The government’s least democratic branches are incompetent and corrupt because they are unaccountable. James Madison would not be surprised…
Federal Reserve
Posted inEconomic Policy
Fed Report on Silicon Valley Bank Confirms Its Supervision Arm Shouldn’t Exist
The supervisors knew exactly what was happening at the bank, and were institutionally incapable of acting. This isn’t an isolated incident.
Posted inTAP
The Economy Is Still Doing Well
Today on TAP: But a weakened banking system, coupled with a Fed that is hawkish on rates but kind and gentle on financial regulation, could be the economy’s undoing.
Posted inTAP
Will the Fed Wreck an Improving Economy?
Today on TAP: Both the inflation and the employment outlook continue to improve.
Posted inEconomic Policy
Rise of the Climate Rating Agencies
Government and the private sector rely increasingly on risk-modeling firms that claim they can zero in on exposure to climate change.
Posted inEconomic Policy
Federal Reserve Independence Is the Problem
A weird, secretive, and unaccountable institution organizes our society, and nobody wants to talk about it.
Posted inEconomic Policy
The Federal Reserve Cannot Investigate Itself
There are lots of problems with the review the Fed has announced of supervision and regulation in the wake of the Silicon Valley Bank collapse.
Posted inEconomic Policy
The Problem Lender of Second-to-Last Resort
The Federal Home Loan Bank system has moved beyond its original intent and mostly allows distressed banks to delay a reckoning. It could use reform.
Posted inEconomic Policy
Stopping Bank Runs and Protecting the Economy
The key is higher equity requirements so banks remain solvent.
Posted inEconomic Policy
Silicon Valley Bank Purchaser Evades Tougher Regulatory Scrutiny
First Citizens only purchased a portion of SVB’s assets, leaving it under the $250 billion threshold for enhanced supervision.