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Entries in Federal Reserve (133)


ALG's Daily Grind - Read the fine print, QE is not really over 


Oct. 30, 2014

Permission to republish original opeds and cartoons granted.

Read the fine print, QE is not really over
Fed: "The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction."

Cartoon: Sunk

Retired Lt. Gen. Boykin to Americans: 'Go to the polls and vote'
Ret. Lt. Gen. William "Jerry" Boykin makes the case for Americans to vote this year.

EU climate compromise: I will if you will
New European carbon emissions reductions will not take place until the rest of the world agrees to do the same. Poland leads opposition.


ALG's Daily Grind - Election Day should be a national holiday 


Oct. 29, 2014

Permission to republish original opeds granted.

Election Day should be a national holiday
For 146.6 million Americans who have jobs, voting is more complicated than it need be.

Lee: 'Vote this year as if your life depends on it, because it does'
Sen. Mike Lee (R-Utah) urgently makes the case for Americans to vote this year.

The market controls interest rates, not the Fed
Any reasonable analysis of the 30-year downward trend of interest rates must conclude that it is based less on the Fed's infrequent policy proclamations than the day to day supply and demand of bonds, particularly those denoted in dollars.


CEI Today: Election Day results, Janet Yellen and income inequality, Real Clear Radio Hour, and more

Friday, Oct. 24, 2014
In the News Today



Forbes: The Least Important Election of Your Lifetime

Both Republicans and Democrats, especially in their fight over control of the Senate, are spending considerable effort to persuade “their” voters to show up to the polls, even when it means voting against their own principles. You read that right. Democrats are urging environmentalists to vote for “fossil-fuel loving” candidates, while Republicans are urging Tea Party activists to vote for the same people they sought to defeat in primaries. > Read more

> Interview Fred L. Smith, Jr.


Forbes: The Troubling Prospect Of Janet Yellen As Liberal Political Crusader

Federal Reserve Chairwoman Janet Yellen’s unprecedented speech on income inequality harbingers worrisome policy prescriptions by a central bank created to serve limited functions. Her wide-ranging critique of America’s economic and education systems could well position her as the monetary equivalent of activist judges who legislate from the bench. > Read more

> See also: Loan Report Attacks Lenders Rather Than Empowering Students


Saturday, 10am ET


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The 2014 Federal Paperwork and Red Tape Roundup, Part 4: Independent Agency Paperwork Costs

Independent agency paperwork burdens do not get accounted for in OMB’s annual benefits and costs roundup of executive agency rules, and include bureaus like the Securities and Exchange Commission with its 234 million reported hours of paperwork, and the Federal Communications Commission’s 82 million.

Be that as it may, as the link at Independent Agency Paperwork Burdens and the chart nearby shows, these hours add up to 610 million for agencies not headed by a cabinet secretary. At $35/hour, add an additional $21.3 billion in annual costs for independent agencies.
> Read more

> Interview Wayne Crews


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CEI President Lawson Bader


In Memoriam: Leonard Liggio

CEI’s Battered Business Bureau:
The Week in Regulation

The federal government took Monday off for Columbus Day, but still managed to pack more than 50 new regulations into a short week.



ALG's Daily Grind - Why the end of QE produced lower interest rates 


Oct. 21, 2014

Permission to republish original opeds and cartoons granted.

Why the end of QE produced lower interest rates
Interest rates are down year over year, yet the Fed has been tapering its bond purchases the whole time.

Cartoon: Ebola czar to the rescue
Obama appoints a czar to combat the outbreak.

ALG files FOIL request to NY state AG on wage prosecution release
ALG's Mehrens: "The New York State Attorney General's inclusion of union organizing activist Kendall Fells of the organization Fast Food Forward in a press release announcing a lawsuit for alleged under-payment of employee wages raises the question of whether the action is advocacy or law enforcement." Government case implodes as its former lawyers allege fraud against Holder DOJ
Sierra Pacific Industries. based on DOJ disclosures from former attorneys there: "The United States presented false evidence to the Defendants and the Court [and] advanced arguments to the Court premised on that false evidence or for which material evidence had been withheld."


APIA - Benko in Forbes: Federal Reserve Policy Suppresses Wage Increases 

Dear Monetary Policy Observer,


This recent article by APIA Senior Economics Adviser Ralph Benko focuses on an observation in center left online magazine Quartz that Fed policy has aimed for decades to suppress wage increases, which it considers a “red flag” for inflation.  Benko points out the Paul Volcker advocates attaching monetary policy to a rule.  Benko believes that this would allow Fed Chair Janet Yellen to pursue her goal of rising real wages without starting a wage-price spiral.




Nicholas Arnold

American Principles In Action



“Income inequality” is a crude, and twisted, heuristic for stagnant median family income.   “Income inequality” does not really resonate with voters, as noted by the Washington Post‘s own Catherine Rampell, with a mountain of evidence showing that Americans don’t begrudge the wealthy their wealth, just are frustrated at the lack of widespread economic opportunity.


So let’s get down to cases.  Stagnant median family income is not the GOP’s fault.  It’s the Fed who done it.


The Atlantic Media Company’s Quartz recently claimed that the Fed has been intentionally keeping a lid on wages.  This has potentially major political implications.  Among other things, this view would allow the Republicans to push the discourse back toward the real problem, wage stagnation.  It can serve to refocus the Congress on the real solution, restoring real, rule-based, integrity to monetary policy as a way to get America moving again.


A culpable Fed gives irony to the fact that it is the Democrats that protect the Fed as if it were the Holy of Holies of the Temple.  What if, as asserted in Quartz, the Fed, by policy, and not the GOP, is the source of wage stagnation?  This opens an opportunity for the GOP to parry the political narrative of “income inequality” and feature the real issue on the mind of the voters and forthrightly to address its core cause, poor monetary policy.


[…] Madame Yellen stated that “It would be a grave mistake for the Fed to commit to conduct monetary policy according to a mathematical rule.”  Contrast Madame Yellen’s protest with a recent speech by Paul Volcker in which he forthrightly stated: “By now I think we can agree that the absence of an official, rules-based cooperatively managed, monetary system has not been a great success.  In fact, international financial crises seem at least as frequent and more destructive in impeding economic stability and growth. … Not a pretty picture.”


Read the Full Article Here: