|
Fisher Storms on the Horizon Part 1 of 18 |
|
|
|
Last Updated ( Saturday, 29 November 2008 )
|
| on November 29, 2008 07:35 PM |
|
|
|
|
Thank you, Bruce Ericson. I am honored to be here this evening and am grateful for the invitation to speak to the Commonwealth Club of California.
Alan Greenspan and Paul Volcker, two of Ben Bernankes linear ancestors as chairmen of the Federal Reserve, have been in the news quite a bit lately. Yet, we rarely hear Forex Trading Machine about William McChesney Martin, a magnificent public servant who was Fed chairman during five presidencies and to this day holds the record for the longest tenure: 19 years.
Chairman Martin had a way with words. And he had a twinkle in his eye. It was Bill Martin who wisely and succinctly defined the Federal Reserve as having the unenviable task to take away the punchbowl just as the party gets going. He did himself one up when he received the Alfalfa Clubs nomination for the presidency of the United States. I suspect many E-Mini Trading Course here tonight have been to the annual Alfalfa dinner. It is one of the great institutions in Washington, D.C. Once a year, it holds a dinner devoted solely to poking fun at the political pretensions of the day.
|
Discuss this item on the forums. (0 posts) |
|
Fisher Storms on the Horizon Part 6 of 18 |
|
|
|
Last Updated ( Friday, 28 November 2008 )
|
| on November 28, 2008 05:14 PM |
|
|
|
|
You might wonder why G7 Forex Trading System a central banker would be concerned with fiscal matters. Fiscal policy is, after all, the responsibility of the Congress, not the Federal Reserve. Congress, and Congress alone, has the power to tax and spend. From this monetary policymakers point of view, though, deficits matter for what we do at the Fed. There are many reasons why. Economists have found that structural deficits raise long-run interest rates, complicating the Feds dual mandate to develop a monetary policy that promotes sustainable, noninflationary growth. The even more disturbing dark and dirty secret about deficitsespecially when they careen out of controlis that they create political pressure on central bankers to adopt looser monetary policy down the road. I will return to that shortly. First, let me give you the unvarnished facts of our nations fiscal predicament.
Eight years ago, our federal budget, crafted by a Democratic president Sure Fire Trading and enacted by a Republican Congress, produced a fiscal surplus of $236 billion, the first surplus in almost 40 years and the highest nominal-dollar surplus in American history. While the Fed is scrupulously nonpartisan and nonpolitical, I mention this to emphasize that the deficit/debt issue
|
Discuss this item on the forums. (0 posts)
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
| Results 49 - 60 of 141 |
