THIS MESSAGE APPROVED FOR HOME SCHOOLING!
Greenspan's last day at the Fed
... The Fed is expected to raise interest rates by a quarter of a percentage point to 4.5 percent, but Wall Street expects a signal that the central bank will stop ...
RESULTS GOOGLE: "THE FED"
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-------- Original Message --------
Subject: Fed Video
Date: Tue, 31 Jan 2006 13:37:27 EST
From: Justreewards@aol.com
To: APFN@apfn.org
Hi,
I just perused your site, and noticed you have a written link
on the secrets of the Federal Reserve but no video (at least I didn't see one)>
So I thought I would send you this link I found, for your viewing pleasure.
Enjoy (takes about an hour).
Arthur
http://mises.org:88/FED
http://www.artdubuc.ws
----------------------------------
Secrets of the Federal Reserve
"HISTORICAL BEGINNINGS . . . . THE FEDERAL RESERVE" Secrets of the Federal Reserve
and the London Connection by Eustace Mullins.
HTTP://www.apfn.org/apfn/reserve.htm
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The Bankruptcy of the United States
of the USA that make up the Non-Government organization known as the Fed and ...
Results 1 - 10 of about 1,230 for APFN "THE FED"
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Tue, Jan. 31, 2006
WHY IS THE FED IMPORTANT?
The nation’s central bank is composed of a seven-member Federal Reserve board in Washington, plus 12 regional Federal Reserve Banks.
The Fed’s main job is to control the availability of money and the cost of money — interest rates:
• When the economy is sluggish, the Fed provides more money to the banking system. That pushes down interest rates and spurs greater borrowing and more economic growth.
• When the economy is growing too quickly and inflation is rising, it withdraws money from the banking system. That pushes interest rates higher and slows economic growth.
Tue, Jan. 31, 2006
WHY IS THE FED IMPORTANT?
The nation’s central bank is composed of a seven-member Federal Reserve board in Washington, plus 12 regional Federal Reserve Banks.
The Fed’s main job is to control the availability of money and the cost of money — interest rates:
• When the economy is sluggish, the Fed provides more money to the banking system. That pushes down interest rates and spurs greater borrowing and more economic growth.
• When the economy is growing too quickly and inflation is rising, it withdraws money from the banking system. That pushes interest rates higher and slows economic growth.
===================================
WHAT'S MONEY??
http://www.apfn.org/apfn/money.htm
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Fed pick slips in under the radar
By Sheryl Gay Stolberg The New York Times
http://www.iht.com/articles/2006/01/31/business/bernanke.php
TUESDAY, JANUARY 31, 2006
WASHINGTON The important presidential nominee who was scheduled for a vote in the U.S. Senate on Tuesday is widely regarded as brilliant, has ties to Princeton University and, if confirmed as expected, will influence the lives of Americans and people around the world for years to come.
Judge Samuel Alito Jr. for the U.S. Supreme Court? No, this is the other important nominee - Ben Bernanke for chairman of the Federal Reserve.
Wall Street may be intensely interested in just about every word ever uttered by Bernanke, the former Princeton economist and chairman of the White House Council of Economic Advisers who is President Bush's choice to succeed Alan Greenspan.
But in Washington, he is barely on the radar screen. Here is what Senator George Allen of Virginia, who is considering a bid for the Republican presidential nomination in 2008, said when asked his opinion of the Bernanke nomination. "For what?"
Told that Bernanke was up for the Fed chairman's job, Allen hedged a little, said he had not been focused on it and wondered aloud when the hearings would be. Told that the Senate Banking Committee hearings had concluded in November, the senator responded: "You mean I missed them all? I paid no attention to them."
He was not the only one. Senator John McCain, Republican of Arizona, who many assume will be a contender in 2008, also had no idea that the Bernanke hearings had come and gone.
While U.S. lawmakers and the public have been focused on the nomination of Alito, who is also scheduled for a vote on Tuesday, Bernanke has become a rarity in modern Washington: the noncontroversial nominee.
True, monetary policy no longer ignites ideological passion the way it did in the days of double-digit inflation. Still, the job that Bernanke, 52, is ready to assume hardly lacks consequence. As Federal Reserve chairman, Bernanke, considered one of the nation's pre-eminent monetary economists, would arguably be the most powerful economic figure in the world, his every remark having the power to move markets.
Unlike Alito, Bernanke would not be receiving a lifetime appointment; the term of a Fed chairman is just four years. But Bernanke is also being appointed to a 14-year term as a member of the Fed's board of governors, and under Fed rules would be eligible for reappointment as chairman for the life of that term. Greenspan, who served one partial term and one full term as a Fed governor, was chairman for 18 years.
That is long enough to have an extraordinary impact, and Fed chairmen often do. Their decisions affect many aspects of American and global financial life, including such things as increases in Social Security payments and how much interest people pay to borrow against the equity in their homes or to finance the purchase of a new car. The Fed's policies even influence the economy of China.
Senator Richard Shelby, Republican of Alabama, chairman of the banking committee, said the Fed chairman was "a lot more important, in the context of everyday life of the economy," than a member of the Supreme Court.
Allan Meltzer, a professor of political economy and public policy at Carnegie Mellon University, who is writing a history of the Federal Reserve, felt similarly. "Bernanke is certainly every bit as important as Alito," he said.
Meltzer contended that the banking committee gave Bernanke "a free ride" during his confirmation hearing, which lasted only one day.
During the session, Bernanke said continuity with the Greenspan era would be his top priority.
"I think they could have pushed Bernanke a little bit more on the questions of how he saw the job and what objectives he was going to pursue," Meltzer said, including "how he thought about the problems of reconciling full employment and low inflation - did he think the Fed had other responsibilities. It seemed to me they really didn't lay many gloves on him."
Perhaps that is because relatively few people outside the world of finance seem to know who Bernanke is. There are no outside interest groups broadcasting television ads for or against him, no protests, no polls.
Economists are a bit mystified, though not entirely surprised. The Alito hearings were brimming with controversy, from the judge's membership in a Princeton University alumni group that fought against affirmative action to a 20-year-old memorandum in which he said that the Constitution did not provide a right to an abortion.
The Bernanke hearings, by contrast, centered on the world of monetary policy, a field where most of the big ideological fights were settled long ago.
"Monetary policy has become much less political than it used to be years back and centuries back," said Alan Blinder, a former vice chairman of the Fed under Greenspan and a professor of economics at Princeton, where he was a colleague of Bernanke.
"There's a consensus on what monetary policy should be doing, which is to say keeping inflation low and, subject to that constraint, keeping employment high. So politicians take this attitude that it's for technocrats, and it doesn't matter too much whether the guy is a Republican or a Democrat."
Bernanke, for the record, is a Republican, though many of his close colleagues in academia said they did not know his political affiliation until he went to work for Bush. His nomination was announced last fall, days before Harriet Miers, the White House counsel, withdrew as a nominee to the Supreme Court amid accusations of political cronyism; picking Bernanke helped Bush fend off those charges.
Even so, his relationship with the president came up in his confirmation hearings, as Democrats pressed him on whether he would be independent of the White House.
But it was a Republican, Senator Jim Bunning of Kentucky, a longtime critic of the Fed, who cast the lone vote in the committee against him, saying he did not regard Bernanke as independent enough from Greenspan. Senator Charles Schumer, Democrat of New York, who serves on both the Judiciary and Banking Committees and who led the charge against Alito, came out strongly in favor of Bernanke.
So, unlike Alito, who is expected to be confirmed by a vote pretty much along party lines, Bernanke was likely to receive the overwhelming support of the Senate, even if some prominent members are not up to speed on his views.
"It hasn't gotten a lot of attention," McCain said, "but I think he'll be carefully scrutinized in his hearings, and the view that other people have of him will carry a lot of weight in the financial world, particularly Greenspan."
McCain was asked if he would be surprised to learn that the hearings were several weeks past.
WASHINGTON The important presidential nominee who was scheduled for a vote in the U.S. Senate on Tuesday is widely regarded as brilliant, has ties to Princeton University and, if confirmed as expected, will influence the lives of Americans and people around the world for years to come.
Judge Samuel Alito Jr. for the U.S. Supreme Court? No, this is the other important nominee - Ben Bernanke for chairman of the Federal Reserve.
Wall Street may be intensely interested in just about every word ever uttered by Bernanke, the former Princeton economist and chairman of the White House Council of Economic Advisers who is President Bush's choice to succeed Alan Greenspan.
But in Washington, he is barely on the radar screen. Here is what Senator George Allen of Virginia, who is considering a bid for the Republican presidential nomination in 2008, said when asked his opinion of the Bernanke nomination. "For what?"
Told that Bernanke was up for the Fed chairman's job, Allen hedged a little, said he had not been focused on it and wondered aloud when the hearings would be. Told that the Senate Banking Committee hearings had concluded in November, the senator responded: "You mean I missed them all? I paid no attention to them."
He was not the only one. Senator John McCain, Republican of Arizona, who many assume will be a contender in 2008, also had no idea that the Bernanke hearings had come and gone.
While U.S. lawmakers and the public have been focused on the nomination of Alito, who is also scheduled for a vote on Tuesday, Bernanke has become a rarity in modern Washington: the noncontroversial nominee.
True, monetary policy no longer ignites ideological passion the way it did in the days of double-digit inflation. Still, the job that Bernanke, 52, is ready to assume hardly lacks consequence. As Federal Reserve chairman, Bernanke, considered one of the nation's pre-eminent monetary economists, would arguably be the most powerful economic figure in the world, his every remark having the power to move markets.
Unlike Alito, Bernanke would not be receiving a lifetime appointment; the term of a Fed chairman is just four years. But Bernanke is also being appointed to a 14-year term as a member of the Fed's board of governors, and under Fed rules would be eligible for reappointment as chairman for the life of that term. Greenspan, who served one partial term and one full term as a Fed governor, was chairman for 18 years.
That is long enough to have an extraordinary impact, and Fed chairmen often do. Their decisions affect many aspects of American and global financial life, including such things as increases in Social Security payments and how much interest people pay to borrow against the equity in their homes or to finance the purchase of a new car. The Fed's policies even influence the economy of China.
Senator Richard Shelby, Republican of Alabama, chairman of the banking committee, said the Fed chairman was "a lot more important, in the context of everyday life of the economy," than a member of the Supreme Court.
Allan Meltzer, a professor of political economy and public policy at Carnegie Mellon University, who is writing a history of the Federal Reserve, felt similarly. "Bernanke is certainly every bit as important as Alito," he said.
Meltzer contended that the banking committee gave Bernanke "a free ride" during his confirmation hearing, which lasted only one day.
During the session, Bernanke said continuity with the Greenspan era would be his top priority.
"I think they could have pushed Bernanke a little bit more on the questions of how he saw the job and what objectives he was going to pursue," Meltzer said, including "how he thought about the problems of reconciling full employment and low inflation - did he think the Fed had other responsibilities. It seemed to me they really didn't lay many gloves on him."
Perhaps that is because relatively few people outside the world of finance seem to know who Bernanke is. There are no outside interest groups broadcasting television ads for or against him, no protests, no polls.
Economists are a bit mystified, though not entirely surprised. The Alito hearings were brimming with controversy, from the judge's membership in a Princeton University alumni group that fought against affirmative action to a 20-year-old memorandum in which he said that the Constitution did not provide a right to an abortion.
The Bernanke hearings, by contrast, centered on the world of monetary policy, a field where most of the big ideological fights were settled long ago.
"Monetary policy has become much less political than it used to be years back and centuries back," said Alan Blinder, a former vice chairman of the Fed under Greenspan and a professor of economics at Princeton, where he was a colleague of Bernanke.
"There's a consensus on what monetary policy should be doing, which is to say keeping inflation low and, subject to that constraint, keeping employment high. So politicians take this attitude that it's for technocrats, and it doesn't matter too much whether the guy is a Republican or a Democrat."
Bernanke, for the record, is a Republican, though many of his close colleagues in academia said they did not know his political affiliation until he went to work for Bush. His nomination was announced last fall, days before Harriet Miers, the White House counsel, withdrew as a nominee to the Supreme Court amid accusations of political cronyism; picking Bernanke helped Bush fend off those charges.
Even so, his relationship with the president came up in his confirmation hearings, as Democrats pressed him on whether he would be independent of the White House.
But it was a Republican, Senator Jim Bunning of Kentucky, a longtime critic of the Fed, who cast the lone vote in the committee against him, saying he did not regard Bernanke as independent enough from Greenspan. Senator Charles Schumer, Democrat of New York, who serves on both the Judiciary and Banking Committees and who led the charge against Alito, came out strongly in favor of Bernanke.
So, unlike Alito, who is expected to be confirmed by a vote pretty much along party lines, Bernanke was likely to receive the overwhelming support of the Senate, even if some prominent members are not up to speed on his views.
"It hasn't gotten a lot of atte
- The Real Danger of Presidential Spying —Brian J. Foley, Tue Jan 31 17:24
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