August 2011

We Can't Just Sit Here Doing Nothing

Early in his tenure as Chairman of the Federal Reserve Board, Ben Bernanke promised to make the workings of monetary policy more transparent. By golly – that’s exactly what he’s done! We no longer read the minutes of the Federal Open Market Committee as if they contain hidden messages as to where policy might go in the future. We even bother to notice who is voting which way; gone are the days when every vote had to be unanimous because any no vote would be considered the equivalent of stabbing the Chairman in the back. These days, the people who vote no want their name out there in bright lights and their reasons spelled out in glorious detail.

The minutes released this week for the August FOMC meeting are a treasure trove of transparency. There is so much transparency because these people at the FOMC don’t know what to do. Some want more Quantitative Easing, but they don’t agree on the form it should take: add even more securities to the Fed’s gargantuan balance sheet (now equal to 4% of the entire GDP of the economy); or, sell some short term securities and buy long term securities in order to manipulate long term rates lower, yet keep the overall Fed balance sheet total unchanged.

Meet Obama's New Council of Economic Advisers Chair, Labor Economist Alan Krueger

Who is Alan Krueger?  More importantly, is anyone in this administration going to propose solid legislation and policies, well thought out in detail, that will actually work to get America back to work?  Bottom line, it looks like the same ole party line and finding anywhere Krueger has crossed it comes up empty.
line in sand

Saturday Reads Around The Internets - Hurricaine Hype

shocknews
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

 

Hurricane Hype for Advertising Bucks

In the wee hours of Saturday morning, MSNBC had some knuckle head reporter position himself on the Outer Banks so it gave the illusion waves were lapping at his back. Stay Safe was said during every interview in a voice of dire concern, the reporter would be swept out to sea, live on air. With that, we bring you Get Real: Hurricane Irene Should Be Renamed Hurricane Hype:

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