tag:blogger.com,1999:blog-5624436327404149621.post1938800054841559566..comments2024-03-28T20:07:31.640-07:00Comments on Quantitative Ease by Carola Binder: President Obama's Big, Frothy HintCarolahttp://www.blogger.com/profile/12783977056485775882noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-5624436327404149621.post-61889313844146568112020-11-25T19:57:00.640-08:002020-11-25T19:57:00.640-08:00Attractive component to content. I just stumbled u...Attractive component to content. I just stumbled upon your blog and in accession capital to assert that I get actually enjoyed account your weblog posts. 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Will there be a part 2?erectile dysfunction causeshttps://besterectiledysfunctionpills.com/noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-35890264806728824262020-11-25T15:52:58.781-08:002020-11-25T15:52:58.781-08:00Hi there, i read your blog occasionally and i own ...Hi there, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam responses? If so how do you reduce it, any plugin or anything you can suggest? I get so much lately it's driving me insane so any help is very much appreciated.erectile dysfunction remedieshttps://erectiledysfunctionpillscvs.com/noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-83239419876798240372013-07-29T08:33:51.116-07:002013-07-29T08:33:51.116-07:00Larry Summers vs. Janet Yellen is just a good-cop ...Larry Summers vs. Janet Yellen is just a good-cop bad-cop con. Both are equally corrupt, and equally determined to boost Wall Street at the expense of the average American. Of course, otherwise why would Obama consider nominating her?<br /><br />What these corporate shills say in their press releases means nothing. Consider Obama himself, who talks like FDR but walks like Marie Antoinette. 'The poor, they have no bread? Say how much we feel their pain and let them starve!'Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-2061898911462313182013-07-29T07:47:37.404-07:002013-07-29T07:47:37.404-07:00Krugman links to(!) Blinder agrees with her:
http...Krugman links to(!) Blinder agrees with her:<br /><br />http://krugman.blogs.nytimes.com/2013/07/29/fear-of-froth/<br /><br />Fear of Froth <br />by Krugman<br /><br />July 29, 2013<br /><br />Carola Binder parses President Obama’s big interview with the Times, and thinks it hints at a Summers, or anyway non-Yellen appointment. Maybe; in any case, can I say just how really stupid it is for the White House to have allowed this show even to get started? Here we have Obama trying to reboot his economic message, and much of the reporting is instead focused on palace intrigue."<br /><br />Krugman adds:<br /><br />"And this has, by the way, been true all along. Back in the fall of 2009 the word I got was that senior Administration officials believed that we were in a Treasury bubble,and that long-term interest rates — then around 3.5 percent — might soar any day now. This in turn was partly behind the disastrous “pivot” away from unemployment to deficits."Peterhttps://www.blogger.com/profile/08272747870634233567noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-19744177585982841802013-07-28T13:14:33.295-07:002013-07-28T13:14:33.295-07:00I think Obama is just equivocating to placate the ...I think Obama is just equivocating to placate the the special interests (i.e. the business community) There is no hidden meaning -- unless he does nominate Summers in the end.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-41845429531706050322013-07-28T10:48:40.178-07:002013-07-28T10:48:40.178-07:00Well, obviously per Larry Summers since you and Ja...Well, obviously per Larry Summers since you and Janet Yellen are gilrs you are just no good at economics. Unlike his sterling record of running things into the ground!!! Comments made by Obama and the pro-Wall Street policies he implements leaves me just "Gobsmacked" when I hear the Yahoos on Faux News adn Faux Business News calling this right-of-center President a "Socialist," "Marxist," and "Black Nationalist." Talk about moving the Overton Window.rickstersherpa@msn.comhttps://www.blogger.com/profile/14489905720399087036noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-34377730765484842782013-07-28T08:08:40.877-07:002013-07-28T08:08:40.877-07:00There is more than policy going on here. Summers ...There is more than policy going on here. Summers represents the last hurrah of the turn-of-the-century Democratic Party's most insiderish clique of money men: people like Rubin and Corzine. Summers was Rubin's right-hand man and they were joined at the hip with Greenspan. Why these characters, the key architects of a spectacularly failed system, still get the time of day in the White House probably depends more on their political connections and control over Democratic Party coffers than it has anything to do with positions on the fine points of economic theory and policy.<br /><br />Obama could be under pressure from Hillary's camp to appoint Summers, since Summers is an old part of the Clinton machine. If Obama is "comfortable" with Summers, that's probably what's going on. Also, Obama may have promised Summers the Fed position last year to get Summers and his henchmen to back off on their opposition to Jim Yong Kim.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-53125849030714514502013-07-28T07:54:37.707-07:002013-07-28T07:54:37.707-07:00After your post was published Gavyn Davies in the ...After your post was published Gavyn Davies in the Financial Times seemed to have the same thought, that Obama's comment seemed to reflect Summers' view:<br /><br />quote<br />Mr Summers seems to be worried that a bubble is building in US asset prices, something the President chose to emphasise last week when he was framing his thinking on the Fed leadership.<br />end quote<br /><br />http://blogs.ft.com/gavyndavies/2013/07/28/summers-time-at-the-fed/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-24728634425482920542013-07-28T07:44:02.933-07:002013-07-28T07:44:02.933-07:00Sorry for the confusion of variables. I should ha...Sorry for the confusion of variables. I should have said:<br /><br />The logical structure here is: the Fed shall maintain A commensurate with B so as to promote C, D, E.<br /><br />What economists refer to as the "dual mandate" is the C, D and E part - which clearly contains three components, not two:Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-26054658595210839022013-07-28T07:41:53.748-07:002013-07-28T07:41:53.748-07:00Carola, I think you are over-interpreting the comm...Carola, I think you are over-interpreting the comment. Obama mentions the price stability part of the mandate in the first half of the paragraph and the unemployment part of the mandate in the second half the paragraph, then says a few things about financial stability. He's just a politician emitting the usual content-free word clouds to please all of the various audiences and show that he has some vague idea about the Fed's role. I wouldn't read anything important into it.<br /><br />Economists often suggest that they know the "true meaning" of the Fed's mandate in a given context. But the so-called "dual mandate" is an intentionally vague piece of legislative fluff that offers no really definite guidance. First of all its not a dual mandate, it's a <i>three part</i> mandate. The relevant text is:<br /><br /><i>"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."</i><br /><br />The logical structure here is: the Fed shall maintain A commensurate with B so as to promote C, D, F.<br /><br />What economists refer to as the "dual mandate" is the D, E and F part - which clearly contains three components, not two:<br /><br />1. maximum employment<br />2. stable prices<br />3. moderate long-term interest rates<br /><br />The legislation contains zero guidance as to what level of employment is to be considered "maximum"; nor does it even say which of the many measure of employment the Fed should use in aiming at this maximum level.<br /><br />The legislation is also economically out of date in its reference to maintaining long run growth in monetary and credit aggregates as the <i>means</i> by which the Fed should promote the other goals. This hearkens back to an early monetarist era in which it was thought the Fed could directly target monetary and credit aggregates, and that the changes in those aggregates determined everything else. But the Fed abandoned attempts to target monetary aggregates decades ago, and for good reason: they found they couldn't do it.<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-23560326451358694712013-07-28T07:29:57.394-07:002013-07-28T07:29:57.394-07:00Good catch. It will probably be Summers.
There&#...Good catch. It will probably be Summers. <br /><br />There's also that anecdote from his first term where Obama said he thought monetary policy had done all it can do, and his CEA chair Romer rightfully disagreed with him.<br /><br />I also wonder if Obama is still in crisis mode with fighting Republican brinkmanship over the debt ceiling and the budget. Hence he still wants "old-hands" on deck. I would argue this shouldn't disqualify Yellen who was at the Fed throughout the crisis years.Peterhttps://www.blogger.com/profile/08272747870634233567noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-78669601157133361022013-07-28T05:45:56.082-07:002013-07-28T05:45:56.082-07:00The President notoriously appoints people who are ...The President notoriously appoints people who are Friedman-esque in their thinking to economy-related positions. <br /><br />Prepare for another bad choice in a long line of terrible choices. timm0https://www.blogger.com/profile/05827706730229287713noreply@blogger.com