tsuomela + federal-reserve   8

Interactive: Which Banks Got Emergency Loans from the Fed During the Financial Meltdown?
Wednesday the Federal Reserve released data on more than 21,000 loans and other deals it made through a dozen emergency programs created during the financial crisis. The Fed used trillions of dollars to stabilize the economy when the housing bubble burst and credit markets froze.

We combined the Fed’s three programs that loaned directly to banks and other financial firms with the goal of getting them to start lending again. We hope to post on the Fed’s other programs soon.
data  media  federal-reserve  crisis  2008  business  banking  loans  journalism 
december 2010 by tsuomela
Auerback: The Real Reason Banks Aren’t Lending « naked capitalism
More striking, private credit growth seemingly had nothing to do with the takeoff of the economy. Industrial production, off the 1932 low, doubled by 1935. By contrast, bank credit to the private sector fell until the middle of 1935. Because of the collapse in nominal income during the depression, the U.S. private sector was more indebted than ever in the Depression lows. Yet somehow it took off and sustained its takeoff with no growth in private credit whatsoever. The 14% average annual increase in nominal GDP from early 1932 to 1935 resulted in huge private deleveraging, largely as a consequence of aggressive fiscal stimulus.
economics  history  great-depression  recession  federal-reserve  interest-rates  debt 
august 2010 by tsuomela
interfluidity » The stickiest price
Among the stickiest prices, of course, is the wage rate. In practice, from the mid 1980s right up through 2008, the one thing modern central bankers absolutely positively refused to tolerate was “inflation” of wages. God forbid there be an upcreep in unit labor costs, implying that a shift in the income share away from capital and towards workers. Central banks jack up interest rates right away, because what if the change in relative prices is a mistake? We wouldn’t want that to stick, oh no no no no no. But when the capital’s share of income shifted skyward while deunionization and globalization sapped worker bargaining power? Well, we learned the meaning of an asymmetric policy response.
federal-reserve  banking  interest-rates  wages  monetary-policy  jobs  inflation 
july 2010 by tsuomela
Economic Scene - The Caution of the Fed Comes With a Risk - NYTimes.com
The main historical lesson of financial crises is that governments are usually too passive. They respond in dribs and drabs, as Japan did in the 1990s and Europe did in 2008. Or they remove support too quickly, as Franklin Roosevelt did in 1937, and then the economy struggles to escape its funk.

Look around at the American economy today. Unemployment is 9.7 percent. Inflation in recent months has been zero. States are cutting their budgets. Congress is balking at spending the money to prevent state layoffs. The Fed is standing pat, too. Bond investors, fickle as they may be, show no signs of panicking.
economics  recession  federal-reserve  interest  monetary-policy 
june 2010 by tsuomela
Secret Banking Cabal Emerges From AIG Shadows: David Reilly - Bloomberg.com
The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.
banking  reform  federal-reserve  government  bailout  aig 
january 2010 by tsuomela

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