Recapitalization of the Federal Reserve System Phase 1
"The current financial crisis and the claims made on the Federal Reserve System have raised questions about the adequacy of the Federal Reserve balance sheet. The Fed appears to be under-capitalized and under-powered relative to the tasks that we expect it to accomplish. The capital position of the Fed needs to be brought up to date to maintain global confidence in its viability."
Recapitalization of the Federal Reserve System Phase 1 - 09.23.08
Back to the Future: What Have We Learned Since 1979?
There is much foolish talk from people who should know better that the current financial crisis is the worst since World War II, or even the worst since the Great Depression. It is not. The worst crisis was the Carter 1979 crisis that continued with great volatility into 1982. But, we should pause to think about what we have learned, or not learned since 1979 when Michael Blumenthal resigned as Secretary of the Treasury, G. William Miller was shunted aside from the Fed to the Treasury post, and Paul Volcker was installed as Chairman of the Fed, setting the stage for the October Massacre, October 1979.
What Have We Learned Since October 1979 - 04.14.08