. Janet Yellen, the top candidate to succeed Ben S. Bernanke as chairman of the Federal Reserve, has won praise from labor leaders, and with good reason: she has put the battle against unemployment front and center at the Fed. CBO Says Short-Term Deficit Cut Won’t Avert Fiscal Crisis.
The $2.1 trillion in spending cuts passed by Congress in 2011 won’t curb the growth of entitlements that poses a fiscal-crisis risk in the next 25 years, the Congressional Budget Office said in an annual report on long-term budget projections. The almost 60 percent reduction in annual budget deficits since 2009 won’t avert the ballooning of publicly held debt as an aging population strains the resources of Medicare and Social Security, according to the report, released yesterday. Failure to curb the long-term growth of debt raises the risk of a financial crisis when investors demand “very high interest rates” on government bonds, the nonpartisan agency said. Congress would need to pass $4 trillion in spending cuts or tax increases over the next decade to reduce government indebtedness from its current level of 73 percent of gross domestic product to less than its 40-year average of 38 percent, the CBO said.
Summers’s Withdrawal Said to Make Yellen Fed Front-Runner. Heard on the Street: What's the Market Yellen About? Secret Campaign for Chairman of the Federal Reserve. A camp on the Libyan coastline meant to train terror-hunters has instead become a haven for terrorists and al Qaeda. A key jihadist leader and longtime member of al Qaeda has taken control of a secretive training facility set up by U.S. special operations forces on the Libyan coastline to help hunt down Islamic militants, according to local media reports, Jihadist web forums, and U.S. officials.
In the summer of 2012, American Green Berets began refurbishing a Libyan military base 27 kilometers west of Tripoli in order to hone the skills of Libya’s first Western-trained special operations counter-terrorism fighters. Less than two years later, that training camp is now being used by groups with direct links to al Qaeda to foment chaos in post-Qaddafi Libya. In other words, Tantoush is now the chief of a training camp the U.S. and Libyan governments had hoped would train Libyan special operations forces to catch militants like Tantoush. This is particularly true for Libya. Larry Summers' Citigroup Problem. In Fed Succession, Obama’s Favorite Faces Opposition. Here’s what Larry Summers would do at the Fed. Former Senior White House Official On Larry Summers Nomination: 'It Really Does Need To Be Stopped' WASHINGTON -- A former senior White House official who worked closely with Larry Summers is worried that his brusque manner would make him unable to govern the Federal Open Market Committee, and questions the wisdom of naming him chairman of the Federal Reserve, a role that may not play to his strengths.
Fed Officials Rebuff Coordination Calls as QE Taper Looms.