Often when we talk about the Fed, we talk about a dual mandate — low inflation, and low labor unemployment. But as I suggested at RealMoney many times, there is a hidden third mandate: protect the integrity of the banking system. Often, a tightening cycle would end with a bang, with some credit starved entity […]
When people look at this crisis, they look for simple answers — they want to find one or two parties to blame, not many, a la my Blame Game series. The economic system is an interconnected web, and it is not easy to change one part without affecting many others. Intelligent ideas for change consider […]
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