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    Senate Needs Firm Assurances from Bernanke for Second Term

    Yesterday, President Obama announced his intention to nominate Ben Bernanke to a second four-year term as Chairman of the Federal Reserve Board. Bernanke’s tenure coincided with the most chaotic and painful period in modern financial history. Bernanke has overseen a previously unimagined expansion in the range of Fed programs, and … More

    On the Fed, the Journal’s Readers Deserve Better

    The snarky aside is a common tool substituting for a sound argument. Sadly, a Wall Street Journal editorial today gave in to the temptation. The subject was the announcement by the Federal Reserve that it would maintain its basic, highly accommodative monetary policy stance for “an extended period”. The Fed … More

    The Fed is Part of the Problem Too

    We have long believed that the Treasury Department’s TARP interventions have become possibly the single most disruptive force in the global economy. Under the header The Beatings Will Continue Until Morale Improves, EconLog’s David Henderson flags a New York Times story suggesting that the Fed has become just as unhelpful … More

    What Should Congress Do to Help the Economy?

    Following the testimony this morning of Federal Reserve Chairman Ben Bernanke, the House Budget Committee turned to three economists for their recommendations. Bill Beach, director of Heritage’s Center for Data Analysis, outlined his views on crafting a long-term, pro-growth economic policy. Here’s video of his opening statement: [youtube]http://www.youtube.com/watch?v=LIfVkAL55ck[/youtube]

    Morning Bell: Vital and Acceptable

    The $700 billion financial rescue that the House will vote on today is a significant improvement over the drafts released last Friday, and the Friday before that. According to the Congressional Budget Office, the plan will eventually cost “substantially less” than the oft-quoted amount of $700 billion, and it even … More

    Morning Bell: Market Rescue Dos and Don'ts

    Leaders of the liberal majorities in the House and Senate yesterday  tried to claim they had completed a deal with the White House to address the Wall Street crisis. From the beginning, leaders on the left have both demanded the White House deliver conservative votes for any deal and then refused … More

    Any Financial Cleanup Plan Must...

    Democrats on Capitol Hill are claiming they have reached a deal with President Bush on a plan to cleanse the financial system of bad housing-related assets. So far, it doesn’t seem as though any conservatives have signed on. As lawmakers debate the merits of the sketchy plan, we have identified … More

    Understanding the Credit Crisis

    Heritage fellow JD Foster explains what led to the credit crisis and why it cannot be ignored. There are unprecedented problems in the financial markets. The Federal Funds Rate is the No. 1 tool that the Federal Reserve Board has for governing monetary policy. The Federal Funds Rate jumped much … More

    Morning Bell: Seize This Opportunity

    Freddie Mac and Fannie Mae own or guarantee a combined $5 trillion worth of mortgages. To put the size of that liability into perspective, remember that total U.S. federal debt is $9.5 trillion and total U.S. gross domestic product is $14 trillion. They are simply too big to fail. The … More

    This Week in Washington: Just Say No to Government Regulation

    Here’s a preview of the week ahead in Washington. [youtube]http://www.youtube.com/watch?v=an2ZGW85Ad0[/youtube] Recent troubles with the financial and housing markets have lead to proposed action by Congress to help distressed homeowners and to find a government solution to the Bear Stearns collapse. Massive new billion-dollar handouts to aid homeowners and utilizing sweeping … More