Word: feds
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...Hanks was not sticking to the script. Called up to the stage by Sony boss Sir Howard Stringer during the keynote speech on the opening day of the Consumer Electronics Show Thursday morning, Hanks exsanguinated the hand that fed...
...second figure was the head of the New York Fed, Benjamin Strong. He was part of a generation of American bankers who were disciples of J.P. Morgan. After the First World War he realized the U.S. was in a position to exert an enormous influence on world financial matters, but he had quite a tragic life. He contracted tuberculosis, and this was before antibiotics. They thought the cure was thin, cold air, so he spent months at a time in the mountains of Colorado while trying to manage the world economy. He died...
...rates are at zero. We've injected all this money into the banking system and banks have lost so much capital that their inclination is to hoard capital. It's going to be very hard to get it out the other end. That happened in 1932. By 1932, the Fed finally realized it had to do something, and there was a very large open-market operation - basically, buying bonds - and recapitalization of the banking system, and that stopped the run on the banks temporarily, but credit continued to decline...
...also wonder how much power central bankers ultimately have to prevent massive problems like this. You write about how in 1929, when the Fed cracked down on banks lending to brokers selling stock on margin, money flooded in from other sources...
...Finally, you should start to address the distortionary subsidy system at the source of these ills. Artificially cheap grain has helped make it more economical to intensively confine grain-fed animals than to raise them on healthier pastures—a recent Tufts University study pegged the implicit subsidy to factory farmers...