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...Ever since 1978, when President Jimmy Carter signed the Full Employment and Balanced Growth Act (a.k.a. the Humphrey-Hawkins Act) into law, Federal Reserve chairmen have had to troop before Congress twice a year to explain themselves...
...much authority and should restrict itself in the future to setting monetary policy. Texas Republican Ron Paul, whose calls to abolish the Fed have gotten more attention lately than they used to, claimed that "the Federal Reserve, in collaboration with giant banks, has created the greatest financial crisis ever seen...
...that those who attempt to alleviate the danger will come out looking clean," he said in Bernanke's defense this morning. Then again, Frank said, the congressional griping will likely continue until the economy begins to show marked signs of improvement - because, as he put it, "no one has ever gotten re-elected with the bumper sticker that says 'It would have been worse without...
...result of the fact that I recently re-watched all three seasons.) If you’ve never experienced the glory of this show, read no further and go do it now. Not kidding, you’re missing out. And eliminating any possibility that we could ever be friends. Also, you won’t get any of these references...
...there signs that China is ready to ditch the dollar. Derek Scissors, a research fellow at the Heritage Foundation's Asian Studies Center, points out that Chinese official holdings of U.S. Treasury bills have increased by 50% in the past 12 months, as China continues to invest its ever increasing stash of dollars. "Cheap talk aside, China is actually the biggest supporter of the dollar," says Scissors. "It has no choice." Don't expect to change those greenbacks for redbacks anytime soon...