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: DSWright Friday September 20, 2013 12:50 pm|
If you have followed any economic news at all you will have heard the term quantitative easing, or QE, which is technocratic shorthand for the Federal Reserve shoveling funds into Wall Street banks to produce a phenomenon known as the “wealth effect.” The wealth effect relies principally on trickery. The hope being that people will see higher asset prices, and in a self-fulfilling prophecy, invest and produce more thinking the economy is better – which will make the economy better. So endeth the theory.
The reality is the Federal Reserve’s QE program has made the rich a lot richer and done little to nothing for the poor and middle class.
|By: Jon Walker Friday September 13, 2013 8:30 am|
President Obama still seems fairly determined to pick his close friend Larry Summers to run the Federal Reserve but the path to his Senate confirmation has just gotten a bit trickier. John Cornyn, the second highest ranking Senate Republicans, now says he will oppose Summers.
|By: Phoenix Woman Saturday September 7, 2013 6:45 am|
I love Elizabeth Warren. She is exactly who Teddy Kennedy would have wanted in his Senate seat, and if there is an afterlife I’m sure he’s smiling as he watches her outfox the people trying to neutralize her.
|By: dakine01 Friday September 6, 2013 1:30 pm|
Well the August Jobs Reports are in, and, as usual, the numbers were not as expected.
|By: Jon Walker Friday August 16, 2013 7:28 am|
Larry Summers’ path to confirmation to the Federal Reserves runs through the Senate Finance Committee, which Sen. Maria Cantwell (D-WA) sits on, and Cantwell doesn’t sound happy about his possible nomination.
|By: Dean Baker Wednesday August 14, 2013 6:24 pm|
The supporters of Larry Summers drive to be Fed chair are desperately trying to rewrite history so that this world class champion of financial deregulation was actually a prescient supporter of tighter regulation all along. Exhibit A in this historical rewriting is a report on predatory lending that the Department of Housing and Urban Development (HUD) and the Treasury Department put out in 2000, when Summers was Treasury Secretary. The report is featured as an example of Summers’ commitment to regulation in a NYT article comparing Larry Summers’ and Janet Yellen’s record on regulation.
|By: Jon Walker Wednesday August 7, 2013 10:25 am|
It would then seem there should be an obvious compromise to this situation. If this is really about having the Federal Reserve “benefit” from Summers’ unique intelligence then promote Yellen to Chair and nominate Summers for Vice Chair.
|By: Jon Walker Tuesday August 6, 2013 5:22 pm|
Pretending that Summers’ personal friends’ support of him is somehow a noteworthy proof of his ability is just insulting. A big complaint against Summers is that only big supporters are his friends. Clearly, Summers is just lucky he has powerful friends, since no one who doesn’t have a personal connection has offered a real case for Summers based on merit.
|By: Dean Baker Thursday August 1, 2013 6:00 pm|
According to Ezra Klein, a major plus in the case for Larry Summers as Fed chair is his experience dealing with financial crises. While it is true that he took a leadership role in dealing with far more crises than Janet Yellen, the other leading contender for the job, it is hard to believe that his record in this area would be a plus if he was being graded by the outcomes.