Sound Banking

Monday, June 14th, 2010
"For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks.
Friday, June 11th, 2010
"A Congressional watchdog sank its teeth into the Federal Reserve for its 2008 bailout of insurance crook AIG, calling the billion-dollar magic pill "poisonous."
Friday, June 11th, 2010
"Today begins the televised political theatre that Barney Frank has been waiting months for: the first public meeting of the House and Senate conferees on the two financial regulation bills.
Friday, June 11th, 2010
Blame goes to the Fed. They allowed a financial crisis due to lack of regulation and oversight of the banking/financial industry. At least that is the claim of today’s policy makers.
Friday, June 11th, 2010
"With a sustainable economic recovery now underway, policy makers will soon have to start thinking about pulling back their monetary stimulus to ensure inflation stays low and inflation expectations remain well-anchored, Philadelphia Federal Reserve President Charles Plosser said Friday.
Friday, June 11th, 2010
"Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and
Friday, June 11th, 2010
"A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund (IMF) programs on international capital markets and examine how agreements are perceived by multinational investors.
Thursday, June 10th, 2010
"Federal Reserve Chairman Ben Bernanke warned Wednesday that "the federal budget appears to be on an unsustainable path," but also recognized that an "exceptional increase" in the deficit had been necessary to ease the pain of recession.
Wednesday, June 9th, 2010
"Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank will act as needed to aid financial stability and economic growth after restarting emergency currency-swaps to help contain Europe’s debt crisis.
Tuesday, June 8th, 2010
"Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start.
Monday, June 7th, 2010
"Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.*
Monday, June 7th, 2010
"Last year, when Congress passed the Credit Card Accountability, Responsibility and Disclosure Act, it declined to extend new consumer protections against certain card company practices to small business accounts.
Friday, June 4th, 2010
"Taxpayers have lent AIG $132.6 billion, but the probability that the government would recoup all of those funds fell even further this week after the insurer failed to complete a crucial asset sale.  AIG had agreed in March to sell Asian life insurance unit AIA to Prudential PLC for $35.5 billion,
Friday, June 4th, 2010
"Thomas Hoenig, the head of the Federal Reserve Bank of Kansas City, is cementing his reputation as the best friend of savers with money in the bank.
Thursday, June 3rd, 2010
"In two weeks, I am supposed to speak on a panel entitled "Financial Re-regulation." My question is, what re-regulation? To me, re-regulation means you would reverse some step that you took toward deregulation. But the new financial reform bill does not reverse any of those steps, as far as I know.
Wednesday, June 2nd, 2010
"With Congress getting close to finalizing an overhaul of the nation's financial-regulatory system, Federal Reserve Chairman Ben Bernanke weighed in against provisions in the proposed legislation that would subject the central bank to more political scrutiny.
Wednesday, June 2nd, 2010
"The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent.
Wednesday, June 2nd, 2010
"The causes of the global financial crisis of 2008 were almost entirely flaws in the credit system based on leverage, exotic financial instruments, and a sharp drop in American housing prices.
Wednesday, June 2nd, 2010
"Mike Van Winkle asks Prof. Bill Anderson of Frostburg State University What is a weak dollar? And why does it matter?" Listen in here. First Principles
Wednesday, June 2nd, 2010
In my various talks and written work on the financial crisis and the recession, I've taken pains to minimize the responsibility assigned to the Community Reinvestment Act for causing the high-risk loans that led to so much trouble.

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