Democratic Underground Latest Greatest Lobby Journals Search Options Help Login


Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 11:12 AM
Original message

Last night, I analyzed a long, long speech from 1953, by Mr. McChesney Martin Jr, the chairman of the Federal Reserve under Eisenhower, Kennedy and LBJ. In it, he talks about free markets and how the Fed desired to balance everything while releasing all sorts of market forces. During all the years since then we have lived in a very inflationary, destabilized world which has surprising, nasty side effects that creep up on us like the ever-growing trade deficit, continuous and growing budget deficits, and of course, greater and greater overall debts. In light of that speech, lets look at todays news.

Why the Fed still matters - Jan. 23, 2009

The official said the FOMC would also work in conjunction with the Feds board of governors on decisions about the Feds balance sheet, which has ballooned in the past few months due to the various new lending programs.

So once the FOMC is ready to start raising rates again, it may want to see the balance shrink in size by having some of these programs wind down..

Its also important to have the Fed speaking with one voice on the need for action, rather than having Fed presidents roaming the country criticizing actions by the Feds governors.

The fact that the board can do these things without consulting with the bank presidents doesnt mean they should do it that way, said David Wyss, chief economist for Standard & Poors. They want to make sure everyone is reasonably informed, but also that there is a consensus that theyre doing it right.

Who is FOMC? Well, here is one person who was just put on the board:

FRB: Reserve Bank Presidents Dallas

Richard W. Fisher
Federal Reserve Bank of Dallas

Mr. Fisher took office on April 4, 2005, as the eleventh chief executive of the Eleventh District Federal Reserve Bank, at Dallas. In 2008, he serves as a voting member of the Federal Open Market Committee.

Mr. Fisher is former vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger.

Mr. Fisher began his career in 1975 at the private bank of Brown Brothers Harriman & Co., where he specialized in fixed income and foreign exchange markets. He became assistant to the Secretary of the Treasury during the Carter administration, working on issues related to the dollar crisis of 1978-79. He then returned to Brown Brothers to found their Texas operations in Dallas.

Printer Friendly | Permalink |  | Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC