I have to admit, my thoughts regarding the latest financial debacles waver from one extreme to the other. My initial instinct is that the markets need to be stabilized, and anything that provides a floor for a stock market in apparent free fall is a good thing.
My next thought is that $700 billion is a [...]
By DJ Durant. Posted Wednesday, Apr 2, 2008 at 11:07 am Filed Under: Federal Reserve
20 years ago I looked at a map of the regional Federal Reserve Banks and I thought: Why do we have banks in Richmond, Philadelphia and New York? Cleveland and Chicago? St. Louis and Kansas City? Why does the San Francisco bank handle everything west of Denver? Why do we need 12 banks? At the [...]
By Art Smith. Posted Monday, Mar 31, 2008 at 11:30 pm Filed Under: 2008 Presidential Election, Barack Obama, Baseball, Democratic Party, Federal Reserve, George W. Bush, Hillary Clinton, John McCain, Republican Party
What a day. I’m sorry, but politically, not one that I’m proud of:
1) Alphonso Jackson resigns as HUD secretary (effective April 18). Few doubt there is something to allegations of favoritism. See my previous posting on the temptations of power.
2) Henry Paulson presents a plan to overhaul the Fed that is not [...]
By Art Smith. Posted Saturday, Mar 29, 2008 at 9:39 pm Filed Under: Economy, Federal Reserve, International Markets, Markets
Let Friday, early news about a plan to broadly expand the power of the Federal Reserve was released. Evidently the plan will be formally announced in a speech by Treasury Secretary Paulson.
I’m a bit out of breath.
McGehee was the first I saw to make mention that something like this was seriously in the works. He [...]
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