As Yale University economists gathered on Thursday evening to discuss job growth strategies, many warned that a failure to act aggressively risks the increasing possibility of many years of economic stagnation, elevated joblessness and declining living standards. Some suggested that the government must act quickly to put millions of Americans back to work with large-scale [...]
Federal regulators released on Tuesday a draft of the long-anticipated Volcker rule, a regulation that will limit large banks’ bets with their own money. Some experts, however, said the proposal doesn’t go far enough to curb the risk-taking practices that helped bring the financial system to the brink of collapse three years ago. The Volcker rule, [...]
WASHINGTON — Banks would be barred from trading for their own profit instead of their clients under a rule federal regulators proposed Tuesday. The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote. The ban on so-called proprietary trading was required under the financial overhaul law. Critics on the left dismissed the [...]
Alan Greenspan, former Federal Reserve chairman and registered Republican, says it’s time to let go of large-scale tax cuts for the wealthy. “If we do not get Simpson Bowles as a fallback,” Greenspan told CNBC, referring to a large-scale deficit reduction program proposed by the co-chairs of President Barack Obama’s fiscal commission, “I stand with allowing [...]
Alan Greenspan, former Federal Reserve chairman and registered Republican, says it’s time to let go of large-scale tax cuts for the wealthy. “If we do not get Simpson Bowles as a fallback,” Greenspan told CNBC, referring to a large-scale deficit reduction program proposed by the co-chairs of President Barack Obama’s fiscal commission, “I stand with allowing [...]
In the wake of the financial crisis, a number of the nation’s largest banks were excused from the government’s rescue program before they had returned to a position of complete financial security — in part because they wanted to avoid restrictions on how much their executives would get paid, according to a new report from [...]
It’s hard to interpret the letter that Congerssional Republicans sent on Tuesday evening to Ben Bernanke as anything other than an attempt to politically influence the monetary policy set by the Federal Reserve. Democrats have correctly recognized this as a rare breach of the central bank’s independence. But rather than complaining about conservatives’ fervor for [...]
Given the confusion about Operation Twist, here’s an explanation. What is Operation Twist? Basically the Fed can’t reduce short-term interest rates any further—they’re already at zero. So they want to reduce long-term interest rates instead. They do this by buying long-term bonds. When you buy more of something, you raise the price. And when you [...]
The Federal Reserve has unleashed another creative attempt to stimulate the economy, moving to increase its holdings in long-term securities in order to drive down long-term interest rates. The Fed plans to sell $400 billion in short-term Treasury notes and buy $400 billion in Treasury securities that will mature in six to 30 years, in [...]
WASHINGTON — In an unusual move, Republican leaders of the House and Senate are urging Federal Reserve policymakers against taking further steps to lower interest rates. On the eve of the Fed’s two-day policy meeting, the leaders sent a letter to Chairman Ben Bernanke warning that the Fed’s policies could harm an already weak U.S. [...]
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