Category: Federal Reserve

“Mr. President, I told you I would.”

2 September, 2010 (10:53) | Federal Reserve, Global news, Monetary policy, Politics, Recession, US News |

By: David A. Smith    “Ben!  What are you doing about the economy?  “ “Mr. President, I’m doing what I told you I would.” – not overheard on a non-wiretapped line   “You can’t accuse me of inconsistency.”   You have to forgive Politico for seeing only the politics of the most recent not-rainy-enough pronunciamento […]

A win is a win: Part 2, what didn’t happen

17 February, 2010 (10:40) | Bernanke, Capital markets, Federal Reserve, Housing, Inflation, Policy, US News |

By: David A. Smith   [Continued from yesterday’s Part 1.]   Yesterday, examining the New York Times‘ reporting of Ben Bernanke’s reconfirmation as Federal Reserve Chairman, we saw that the Times focused on what happened – a 70-30 final vote – rather than the mountainously glaring things that didn’t happen:   “But the Senate did […]

A win is a win: Part 1, what happened

16 February, 2010 (13:07) | Bernanke, Capital markets, Federal Reserve, Housing, Inflation, Policy, US News |

By: David A. Smith   It’ll go down in the box score as a line drive, baseball announcers chortle when a seeing-eye dribbler finds the hole between shortstop and third – as if claiming a base that way is somehow unmanly.    Doesn’t look unmanly to me   Yet newly reconfirmed Chairman Ben Bernanke knows, […]

Reselling Mystico Towers

14 June, 2005 (09:20) | Essential posts, Federal Reserve, House prices, Markets |

If gloom-and-doom newspaper articles moved markets, house prices would long since have dropped … but they haven’t.  Why not?    “Sorry, the monetary policy was over here.“   For that matter, the United States is running major budget deficits and a gargantuan trade deficit, yet our interest rates are likewise very low.  Why not?   […]

Fannie Mae: “False signatures”

8 April, 2005 (09:53) | Fannie Mae, Federal Reserve, GSEs |

While Federal Reserve Chairman Alan Greenspan, as expected, was forcefully testifying to limit the GSEs’ ability to grow their balance sheets by playing maturity mismatch, outgoing OFHEO director Armando Falcon was continuing his implacable enumeration of deficiencies both structural (policies) and personal (their implementation) at Fannie Mae:   As with previous accounting problems we have […]