It’s Us or Them

By: Sunday December 15, 2013 10:29 am

The hyper-rich intend to screw the 99%. It’s us or them.

 

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

Janet Yellen Set To Be First Female Federal Reserve Chair

By: Wednesday October 9, 2013 6:52 am

According to reports Janet Yellen is likely to be announced today as the first female chair of the Federal Reserve. Yellen’s nomination would come after the withdrawal of Larry Summers who proved too controversial to be confirmed by the Senate. Yellen is currently a vice chairwoman at the Fed and is currently considered to face an easy confirmation process by the Senate.

Larry Summers Withdraws From Fed Chair Race

By: Monday September 16, 2013 7:40 am

In a stinging rebuke to the forces of financial deregulation in general, and the Robert Rubin clique in particular, Larry Summers withdrew his name from consideration for Chairman of the Federal Reserve after it became clear he could not be confirmed. The withdrawal marks a major failure for a man whose path to power seemed unstoppable despite having a career defined by helping cause the financial crisis of 2008.

Why Is No One Pushing Larry Summers for Vice Chair?

By: 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.

Senate Democrats Push Janet Yellen Over Larry Summers to Lead the Federal Reserve

By: Friday July 26, 2013 1:05 pm

The Larry Summers trial balloon is behaving as if it was filled with lead. Not only have many liberal and economic bloggers strongly criticized the prospect of President Obama nominating Summers to run the Federal Reserve, but several prominent Democrats are actively lobbying for Obama to choose Vice Chairman Janet Yellen as the next Chairman instead.

Obama Must Just Really Like Larry Summers

By: Thursday July 25, 2013 10:20 am

As best as I can tell the only reason Larry Summers maybe President Obama’s top choice to head the Federal Reserve is that Obama personally likes him and Summers doesn’t suffer from the affliction of having two X chromosomes. Summers fails all of the main tests for what makes a good pick.

Janet Yellen’s Game-Changing Speech for Monetary Policy

By: Wednesday November 14, 2012 6:10 pm

The President opened his press conference by designating the top two priorities as jobs and growth, and then spent the next 60 minutes answering questions about David Petraeus and Susan Rice and tax rates and Benghazi and deficit reduction. And Obama didn’t seek to break out of that constraint and suggest actual near-term job creation strategies. So it’s pretty clear that jobs are a dead end as far as the legislative process is concerned.

On monetary policy, however, things have suddenly become a bit more promising. Janet Yellen, the Vice-Chair of the Federal Reserve, delivered a speech yesterday that strongly endorsed the idea of “forward guidance” in the economy, tying monetary policy actions to a specific employment target. The idea was first brooched by Charles Evans, the President of the Chicago Federal Reserve, who because of the rotation of regional Fed Presidents on the Federal Open Market Committee, will actually get a policymaking slot in 2013.

Congress Wraps Up a Day Early; Pro Forma Session Will Forestall Recess Appointments

By: Thursday September 30, 2010 9:52 am

Janet Yellen and Sarah Bloom Raskin finally got confirmed by the Senate as members of the Federal Reserve’s Board of Governors. Peter Diamond, another nominee, will have to wait until the lame duck session. The confirmations were part of a large deal, where some nominees got to move through the Senate in exchange for Democrats holding pro forma sessions so President Obama could not make any recess appointments.

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