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The most dangerous woman in America — and why conservatives should listen to her
What Anat Admati, a Stanford University finance professor, is saying about megabanks shouldn’t be controversial: make these institutions less likely to (again) implode and crash the US economy by...
View ArticleThe case against the Fed formally adopting the Taylor Rule
Republicans want the Fed to follow a policy rule. So do I. Here is what GOPers have in mind (via the Houston Chronicle): The most prominent piece of legislation, sponsored by Reps. Bill Huizenga,...
View ArticleYou were a big savings and loan…
“The Big Guys.” That’s what one of my colleague Federal Home Loan Bank presidents used to call the biggest savings and loans. Where are they now? His attitude was a lingering reflection of the great...
View ArticleWhat does ‘prudence’ in banking mean?
Should bankers be prudent? Well, of course, and their policies and organizational cultures should promote prudence, as everybody agrees. In his classic book on banking, “Lombard Street,” Walter Bagehot...
View ArticleWho’s got the biggest interest rate risk mismatch of all? The Fed, of course
Writing in his bank’s “Economic Focus” of the fundamental financial issue of “Maturity Mismatch,” Federal Reserve Bank of Richmond President Jeffrey Lacker discusses using “short-term deposits to fund...
View ArticleRave reviews for Wealth Building Home Loan
The Wealth Building Home Loan (WBHL), a new approach to home finance, opened to rave reviews at the American Mortgage Conference held September 8-10. Six leaders of national stature made favorable...
View ArticleWould Dodd Frank really prevent another massive megabank bailout?
One of my favorite policy heuristics: “The history of big bank failure is a history of the state blinking before private creditors” – Andrew Haldane. Which leads me to this reality-based analysis by...
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The Fannie/Freddie stock bubble
Fannie Mae and Freddie Mac’s stocks have dropped like a rock in the wake of a federal judge’s ruling against some hedge funds, in lawsuits which were designed to move the profits created by the...
View ArticleWill lower pension benefits cause public employees to quit?
A new study published by the Center for Retirement Research at Boston College concludes that reducing public pension benefits would cause an outflow of quality government employees. You can expect to...
View ArticleIs breaking up the megabanks back on the Washington agenda?
Shape up or break up. That’s the message Federal Reserve Bank of New York President William Dudley gave to Wall Street yesterday. Too much risk taking and law breaking means government will have to...
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