What the Fed Did and Did Not Know in 2004

The release of the Fed’s 2004 transcripts and my initial post have ginned up a number of posts and stories — including ones by Ryan Grim, Yves Smith, Matt Yglesias, Paul Krugman and Ryan Avent. In his story, Grim pulls out what sounds More…

Treasury Talks and Markets Tank

Is this mere coincidence? Treasury Secretary Henry Paulson says he’s considering using funds from the $700 billion rescue package to help homeowners avoid foreclosures. Paulson made the remarks at a news conference on Monday. He didn’t go into any other details.

Calculated Risk notes that also on Monday, More…

Volcker Signs On: A ‘True’ Conservative in the Obama Camp

The announcement that Paul A. Volcker is a key economic adviser to Sen. Barack Obama – cited by the Democratic presidential nominee during the last debate and appearing with him at a campaign event in Florida last week — was met with surprise in some More…

State of Play: Greenspan’s Mea Culpa

In a congressional hearing today, former Federal Reserve Chairman Alan Greenspan admitted that his flawed economic philosophy contributed to the financial crisis.

The New York Times took perhaps the strongest line against Greenspan, running the headline “Greenspan Concedes Error on Regulation” and pointing to a “serious flaw in his own More…