Federal Reserve Board

Brains Of The Operation
March 12, 2009

There's some news buzz around Dick Durbin, Ted Kennedy, and Chuck Schumer's proposal, introduced earlier this week, to create a Financial Product Safety Commission (FPSC) that would regulate, among other things, mortgages, credit, and payday loans to "reduce [their] consumer risk." The Chicago Sun-Times even touted the commission as "Durbin's big idea." But, as Clay Risen noted this morning, the brain behind the idea is Elizabeth Warren, a Harvard professor, bankruptcy expert, and chair of the TARP Congressional Oversight Panel (COP). In her COP role, which Senate Majority Leader Harry Reid ha

Visible Hands
October 08, 2008

When Hank Paulson, a successful investment banker turned Republican treasury secretary, caps his career by nationalizing two financial institutions so large that even Norman Thomas in his socialist heyday would have paused before taking them onto the government's balance sheet, and a conservative central banker agrees to bail out an insurance company to the tune of $85 billion, you know that a fundamental change is underway. The day when that engine of capitalism, the financial market, was allowed to operate more or less unimpeded by government has passed.

Closing of the Presidential Mind
July 05, 2004

On February 27, 2001, George W. Bush addressed a joint session of Congress. When the president had last ventured to the Capitol for his inauguration 37 days earlier, he had delivered a homily urging the nation to move past the sting of the Florida recount.

Notebook
February 09, 2004

ACADEMIC QUESTION PETER JENNINGS HAS LONG HAD A grating tendency to demonstrate his intellectualism, often using his anchor's desk as a platform to showcase his supposed erudition. And at no time during the presidential primaries has that pompous proclivity been on clearer display than during Jennings's questioning of the candidates at the January 22 New Hampshire debate. Of John Edwards, ABC's “World News Tonight” host asked, “[C]ould you take a minute to tell us what you know about the practice of Islam that would reassure Muslims throughout the world who will be listening to you that Presid

Second Act
February 09, 2004

Midway through last Thursday’s Democratic debate in New Hampshire, co-moderator Peter Jennings decided to have a little fun with Al Sharpton. The reverend wants to be treated as a serious presidential candidate—even though he has never held elective office, has visited New Hampshire only four times (twice for debates), and has offered no real policy proposals. So Jennings decided to play along. If “you have the opportunity to nominate someone to be chairman of the Federal Reserve Board, what kind of person would you consider for the job?” the ABC News anchor asked. ”You can name someone in par

Second Act
February 09, 2004

Midway through last Thursday's Democratic debate in New Hampshire, co-moderator Peter Jennings decided to have a little fun with Al Sharpton. The reverend wants to be treated as a serious presidential candidate—even though he has never held elective office, has visited New Hampshire only four times (twice for debates), and has offered no real policy proposals. So Jennings decided to play along. If “you have the opportunity to nominate someone to be chairman of the Federal Reserve Board, what kind of person would you consider for the job?” the ABC News anchor asked.

The Washington Intellectual
August 11, 1986

NOT SO LONG ago, intellectuals seemed to be the most picked-on weaklings in the school yard of American politics. When George Wallace ran for president in 1972, he blamed "pointy-headed intellectuals" for everything from rising crime and changing sexual mores to busing and the stalemate in Vietnam. Vice President Spiro Agnew had exploited the same theme in 1970 when he attacked the country's "effete corps of impudent snobs," those "nattering nabobs of negativism" who opposed the Nixon administration. Two decades earlier the vocabulary was different but the mood was similar.

The Washington Intellectual
August 11, 1986

NOT SO LONG ago, intellectuals seemed to be the most picked-on weaklings in the school yard of American politics. When George Wallace ran for president in 1972, he blamed "pointy-headed intellectuals" for everything from rising crime and changing sexual mores to busing and the stalemate in Vietnam. Vice President Spiro Agnew had exploited the same theme in 1970 when he attacked the country's "effete corps of impudent snobs," those "nattering nabobs of negativism" who opposed the Nixon administration. Two decades earlier the vocabulary was different but the mood was similar.

Chairman Greenspan
September 14, 1974

I confess that Alan Greenspan startles me. He is President Ford's new top economic adviser. I heard Sen. Proxmire ask him questions in an otherwise all but deserted Banking Committee room recently and my astonishment grew. So, I think, did Proxmire's. Witness testified, without notes, with an earnestness and sincerity that left no doubt of his conviction. At a big financial loss he is leaving his Wall Street consulting firm of Townsend-Greenspan & Co.

Profits by the Billion
January 07, 1946

War profits—after deduction of war taxes—have been the greatest in history. The government virtually guaranteed contractors against loss by paying for their investments in war equipment. Now business is guaranteed against loss in resuming civilian production. By congressional enactment, the Treasury must pay back excess-profits taxes to businesses which in 1946 suffer certain reduction to income.

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