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Ethan Yang

The Public Interest and the Constitutional Order

“The public interest and other phrases like it have far too much importance in the functions of our government. In theory, the public interest and other vague objectives like it have no discrete meaning. In practice, they simply represent the ambitions and goals of those in power.” ~ Ethan Yang

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Thomas L. Hogan

Is the Fed Paying Banks Not to Lend?

“The evidence shows that banks treated excess reserves as a profitable alternative to loans. High rates of IOER caused them to increase reserve holdings and decrease their loan allocations. The Fed was indeed paying banks not to lend.” ~ Thomas L. Hogan

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