Search Results for: "new york fed"

Some Questions For Mr. Bernanke

On Thursday, Ben Bernanke will appear before the Senate Banking Committee, to begin his reconfirmation process as chairman of the Federal Reserve Board. Based on committee members’ public statements, Bernanke already appears to have enough votes on his side.  But Thursday’s hearing and the subsequent floor debate are an important opportunity for senators to raise … Continue reading Some Questions For Mr. Bernanke

Written Testimony Submitted To The Congressional Oversight Panel

Testimony submitted to the Congressional Oversight Panel, hearing on “The overall impact of the Troubled Asset Relief Program (TARP) on the health of the financial system and the general U.S. economy,” Thursday, November 19, 2009. (pdf version) Submitted by Simon Johnson, Ronald Kurtz Professor of Entrepreneurship, MIT Sloan School of Management; Senior Fellow, Peterson Institute … Continue reading Written Testimony Submitted To The Congressional Oversight Panel

Who is Carlos Slim?

The US increasingly displays characteristics that we have seen many times in middle-income “emerging markets” – new dimensions of vast inequality, forms of financial instability that benefit the best connected, and consistently easy credit for the privileged.  But this raises the question: who exactly is going to dominate our economic and political landscape moving forward? … Continue reading Who is Carlos Slim?

Too Politically Connected To Fail In Any Crisis

Over the past 30 years Wall Street captured the thinking of official Washington, persuading policymakers on both sides of the aisle not to regulate (derivatives), to deregulate (Gramm-Leach-Bliley), not enforce existing safety and soundness regulations (VaR), and to stand idly by while millions of consumers were misled into life-ruining financial decisions (Alan Greenspan). This was pervasive … Continue reading Too Politically Connected To Fail In Any Crisis

Larry Summers, Economic Recovery, And Ben Bernanke

In a memo to Congress on Tuesday, Larry Summers – the head of the White House National Economic Council – laid out his view of where we are and what is likely to happen next in our economic recovery. His tone was more upbeat than we’ve heard in recent utterances, although he has been heading … Continue reading Larry Summers, Economic Recovery, And Ben Bernanke

The Fed Makes A Bid

Policymakers like to make particular kinds of statements at a “low attention” moment, e.g., right before a holiday weekend.  This gets items onto the public record but ensures they do not get too much attention. And if you are asked about these substantive issues down the road, you can always say, “we told you this already, so it’s not now news” – … Continue reading The Fed Makes A Bid

All About Optics (Predicting Stress Test Outcomes)

The bank stress tests are beginning to create a perception problem, but not – as you might think – for banks.  Rather the issue is top level Administration officials’ own optics (spin jargon for how we think about our rulers). At one level, the government’s approach to banks – delay doing anything until the economy … Continue reading All About Optics (Predicting Stress Test Outcomes)

Pierre Bourdieu, Tim Geithner, and Cultural Capital

France in the 1960s and 1970s was the source of a tremendous amount of new philosophical, literary, and critical thinking – Foucault, Derrida, Lévi-Strauss, Baudrillard, Barthes, etc. But in my opinion, the most important member of that intellectual generation was the sociologist Pierre Bourdieu. In Distinction, Bourdieu’s best-known work, he described how economic class is … Continue reading Pierre Bourdieu, Tim Geithner, and Cultural Capital