Come With Me to the F.O.M.C.: A Sneak Peak Into Fed Life
Today is the second day of a two-day Federal Open Market Committee meeting. The rate decision along with the accompanying verbiage will be released at 2:15 p.m. If I were …
My Own Crisis Of Confidence
One of the victims of the prolonged financial crisis has been my comfort with my belief system. I grew up reading Milton Friedman and taking classes from like-minded professors. When …
Don’t Worry About Inflation Accelerating
The Federal Reserve has played whack-a-mole in its efforts to hold back the financial tsunami engulfing the United States and now the world. After an aggressive easing of traditional monetary …
Stop Treating Wall Streeters Like Villains and Resolve This Crisis
Maybe it's a good thing the "consensus" rescue plan failed on Monday. That gives Congress a chance to pass a plan that helps resolve the current crisis rather than just …
Revisiting Moral Hazard
Don't get me wrong. I'm not going soft on moral hazard, the idea that people behave recklessly if they don't have to deal with the consequences of their actions. But …
Why Mark To Market?
I was afraid of accounting in school; I still am. Back then, I feared it would wreck my grade point average; today, I fear it will wreck our financial system. …
Valuing the Dollar
When I was president of the Dallas Fed, Alan Greenspan wouldn't let me, or other members of the Federal Open Market Committee (including himself), talk about the dollar. The dollar …