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Obama’s FDR Moment

Guest Author — Mon, 23 Apr 2012 16:55:38 +0000

The FDR moment occurred in 1933 when FDR took the reigns of monetary policy from an ineffective Fed and sparked a robust recovery in aggregate demand. The Fed had allowed aggregate demand to collapse for three years when FDR responded. He signaled that he wanted the price level to return to its pre-crisis level (i.e. increased expectations of higher nominal spending) and acted upon it by having the Treasury Department devalue the gold content of the dollar. This dramatically increased the monetary base and spurred a sharp increase in aggregate demand. So how could President Obama have his FDR moment

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A New World Order

Edward Harrison — Fri, 19 Mar 2010 14:00:00 +0000

UPDATE: 19 MAR 2010: Given the debate on China and its currency peg, I thought this post from November 2008 would be relevant. It called for a new world order centered around a new monetary system. This idea has gained some currency as it is a chief aim of the Chinese going forward. One big

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The Wall Street Journal’s primer on The Volcker Rule

Edward Harrison — Tue, 02 Feb 2010 11:46:47 +0000

Paul Volcker is testifying before the Senate Banking Committee today on financial regulatory reform. Recently, the Obama introduced reform proposals inspired by Volcker and now being dubbed The Volcker Rule. The Wall Street Journal has done a good job over the past two weeks of outlining the internal politics, details and potential effects of the

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Did Brown’s win spark Obama’s war on Wall Street?

Edward Harrison — Thu, 21 Jan 2010 17:16:20 +0000

That’s the gist of yesterday’s post by James Pethoukoukis. The column says: A historic victory, really. It is hard to overstate just how “blue” a state Massachusetts is. Obama won it by 26 percentage points in 2008. Until now the state’s 10 U.S House members, two U.S. senators and all statewide officers were Democrats. The

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Obama backs Volcker regulatory plan in dramatic about face

Edward Harrison — Thu, 21 Jan 2010 14:04:05 +0000

Today President Obama is set to propose wide-ranging moves on bank regulation first proposed by his economic advisor Paul Volcker, the former Federal Reserve Chairman. Details of the proposal have yet to be released. However, the focus is expected to center on strict bank size limits and a limitation on proprietary trading at regulated banks

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Volcker: ‘I wasn’t persuasive enough’ for Obama to heed my economic advice

Edward Harrison — Sun, 03 Jan 2010 19:26:02 +0000

I don’t know quite what to make of the Paul Volcker interview published late last week in Business Week. In case you missed it, Business Week published a frank interview of former Federal Reserve Board chairman Paul Volcker with media giant Charlie Rose the day before Christmas Eve. In it, Volcker talked openly of his

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The year in review at Credit Writedowns: Crisis Solutions

Edward Harrison — Mon, 28 Dec 2009 17:41:03 +0000

As we head into the New Year, I am trying to look back at the last one with some semblance of a coherent interpretation of events that leads to a strategic vision of the future. I have already touched on stimulus, kleptocracy and crony capitalism as dominant themes for the year 2009. These posts have

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Financial News: 2009-12-16

Edward Harrison — Wed, 16 Dec 2009 16:22:51 +0000

Steven Pearlstein – Out from under TARP, banks are now free to fail again – washingtonpost.com France Matches U.K. With 50 Percent Bonus Tax – DealBook Blog – NYTimes.com FT.com – End bankruptcy priority for derivatives, repos and swaps Bernanke Stonewalls and Prevaricates in Response to Questions by Sen. Bunning – Yves Smith FT.com –

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News from around the web: 2009-12-12

Edward Harrison — Sat, 12 Dec 2009 16:29:20 +0000

A quick note for those subscribing via the free daily e-mail newsletter. I am looking signing up new readers via FeedBurner as the service has improved dramatically. If you are using FeedBlitz, please unsubscribe and subscribe instead to Feedburner at this link. There is no change in the weekly. Cheers. Edward Americans Owe Less, but

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John Mauldin: Thoughts on the Statistical Recovery

Edward Harrison — Sat, 12 Dec 2009 13:52:55 +0000

Below is the latest from John Mauldin via his weekly newsletter. John expects a double dip recession as I do. Here he talks about what I call structurally high private sector unemployment i.e. unemployment in the private sector that cannot be diminished in the medium-term without some serious government action. As usual, I stress the

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