Fissures are developing among policy makers at the Federal Reserve as they debate how and when to start raising the benchmark interest rate from its current level just above zero. – “Fed Is Split Over Timing of Rate Rise”, Edmund…
The securitization markets are dead. – Robert Shiller, Economist, Yale University Click here for larger graphic Fascinating and important article on the front page of today’s New York Times Business section showing that the securitization markets are completely dependent on…
NOTE: Every week I write a Client Note for my clients. For a limited time, I am allowing non-clients to sign up and receive the Client Note. You can sign up at the top right hand corner of the website. …
There is a great debate raging between students of monetary economics. On the one hand, there are the deflationists who point to the massive deleveraging in the housing, mortgage, credit and stock markets. The fall in prices in these asset…
Steve Pearlstein is one of the best in the business. Today’s column is a gem: Yes, the financial crisis has passed and the economy is growing again, but there’s a good chance that growth will be temporary — the result…
There were two subtle but significant changes to today’s Fed statement (FOMC Statement Sept 23) compared to the one from August 12: (1) Upgrade Of The Economy – The Fed now says that “economic activity has picked up following its severe…
NOTE: Every week I write a Client Note for my clients. For a limited time, I am allowing non-clients to sign up and receive the Client Note. You can sign up at the top right hand corner of the website. …
On Bernanke’s re-appointment also see my “Judging Bernanke”, Top Gun FP, August 20. P.S. I don’t know what time this news broke but the front page WSJ story on it has the most typos and poor sentence constructions I’ve ever seen in…
Bernanke gave a speech this morning in Jackson Hole, Wyoming: “Reflections on a Year of Crisis”. Here are some interesting excerpts with my commentary: TOO BIG TO FAIL: The Federal Reserve has consistently maintained the view that the disorderly failure…
We mustn’t assume that all problems are solvable in the short period. There are problems that we cannot solve or which trying to solve them quickly may do more harm than good. – Friedrich von Hayek on “Meet The Press”,…