The Federal Reserve is a hundred years old this year. There’s not a whole lot to celebrate in its century long history–the intention might have been good, but the execution has kind of been disastrous. In tonight’s film, Money for Nothing: Inside the Federal Reserve, our guest filmmaker Jim Bruce takes us through the history of the Federal Reserve System and into the current mess.
|By: Lisa Derrick Monday September 23, 2013 4:59 pm|
|By: Jon Walker Friday December 7, 2012 2:05 pm|
One of the few justifications I’ve heard for focusing so much time on reducing the deficit at this moment, even though people are practically paying the federal government for the privilege of being able to loan it money, is that somehow we can “fix the problem forever.” The logic goes that if only we could get a grand bargain we would take all these issue off the table for over a generation. It could try to explain why, on a theoretical level, this logic is flawed; but fortunately I don’t need to. In just the past decade there have been two dramatic real world examples of why this idea is so silly. The problem is that a previously Congress can’t bind the decision of a future Congress, especially on the issue of deficit reduction.
|By: David Dayen Monday November 19, 2012 6:52 am|
House Democratic Leader Nancy Pelosi laid out a bright line this weekend, echoing many other Democrats in saying that merely cutting loopholes to raise revenues would not be sufficient for a deal.
|By: David Dayen Friday November 16, 2012 12:01 pm|
Congressional leaders left the White House after a one-hour meeting today on the fiscal slope. And their post-meeting comments could be best described as conciliatory, enough to send the stock market spiking.
|By: Scarecrow Friday June 1, 2012 2:50 pm|
This is one of those things that explains why some people you see at Starbucks sometimes have QWERTY or FGHJK imprinted backwards on their foreheads.
There are a lot of terrible economists, advisers and government officials from the last decade or two who ought to have the decency to follow Mitt Romney’s remedy to “self deport.”
|By: David Dayen Friday January 13, 2012 12:40 pm|
They completely missed a catastrophic bubble that had disastrous consequences for the nation. Banks and lenders were making money so they preferred not to see the problems that lie ahead. By 2006 the bubble already showed signs of popping, and still Fed policymakers were tragically ignorant.
|By: masaccio Sunday October 9, 2011 12:10 pm|
An introduction to the theory of oligarchy in practice today.
|By: Mike Konczal Saturday October 1, 2011 1:59 pm|
Lost Decades looks at why the explosion of debt happened through the traditional lens of supply-and-demand. It examines the motivations and situations of people on both side of this debt. Why did demand for debt increase in the United States? The first reason Chinn and Frieden identify is the huge deficits run during the George W. Bush years. These are the trillions spent on the Bush tax cuts, the expansion of Medicare part D and wars in Iraq and Afghanistan that weren’t paid for.
|By: Dean Baker Wednesday August 24, 2011 12:20 pm|
Dean Baker reminds the media and former Federal Reserve Board Chairman Greenspan that the Fed actual has readily accessible data that contradicts Greenspan’s recent statements on the economy. The data was clearly signaling a dangerous housing bubble.
|By: masaccio Tuesday February 1, 2011 11:00 am|
The Final Report of the Financial Crisis Inquiry Commission is a fascinating history of the Great Crash of 2008. Join us as FDL’s Ed Walker hosts a special FDL Book Salon chat with Commissioner Byron Georgiou about the FCIC’s findings.