Monday, November 30, 2009

Bernanke on the Fed

In a recent op-ed, Federal Reserve Chairman Ben Bernanke argues that proposals in Congress to reduce the Fed's powers or increase Congressional oversight are misguided.  My reactions to Ben's piece are as follows:

1. Given that the Fed exists, it probably made sense for it to lower interest rates in response to the financial crisis.  The private sector expected this; had the Fed not undertaken these actions, the confusion generated might have been counterproductive.

2. The Fed should have argued vociferously against, rather than for, the bailouts of Wall Street banks.  These bailouts probably made things worse rather than better in the short term by generating uncertainty and delaying appropriate adjustments in bank balance sheets.  And the bailouts virtually guarantee increased moral hazard in the long term.

3. Granting more regulatory power to the Fed is silly.  Regulation of large, complex, and constantly evolving finanicial market activities is not going to fix anything, since the financial sector will innovate around it.  Worse, regulation gives some investors a false sense of security.

4. Giving Congress more oversight of the Fed is a terrible idea; libertarians, in particular, should be wary of fixing bad government with more government.  The way to improve the Fed is to eliminate the Fed.

22 comments:

Anonymous said...

[COLOR="Red"][B]Click on the pictures to view in full size[/B][/COLOR]

[URL=http://www.wallpaperhungama.in/details.php?image_id=12779][IMG]http://www.wallpaperhungama.in/data/media/32/Asin-80.jpg[/IMG][/URL]

[URL=http://www.wallpaperhungama.in/details.php?image_id=7237][IMG]http://www.wallpaperhungama.in/data/media/32/Asin-71.jpg[/IMG][/URL]


[url=http://www.wallpaperhungama.in/cat-Asin-32.htm][b]Asin Hot Wallpapers[/b][/url]

Photo gallery at t WallpaperHungama.in is dedicated to Asin Pictures. Click on the thumbnails on enlarged Asin pictures, intimate photographs and absolute photos. Also validate out other Pictures Gallery recompense Expensive quality and Superior Acutance portrait scans, silver screen captures, movie promos, wallpapers, hollywood & bollywood pictures, photos of actresses and celebrities

Anonymous said...

Hello,
I have developed a new clean web 2.0 wordpress theme.

Has 2 colours silver and blue, has custom header(colour or image).
I am curently working on it, so if you have suggestions let me know.

You can view live demo and download from here www.getbelle.com
If you found bug reports or you have suggestions pm me.
Wish you a happing using.

many thanks to [url=http://www.usainstantpayday.com/]USAInstantPayDay.com[/url] for paying the hosting and developement of the theme

Ignogeplululp

Anonymous said...

Hi there everybody, I just registered on this excellent forum and wished to say what's up! Have a extraordinary day!

Anonymous said...

megan fox photo, [url=http://discuss.tigweb.org/thread/187756]megan fox oops transformers 2[/url] giantess megan fox
kim kardashians booty, [url=http://discuss.tigweb.org/thread/187768]kim kardashian leaked[/url] kim kardashian in leather
taylor swift backstage tickets, [url=http://discuss.tigweb.org/thread/187772]taylor swift pantyhose[/url] taylor swift american country music awards
hannah montana videos, [url=http://discuss.tigweb.org/thread/187786]hannah montana official site[/url] hannah montana song lyrics just like you
harry potter witch, [url=http://discuss.tigweb.org/thread/187792]harry potter and the goblet of fire movie[/url] harry potter words
oprah winfrey and tom cruise, [url=http://discuss.tigweb.org/thread/187798]bags to go service for cruise lines[/url] $149 cruise from miami to cozumel
justin bieber purse, [url=http://discuss.tigweb.org/thread/187812]justin beiber dick[/url] justin bieber email
britney spears free sex tape, [url=http://discuss.tigweb.org/thread/187814]britney spears quotes[/url] find britney spears halloween costume
megan fox a guy, [url=http://discuss.tigweb.org/thread/175542]megan fox thumbs[/url] megan fox thumb double

Anonymous said...

Superb internet site.

Scandinavian Search Engne Optmization consultant tendering affordable all-inclusive service (sokoptimering).
[url=http://www.smotop.se/smotopbloggen/]Sokoptimering[/url]
http://www.smotop.se/sokmotoroptimeringskonsult.html

Anonymous said...

hey


just registered and put on my todo list


hopefully this is just what im looking for looks like i have a lot to read.

Anonymous said...

if you guys needful to dissolute [url=http://www.generic4you.com]viagra[/url] online you can do it at www.generic4you.com, the most trusted viagra pharmaceutics with a picture generic drugs.
you can find drugs like [url=http://www.generic4you.com/Sildenafil_Citrate_Viagra-p2.html]viagra[/url], [url=http://www.generic4you.com/Tadalafil-p1.html]cialis[/url], [url=http://www.generic4you.com/VardenafilLevitra-p3.html]levitra[/url] and more at www.rxpillsmd.net, the chief [url=http://www.rxpillsmd.net]viagra[/url] provenience on the web. well another great [url=http://www.i-buy-viagra.com]viagra[/url] pharmacy you can find at www.i-buy-viagra.com

Anonymous said...

Hello

It is my first time here. I just wanted to say hi!

Anonymous said...

well guys! halt the latest free [url=http://www.casinolasvegass.com]casino[/url] games like roulette and slots !corroborate completely like a light the all chic unburden [url=http://www.casinolasvegass.com]online casino[/url] games at the all redone www.casinolasvegass.com, the most trusted [url=http://www.casinolasvegass.com]online casinos[/url] on the entanglement! engage more favourably of our [url=http://www.casinolasvegass.com/download.html]free casino software download[/url] and succeed in money.
you can also substantiate other [url=http://sites.google.com/site/onlinecasinogames2010/]online casinos bonus[/url] . check out this new [url=http://www.place-a-bet.net/]online casino[/url].

Anonymous said...

final sync -
final uninstaller -
fitness model program -
fit yummy yummy -
flatten your abs -
forex ambush -
governmentregistry -
government registry -
healthy urban kitchen -
homebrew installer -
homemadeenergy -
home made energy -
instant article wizard -
jamo rama -
joyful tomato -
lose man boobs -
lower body make over -
maternityacupressure -
maternity acupressure -
maverick money makers -
meet your sweet -
muscle gaining secrets -
muscle gain truth -
natural cancer treatments -
niche review templates -
nyhms warcraft guides -
pappa pc -
pc booster -
pc optimizer pro -
pc secret formula -
pda flix -
privacy control -
publicrecordspro -
public records pro -

Anonymous said...

warcraft wealth -
warp speed fat loss -
webcomp analyst -
wedding speech 4u -
win back love -
your software website -
zox pro -
zygor guides -
500 love making tips -
acid alkaline diet -
acne no more -
advanced defrag -
adware alert -
adware bot -
affiliate elite -
anti spyware -
anti spyware bot -
article bully -
art of approaching -
auto pilot profits -
bbq book -
blogging in action -
body building revealed -
burnthefat -
burn the fat -
carb rotation diet -
chopper tattoo -
conversationalhypnosis -
conversational hypnosis -
cure for tinnitus -
debt free in three -
driver checker -
duplicate file cleaner -
earth4energy -

Anonymous said...

earth 4 energy -
easy member pro -
easy tv soft -
eatstopeat -
eat stop eat -
end your tinnitus -
fap winner -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -
final sync -
final uninstaller -
firewall gold -
fitness model program -
fit yummy yummy -
flatten your abs -
forex auto money -
forex auto pilot -
forex confidante -
game tester guide -
governmentregistry -
government registry -
healthy urban kitchen -
higher faster sports -
homebrew installer -
homemadeenergy -
home made energy -
Auto Content Cash -
Banner Ad Blueprint -
Copy Paste Systems -
Every Other Day Diet -
Farm Ville Secrets -
Plugin To Green Profits -
Rapid Mass Traffic -

Anonymous said...

Tinnitus Miracle -
Tweetomatic Profiteer -
Woodworking 4 Home -
24 Hour Internet Business -
Blogging To The Bank -
Burn The Fat -
Earth 4 Energy -
Fap Turbo -
Fat Burning Furnace -
Fat Loss 4 Idiots -
Foex Auto Money -
Hemorrhoid Miracle -
Legit Online Jobs -
Magic Of Making Up -
Magni Work -
Micro Niche Finder -
Plr Article Software -
Pregnancy Miracle -
Software Submitter Pro -
The Affiliate Code -
The Diet Solution Program -
Truth About Abs -
Zygor Guides -
i am big brother -
instant profit machine -
i want a teaching job -
joyful tomato -
lose man boobs -
lower body make over -
macro virus -
magic of making up -
make money taking surveys -
malware bot -
maternityacupressure -

Anonymous said...

cpa arbitrage -
creative date ideas -
debt free in three -
digital background -
dirty talking guide -
discus fish secrets -
duplicate file cleaner -
dw insider -
earth4energy -
earth 4 energy -
easy tv soft -
easy web video -
eatstopeat -
eat stop eat -
end your tinnitus -
error doctor -
evidence smart -
fap winner -
fat burning furnace -
fat loss 4 idiots -
final sync -
final uninstaller -
firewall gold -
fitness model program -
fit over 40 -
fit yummy yummy -
flatten your abs -
forex auto pilot -
gain opinion -
gold secrets -
government records -
governmentregistry -
government registry -
green diy energy -

Anonymous said...

healthy urban kitchen -
highest pay surveys -
holo think -
homemadeenergy -
home made energy -
i want a teaching job -
joyful tomato -
keyword elite -
learn photoshop videos -
lmt forex formula -
lower body make over -
macro virus -
malware bot -
maternityacupressure -
maternity acupressure -
meet your sweet -
microcap millionaires -
moles warts removal -
money siphon system -
muscle gaining secrets -
my list strategy -
my phone riches -
natural cancer treatments -
online tv pc -
panic away -
pdf creator -
peel away ads -
pips leader -
ppc web spy -
prevent sweating -
privacy control -
publicrecordspro -
public records pro -
questions for couples -

Anonymous said...

microcap millionaires -
moles warts removal -
mole wart removal -
muscle gaining secrets -
natural cure for yeast infection -
paid surveys etc -
panic away -
pdf creator -
public records pro -
quick article pro -
quick income blueprint -
quit smoking today -
ranking loophole -
reg clean -
reg defense -
regi cleanse -
registry easy -
registry genius -
registry winner -
reg sweep -
reg tool -
reverse mobile -
richard mackenzie direct -
rig worker -
rocket chinese -
rocket french -
rocket german -
rotator cuff training -
rss feeds submit -
save the marriage -
site builder elite -
six figure yearly 2009 -
sleep tracks -
sold in 21 days -

Anonymous said...

Frame the brute with two backs casinos? authenticate this immature [url=http://www.realcazinoz.com]free casino[/url] games. advisor and wing it degrade online casino games like slots, blackjack, roulette, baccarat and more at www.realcazinoz.com .
you can also check our new [url=http://freecasinogames2010.webs.com]casino[/url] guide at http://freecasinogames2010.webs.com and replace in essential well distant !
another late-model [url=http://www.ttittancasino.com]casino[/url] spiele place is www.ttittancasino.com , in lieu of of german gamblers, rise during manumitted online casino bonus.

Anonymous said...

I made a Starcraft II page located here:

[url=http://www.thedarkshrine.com]Starcraft 2[/url]
http://www.thedarkshrine.com

I am going to be putting on a lot of things to it, such as replays, vods, maps, fpvods, live streams, tools, esports info and much more. There is a wiki there and really could use helpers to help me out. I hope you people can register as my goal is for this web site to be one of the strongest Starcraft II sites on the Internet. Please register soon as there will be a tourney. If you have any suggestions please feel free to let me know!

Thanks! Great board btw!

stop pre ejaculation said...

Thanks a lot for this time sharing about BERNANKE ON THE FED. This is really a nice reading to be sharing.

Anonymous said...


[url=http://shenenmaoyie.altervista.org/conseils-rencontres-repondent-a-vos-vetements-avec-sac-a-main/][b]sac longchamp[/b][/url]
[url=http://shenenmaoyis.publr.com/][b]sac longchamp[/b][/url]
[url=http://en.netlog.com/shenenmaoyie/blog/blogid=16180213][b]sac longchamp[/b][/url]
[url=http://shenenmaoyii.overblog.com/][b]sac longchamp[/b][/url]
[url=http://shenenmao.skyrock.com/][b]sac longchamp[/b][/url]

Anonymous said...

We [url=http://www.onlinebaccarat.gd]baccarat online[/url] be suffering with a corpulent library of unqualifiedly unconditional casino games for you to play sensibly here in your browser. Whether you want to practice a provisions recreation plan or just try out a insufficient modern slots in the presence of playing in the direction of genuine money, we possess you covered. These are the exacting still and all games that you can engage at veritable online casinos and you can with them all for free.

Anonymous said...

The group supplies a one [url=http://muahotdeal.com/thoi-trang.html]voucher gia re[/url] for every single working day in each and every of the marketplaces it serves. The Groupon performs as an assurance arrangement generating use of ThePoint's system: if a certain number of individuals indicator up for the supply, then the deal turns into obtainable to all if the predetermined minimal is not met, no a single gets the offer you that operating working day. This decreases danger for suppliers, who can offer with the price reduction discount coupons as amount unique discounts as nicely as revenue advertising devices. Groupon can make revenue by trying to keep around fifty % the cash flow the consumer pays for the coupon.

For circumstance in level, an $80 therapeutic therapeutic massage could be purchased by the customer for $forty by way of Groupon, and then Groupon and the retailer would split the $forty. That is, the retailer presents a therapeutic massage valued at $eighty and receives around $twenty from Groupon for it (beneath a fifty%/fifty% split). Or, if $240 value of property portray solutions is purchased by the shopper for $50 via Groupon, then the enterprise gets $20 five and Groupon retains $twenty five. The shopper will get the therapeutic massage, or the house portray services, in these illustrations, from the retailer for which they initially paid out out $forty (or $fifty) to Groupon. There are specified corporations to which Groupon at first did not provide its businesses, this kind of as having images ranges and strip clubs nevertheless, using images ranges have been showcased on Groupon.

Not like labeled marketing, the service provider does not shell out out any upfront cost to take element: Groupon collects private info from inclined consumers and then contacts only individuals consumers, primarily by working day-to-day e mail, who may possibly perhaps be intrigued in a distinctive product or support.

Groupon employs a big assortment of copywriters who draft descriptions for the provides showcased by e mail and on the web site. Groupon's advertising textual content material for the 'deals' has been witnessed as a contributing factor to the recognition of the internet site, that consists of a distinct combine of complete simple fact-examining and witty humor.

Owing to Groupon's industry at the moment becoming mainly composed of female buyers, the bargains are typically centered on the effectively being, physical health and attractiveness marketplaces.

There are probably problems with the enterprise layout. For circumstance in point, a worthwhile offer could quickly swamp a modest organization with too a number of buyers, risking a likelihood that customers will be dissatisfied, or that there will not be satisfactory merchandise to fulfill up with the need to have. Gap, a huge clothing retailer, was capable to manage 445,000 coupon codes in a countrywide offer you (though it well-informed server difficulties at a solitary level), but a smaller sized group could switch into all of a sudden flooded with customers. A one espresso shop in Portland, Oregon struggled with an increase in buyers for a couple of months, when it marketed near to one,000 Groupons on the one particular working day it was provided, according to a solitary report. In reaction to relevant problems, Groupon officers problem that 'deal' subscriptions ought to be capped in development to a realistic variety.

Read More: [url=http://quananngonnhat.com/tim-kiem-hang-cong-nghe-gia-re-tren-thi-truong/]gia re moi ngay[/url]