MedWorm provides a medical RSS filtering service. Over 6000 RSS medical sources are combined and output via different filters. This feed contains the latest medical blog items that have been tagged with 'fed'. Sat, 03 Sep 2011 02:21:47 +0100 http://www.medworm.com/index.php?rid=5125719&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FN7EN95OQlFI%2F By Daniel J. MitchellAllen Meltzer, an economist at Carnegie Mellon University, writes today in the Wall Street Journal about the Fed’s worrisome announcement that it will continue the easy-money policy of artificially low interest rates. Professor Meltzer’s key point (at least to me) is that the economy is weak because of too much government intervention and too much federal spending, and you don’t solve those problems with a loose-money policy – especially since banks already are sitting on $1.6 trillion of excess reserves. (Why lend money when the economy is weak and you may not get repaid?) Meltzer then outlines some of the reforms that would boost growth, all of which are desirable, albeit a bit tame for my tastes: [T]he United States does not have the kind of problems that pr... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=5125719 Fri, 12 Aug 2011 15:14:25 +0100 5125719 http://www.medworm.com/index.php?rid=4952807&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FwsPZxFTvNJQ%2F By Steve H. HankeThe rate of broad money growth (M3) in the United States is weak (see the accompanying chart).  The ultra-low federal funds rate (0.25%) has acted to keep a lid on broad money growth and, in turn, economic activity.  Yes, “low” interest rates imposed by the Fed are contributing to a credit crunch and anemic money growth.  But, wait.  This is counter-intuitive.  And if that’s not enough, it’s not what the textbooks tell us, either. While the Fed has pumped huge quantities of so-called high powered money into the economy, the U.S. is paradoxically facing a credit crunch.  Banks have utilized their liquidity to pile up cash and accumulate government bonds and securities.  In contrast, bank loans have actually decreased since May 2008.  And since credit is a s... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4952807 Mon, 20 Jun 2011 00:45:07 +0100 4952807 http://www.medworm.com/index.php?rid=4902408&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FvibE5rjCuMw%2F By Mark A. CalabriaToday Nobel Prize-winning economist Peter Diamond announced he is withdrawing his nomination to the board of governors of the Federal Reserve System.  Professor Diamond, in the pages of New York Times, blames the opposition to his nomination on both partisan politics and what he sees as a misunderstanding of the relationship between unemployment and monetary policy.  Mr. Diamond, however, is the one with a fundamental misunderstanding.  We all know unemployment is an important issue and needs to be addressed.  The question is whether it can be addressed with loose monetary policy.  Mr. Diamond apparently believes it can.  There are many who believe it cannot.  If all our labor market problems could be solved with loose money, then we’d already be at full... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4902408 Mon, 06 Jun 2011 15:08:29 +0100 4902408 http://www.medworm.com/index.php?rid=4753665&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FEysqe_Q8ZR0%2F By Mark A. CalabriaApril 27th begins a new chapter in Federal Reserve history: the Fed joins other major central banks in having a press conference after its monetary policy meetings (the Federal Open Market Committee).  Apparently the record lows in public support for the Fed, along with rising gas and food prices, have driven Bernanke to attempt to change the narrative.  After all, his appearance on “60 Minutes” did wonders for the Fed’s reputation.  I’m excited to hear even more about his childhood in Dillon, South Carolina or his time working at South of the Border.  Maybe an enterprising reporter could ask how much menu prices at South of the Border have increased since Bernanke took over the Fed. Perhaps you’ve noticed that I don’t have high ex... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4753665 Tue, 26 Apr 2011 19:57:13 +0100 4753665 http://www.medworm.com/index.php?rid=4693441&cid=t_144721_131_f&fid=34989&url=http%3A%2F%2Ffeeds.b5media.com%2F%7Er%2Fb5media%2FGeneticsHealth%2F%7E3%2FtpbqjcNwLEo%2F As a Top Chef devotee, I was happy to catch most of last night’s All-Stars Reunion show. (Although, I had forgotten that it was on, so maybe devotee is too strong a word.) But I certainly didn’t think that anything airing on this kind of perfunctory, let’s-show-funny-behind-the-scenes-clips-of-all-the-chefs-and-hilarious-outtakes-of-the-judges’-bloopers would remotely relate to Blisstree. But I was wrong. The hour-long episode brought up a controversial issue that relates to food products, overall health, and the environment, which are topics we like to think we know something about here at Blisstree. You don’t need to know the Top Chef All-Stars backstory (or even have watched any of the season) to understand or appreciate the scenario, which is this: Elia Ab... Genetics and Health blogs http://www.medworm.com/rss/comments.php?id=4693441 Thu, 07 Apr 2011 20:15:08 +0100 4693441 http://www.medworm.com/index.php?rid=4670214&cid=t_144721_117_f&fid=37824&url=http%3A%2F%2Fwww.doctorkalitenko.com%2Fblog%2Fwhy-buy-organic-now%2F The economy is terrible. We are all afraid to lose our jobs, our homes, our way of life. Many of us have given up our morning lattes, at least, or maybe took a vacation closer to home. One thing that we all tend to do when we’re worried about money? We compromise on what we eat. We don’t eat out as often: great! We watch our portions and don’t buy junk: fantastic! We buy leaner cuts of meat and give up organics: STOP RIGHT THERE! Eating cheaper cuts of meat and buying over-processed and unnatural foods will just make you unhealthier, unhappier, and the chances are that you’ll end up spending more to fill up on junk, all the while making you sick! Did you know that the best-selling items are mood modifiers, like cigarettes, alcohol, caffeine containing beverages and sweets? Did you ... Doctor Kalitenko antiaging blog blogs http://www.medworm.com/rss/comments.php?id=4670214 Fri, 01 Apr 2011 19:57:01 +0100 4670214 http://www.medworm.com/index.php?rid=4631462&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fnt-CJoPq2Mk%2F By Mark A. CalabriaToday Federal Reserve Chair Ben Bernanke announced he would hold four annual press conferences, after select meetings of the Federal Open Market Committee.  The first such meeting will be on April 27 and will be webcast. While I generally haven't been a fan of Bernanke's policy decisions, many of his "process" decisions, such as holding these press conferences, have been moves in the right direction of greater Fed communication with the public.  The Fed took some bold moves during and since the financial crisis -- often without a word to the public.  Indeed, it is interesting that this announcement comes only a few days after the Supreme Court refused to hear the appeal of the Bloomberg suit demanding Fed disclosure of banks assisted during the crisis.  It remain... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4631462 Thu, 24 Mar 2011 20:26:59 +0100 4631462 http://www.medworm.com/index.php?rid=4445786&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FSQe9ZSH2R2w%2F By Michael F. CannonFrom my latest Kaiser Health News op-ed: When 34 Senate Democrats joined all 47 Republicans last week to repeal ObamaCare's 1099 reporting requirement, their votes confirmed what their talking points still deny: ObamaCare will increase the deficit, no matter what the official cost projections say... This public-choice dynamic [of concentrated benefits and diffuse costs] is why the Congressional Budget Office, the chief Medicare actuary, and even the International Monetary Fund have discredited the idea that ObamaCare will reduce the deficit. It is one of the principal reasons why, as Thomas Jefferson wrote, "The natural progress of things is for liberty to yield, and government to gain ground." In other words, the game is rigged in favor of bigger government. It als... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4445786 Mon, 07 Feb 2011 16:22:35 +0100 4445786 http://www.medworm.com/index.php?rid=4314004&cid=t_144721_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2F7-3-10-foods-to-avoid-in-2011%2F2011.01.05 A patient reading a copy of Prevention in the waiting room brought to my attention an interesting article entitled “7 Foods That Should Never Cross Your Plate.” I would have to agree that these seven commonly eaten foods should be avoided, so I’ll rehash them here, along with three more of my own choosing to flesh out a New Year’s 7 + 3 = Top 10 list. The lead into the article implores the reader to recognize that “clean eating means choosing fruits, vegetables, and meats that are raised, grown, and sold with minimal processing.” Michael Pollan, the regarded author of The Omnivores Dilemma and In Defense of Food, puts it even more simply: “Eat food. Not too much. Mostly plants.” So here are the food items to avoid, in no particular order: 1) Canned Tomatoes – The resin t... Better Health blogs http://www.medworm.com/rss/comments.php?id=4314004 Thu, 06 Jan 2011 00:00:10 +0100 4314004 http://www.medworm.com/index.php?rid=4313991&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Faw60fC-0PNA%2F By Mark A. CalabriaAfter proponents of the Federal Reserve’s second round of quantitative easing (QE2) abandoned the argument that QE2 would spur growth by bringing down interest rates (only after rates increased), the new defense became “we intended for rates to go up all along, as a result of increased inflation expectations.”  Since few would argue for increased inflation, or expectations of such, as an end in itself, the claim was that increases in inflation expectations would drive households to consume more, which would in turn causes businesses to hire more, bringing down the unemployment rate.  But does this chain of reasoning withstand empirical scrutiny? It turns out looking at the historical data on inflation expectations, as collected at the University of ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4313991 Wed, 05 Jan 2011 16:08:01 +0100 4313991 http://www.medworm.com/index.php?rid=4245288&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F0CMv_mxQ5SM%2F By Mark A. CalabriaMuch of what drives the policy choices of Ben Bernanke and the Federal Reserve is a belief in the ability to trade higher inflation for lower unemployment, known within the economics profession as the “Phillips curve.”   But does this trade-off actually exist?  While its true that many have found a negative correlation between inflation and unemployment prior to 1960, looking at U.S. data, this relationship appears to have broken down in the mid-1960s, just about the time policy-makers thought they could exploit it (Lucas critique anyone?). It is hard, looking at the graph, which displays the annual change in consumer prices over the previous year and unemployment, to see much of a relationship.  In fact, since 1960, the correlation between changes in CP... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4245288 Thu, 09 Dec 2010 16:38:09 +0100 4245288 http://www.medworm.com/index.php?rid=4167946&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FaYZJk6lyp0k%2F By Mark A. CalabriaTuesday the Senate Banking Committee meets for the second time to consider the nomination of Peter Diamond to a seat on the Federal Reserve’s Board of Governors. Since Professor Diamond was first nominated, he has been awarded the Nobel prize in economics. Putting aside his academic qualifications, and his misguided views on Social Security, Professor Diamond is not qualified to be a Fed governor for one very simple reason: he is from a Federal Reserve district that already has representation on the Fed.  Paragraph 10-1 of the Federal Reserve Act requires that: In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due regard to a fair representation of the financial, agri... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4167946 Mon, 15 Nov 2010 12:03:14 +0100 4167946 http://www.medworm.com/index.php?rid=4133682&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FX7xp36z6zwo%2F The objective of QEII would be to reduce long-term interest rates, with the belief that such a reduction would spur investment and consumption, thus increasing employment.   Estimated impacts on rates range from zero to 80 basis points (80/100s of one percent).   Given the large excess reserves in the banking system, it is likely that much of the monetary stimulus provided by QEII will simply be added to bank reserves, which would correspondingly have little to no impact on either lending or interest rates.  So its likely that we will get very little bang out of QEII. Even if QEII did lower rates as much as some Fed leaders claim, the impact would still be relatively small, under one percent.  Given that mortgage rates have already fallen by that much over the last six months... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4133682 Wed, 03 Nov 2010 15:43:39 +0100 4133682 http://www.medworm.com/index.php?rid=3969012&cid=t_144721_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2Ffrom-mayo-clinics-transform-2010-conference-how-sick-are-our-healthy-school-lunches%2F2010.09.14 Appearing as a Second Life 3D virtual-world avatar at Mayo Clinic’s “Transform 2010″ symposium (watch the video here), Mrs. Q – a teacher and the anonymous author of the blog “Fed Up With Lunch: The School Lunch Project” — told the story of how her unique health mission has come to be. She’s determined to help people understand just how sick our “healthy” school lunches really are. Mrs. Q has sparked the interest of child health advocates around the country. Thanks to programs like First Lady Michelle Obama’s “Let’s Move Initiative” and Jamie Oliver’s “Food Revolution,” the nation is paying more attention to childhood obesity and school lunch reform. Mrs. Q’s blog was starte... Better Health blogs http://www.medworm.com/rss/comments.php?id=3969012 Wed, 15 Sep 2010 03:37:25 +0100 3969012 http://www.medworm.com/index.php?rid=3885331&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FtVvBZIljiAY%2F Yesterday, FoxNews.com posted a story on what appears to be a growing problem for public school systems across the country: accommodating Muslim holidays. Unfortunately, the report didn’t contain the solution to the problem. It did, though, contain a very succinct discussion of the root of the problem; an example of the good intent that causes people to ignore the problem; and the kind of “solution” that is ultimately at odds with the most basic of American values. A quote from New York City mayor Michael Bloomberg captured the essence of the problem: One of the problems you have with a diverse city is that if you close the schools for every single holiday, there won’t be any school. There you have the basic conundrum in a nutshell: Whenever you have a divers... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3885331 Thu, 19 Aug 2010 19:03:02 +0100 3885331 http://www.medworm.com/index.php?rid=3665957&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fzn19fS0fa1o%2F By Mark A. CalabriaWhile I never had much hope that this Congress would actually fix the real causes of the financial crisis – loose monetary policy, Fannie/Freddie – I had hoped that they wouldn’t do a lot to make an already bad situation worse.  Boy, was that hope naive. Take the area of federally provided deposit insurance.  There is a massive amount of scholarly work, much of it empirical, that demonstrates that expanding the level and scope of deposit insurance results in more frequent and severe financial crises.  So what is Congress considering?  Yes, you guessed it:  expanded deposit insurance. Recall during the financial crisis Congress raised the coverage limit to $250,000 – forget that there were never any premiums charged ahead of time for this cov... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3665957 Tue, 15 Jun 2010 18:32:59 +0100 3665957 http://www.medworm.com/index.php?rid=3610324&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FrKHqe-122BM%2F By Mark A. CalabriaA new Rasmussen poll has 80% of the American public supporting an audit of the Federal Reserve.  Only 9% of the public oppose, with the rest unsure. Unfortunately the poll did not ask specific questions over whether such an audit should cover monetary policy or just the Fed’s 2008 bailout activities.  So while the poll is likely to keep pressure on Congress, during its conference negotiations over financial regulation, to retain some audit of the Fed, the likely result is that Congress will leave out any real, on-going audit of monetary policy.  After Sen. Bernie Sanders essentially gutted his own amendment, Senator Dodd and the Obama administration agreed to a minor audit of the Fed’s emergency lending programs.  Ron Paul, sponsor of the House version o... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3610324 Fri, 28 May 2010 17:29:03 +0100 3610324 http://www.medworm.com/index.php?rid=3556082&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FMO5HoSibrCc%2F By Mark A. CalabriaLast week I wrote about Senator Sanders’ “compromise” with Senator Dodd and the White House on auditing the Federal Reserve.  To re-cap, the compromise would drop any auditing of monetary policy and simply focus on the Fed’s emergency lending facilities.  See my previous post for why I believe that compromise is a big win for the Fed and a loss for the American public. The good news is that Senator Sanders’ compromise does not end the debate.  Senator Vitter has filed an amendment (#3760) that mirrors the original Sanders’ amendment, including an audit of monetary policy.  With any luck, other Senators will be able to decide for themselves whether the Sanders-Dodd compromise offers sufficient transparency of the Fed’s action... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3556082 Tue, 11 May 2010 16:35:32 +0100 3556082 http://www.medworm.com/index.php?rid=3508163&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fu7EcaN5s43o%2F By Chris Moody Arnold Kling: “The case for auditing the Fed is obvious.” The key to reducing illegal immigration: A robust temporary-worker program. Surprise! The “financial reform” bill is full of kickbacks to well connected cronies: “The public needs to understand that, far from protecting the little guy and sticking it to the fat cats, this bill keeps good, old-fashioned political patronage alive and well.” When did this happen? “Historians find long-lost clause of U.S. Constitution giving federal authorities unlimited jurisdiction over the American palate.” Oh wait, it didn’t. Podcast: “The New Old Urban Renewal” featuring Eileen Norcross. (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3508163 Tue, 27 Apr 2010 19:16:20 +0100 3508163 http://www.medworm.com/index.php?rid=3508170&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F8HNZ9mjg9tw%2F By Cato EditorsRecently, the Federal Reserve has significantly altered the procedures and goals that it had followed for decades. Rep. Ron Paul (R-TX) has introduced a bill calling for an audit of the Fed. Remarkably, there is significant opposition to such oversight, and the political prospects for undertaking such an audit are relatively bleak. In a new paper, Cato scholar Arnold Kling examines the processes and outcomes on which an audit should focus, and looks at opposition to the audit: We should document why the Fed took each step, what the expected results were, and whether those results were achieved. …The profit or loss of the Fed’s investments would provide a very helpful indicator of whether the Fed’s actions served the economy as a whole or merely transferred ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3508170 Tue, 27 Apr 2010 15:36:50 +0100 3508170 http://www.medworm.com/index.php?rid=3453888&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fv4Qyws5guZs%2F By Michael F. CannonFederal Reserve Chairman Ben Bernanke gave a speech in Dallas yesterday where he inadvertently discredited claims that ObamaCare would reduce health care costs and the federal deficit.  According to The Washington Post: Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security if the nation is to avoid staggering budget deficits that threaten to choke off economic growth… While the immediate audience for the speech was the Dallas Regional Chamber, his message was intended for Congress and the Obama administration… Bernanke has urged Congress to address long-term fiscal imbalances in congressional testimony before, but usually only when he... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3453888 Thu, 08 Apr 2010 16:44:29 +0100 3453888 http://www.medworm.com/index.php?rid=3440747&cid=t_144721_87_f&fid=34872&url=http%3A%2F%2Fblisstree.com%2Ffeel%2Fwho-am-i-anyway-adoption-dna-testing-and-figuring-myself-out%2F This article by Elizabeth Spiers originally appeared on our sister site, TheGloss.com. The earliest available photos of me were taken when I was five months old, just after I was adopted. I have dark hair and freakishly large eyes that seem far too big for my face, like a Japanese anime character. In fact, they’re so big and dark that the rest of my facial features seem almost invisible. All you see are eyes. “Alien baby!” shrieks my friend Clare, spotting one of the photos on the wall of my grandmother’s house. “Look at your eyes!” She puffs out her cheeks and opens her eyes as wide as possible, and laughs. It’s 2003, and Clare has decided that my native Alabama would be more anthropologically interesting than her native U.K. for the Christmas hol... Healthbolt blogs http://www.medworm.com/rss/comments.php?id=3440747 Mon, 05 Apr 2010 16:54:47 +0100 3440747 http://www.medworm.com/index.php?rid=3239555&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FIlqtPPZJIE4%2F By Mark A. CalabriaDespite still defending the Fed’s bailouts, Fed Governor Kevin Warsh gave a speech this morning offering a few insights about reforming our financial system that seem to be lost on both Obama and Bernanke. A few highlights: The mortgage finance system is owed far stricter scrutiny to gather a fuller appreciation of the causes of the crisis. The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for example, were given license and direction to take excessive risks. One has to hope that both Bernanke and Obama are listening.  The silence of the Obama administration on fixing Fannie and Freddie is nothing short of shocking and irresponsible.  Any commitment to real reform has to include the GSEs. Granting new powers to resolve failing firms in th... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3239555 Wed, 03 Feb 2010 20:36:16 +0100 3239555 http://www.medworm.com/index.php?rid=3171887&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FbbdOwtOl6hM%2F By Michael F. CannonSuppose you’re a family of four at or near the federal poverty level.  Under current law, if you earn an additional dollar, you get to keep around 60-70 cents. Under the House and Senate health care bills, however, you would get to keep maybe 38 cents.  Or 26 cents.  Or maybe just 18 cents. The following graph (from my recent study, “Obama’s Prescription for Low-Wage Workers: High Implicit Taxes, Higher Premiums”) shows that under the House and Senate bills, the combination of (1) a mandate tax and (2) subsidies that disappear as income rises would impose implicit tax rates on poor families that reach as high as 82 percent over broad ranges of income. This graph actually smooths out some rather bumpy implicit tax rates that spike as high as 174 percent. ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3171887 Wed, 13 Jan 2010 17:55:10 +0100 3171887 http://www.medworm.com/index.php?rid=3145951&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FYzgHWs1zuds%2F By Chris Moody Nat Hentoff reports on racism in Cuba. Federal judge dismisses charges against Blackwater guards over the killing of 17 in Baghdad. David Isenberg: “The fact that the Blackwater contractors are not getting a trial will only serve to further increase suspicion of and hostility towards security contractors. It is going to be even more difficult for them to gain the trust of local populations or government officials in the countries they work in.” New report shows state and local government workers have higher average compensation levels than private workers. Podcast: “Televising and Subsidizing the Big Game” featuring Neal McCluskey. “Everybody should watch the National College Football Championship because whether you’re interested or... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3145951 Wed, 06 Jan 2010 15:51:56 +0100 3145951 http://www.medworm.com/index.php?rid=3142523&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FE4qPMyOHaU4%2F By Mark A. CalabriaYesterday, at the annual meetings of the American Economic Association, Fed Chairman Ben Bernanke offered a continued defense of the Fed’s monetary policies earlier this decade. Essentially he believes that monetary policy did not contribute to the housing bubble.  He also makes clear that he believes that the excessively loose policy stance of the Fed after the dot-com bubble burst was appropriate given the level of unemployment at that time.   Given that today’s unemployment level is even worse, Bernanke has offered us a clear indication that monetary policy will remain excessively loose for the foreseeable future, regardless of the Fed’s inability to actually create jobs. Bernanke’s remarks also illustrate the contradictions in his own think... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3142523 Mon, 04 Jan 2010 17:26:35 +0100 3142523 http://www.medworm.com/index.php?rid=3075478&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FJgUE4NKrvDg%2F By Chris EdwardsIn his Brookings Institution speech yesterday, President Obama called for more Keynesian-style spending stimulus for the economy, including increased investment on government projects and expanded subsidy payments to the unemployed and state governments. The package might cost $150 billion or more. The president said that we’ve had to “spend our way out of this recession.” We’ve certainly had massive spending, but it doesn’t seemed to have helped the economy, as the 10 percent unemployment rate attests to. It’s not just that the Obama “stimulus” package from February has apparently failed. The total Keynesian stimulus is not measured by the spending in that bill only, but by the total size of federal government defici... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3075478 Wed, 09 Dec 2009 20:43:42 +0100 3075478 http://www.medworm.com/index.php?rid=3056621&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FnW5hraShaXg%2F A few questions for Ben Bernanke: “Perhaps the most important question Bernanke should answer is: how will he re-build and maintain an independent Fed?” Before considering Bernanke’s role in containing the financial crisis, Congress should investigate the role of Fed policy in allowing the housing bubble to grow. Prepare to pay more: Today, an average insurance policy can cost about $2,985 for an individual or $6,328 for a family.  Under the Senate bill, those premiums will increase to $5,800 for an individual worker and $15,200 for a family plan by 2016. Why the White House “jobs summit” is unnecessary. Made on Earth: How global economic integration renders trade policy obsolete. Podcast: “ObamaCare the Budget Buster.” More, here. (Sour... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3056621 Thu, 03 Dec 2009 16:37:34 +0100 3056621 http://www.medworm.com/index.php?rid=3039757&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FKvMTcKXLB4E%2F With the Washington Post and other mainstream media outlets publishing endless defenses of “Federal Reserve independence” and proclaiming the Fed as savior of our financial system, it is all to easy to dismiss much of the media as simply defenders of the status quo.  There were many, however, willing to challenge this orthodoxy.  Standing out among them was Mark Pittman, reporter for Bloomberg.  It was Mr. Pittman who sued the Federal Reserve, winning a victory on August 24, as the Manhattan Federal Court allowed the suit to proceed.  Sadly, Mark Pittman passed away on November 25th.  Mark Pittman and his employer, Bloomberg News, sought details on the Federal Reserve’s numerous special lending facilities.  Which firms were getting loans, and for how much and at wha... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3039757 Mon, 30 Nov 2009 16:41:47 +0100 3039757 http://www.medworm.com/index.php?rid=3039758&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FCP7eG62IwFM%2F Nancy Pelosi: “The power of Congress to regulate health care is essentially unlimited.” Since August 2008 the monetary base (bills in circulation plus bank credits at Federal Reserve banks) has increased by 137%. If not defused, this bomb will eventually explode into inflation. Federal spending  just pushed the government’s debt over $12 trillion. Spending has soared so high that 40 percent of this year’s budget will be funded by borrowing. What the NFL can teach us about the War on Terror. Podcast: “The Rule of Law and the Fed“ (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3039758 Mon, 30 Nov 2009 16:31:16 +0100 3039758 http://www.medworm.com/index.php?rid=3018979&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FRiXVruPRDAs%2F The Wall Street Journal reported that Congress likes Fed Chairman Bernanke, but not the institution that he heads. There is growing consensus that the Fed needs to be reformed and restructured.  Most notably, there are calls to strip the Fed of its supervisory authority.  In practice, the new sentiment reflects the failure of the Fed to rein in risk taking by the largest banks. The Fed is pushing back.  One reserve bank president said that removing the Fed’s supervisory authority “would affect our ability to conduct monetary authority effectively.” He went on to say that without the supervisory authority, the Fed wouldn’t know enough about risks brewing in the economy.  This argument is shop worn. The Fed had the authority. It fueled the housing boom with its m... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3018979 Mon, 23 Nov 2009 14:01:02 +0100 3018979 http://www.medworm.com/index.php?rid=3015274&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FLqjgGYeZLeo%2F Just in time for Thanksgiving, the turkey has arrived: How Harry Reid’s health care “reform” bill is stuffed with extra costs. A few things you might not know about the Chrysler bankruptcy. Why you should not blame Obama for Bush’s 2009 deficit. Standing against the storm: Nien Chang, 1915-2009. Podcast: Think the Federal Reserve is independent? Think again. (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3015274 Fri, 20 Nov 2009 17:04:29 +0100 3015274 http://www.medworm.com/index.php?rid=2958821&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F4JpnKXs7Q4M%2F Yahoo News is highlighting the story “10 Jobs With High Pay and Minimal Schooling.” Topping the list: air traffic controllers, who work for the federal government. These workers make sure airplanes land and take off safely, and they typically top lists of this nature. The median 50% earned between $86,860-142,210, with good benefits. Air traffic controllers are eligible to retire at age 50 with 20 years of service, or after 25 years at any age. Huge salaries and retirement after 20 years — sweet deal! Air traffic controllers seem to provide a good illustration of my general claim that federal workers are overpaid. I don’t know what the proper pay level for controllers is, but I do know that we should privatize the system, as Canada has, and let the market figure... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2958821 Tue, 03 Nov 2009 20:53:01 +0100 2958821 http://www.medworm.com/index.php?rid=2930959&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FwnBLwpHHETs%2F How and when should the Fed unwind the enormous monetary expansion it undertook in response to the financial crisis and recession? The WSJ reports [$]: As the Federal Reserve’s next meeting approaches in early November, an internal debate is brewing about how and when to signal the possibility of interest-rate increases. The Fed has said since March that it will keep rates very low for an “extended period.” Long before it raises rates, however, it will need to change that public signal to financial markets. Because the recovery is so young and is expected to be so weak, many central bank officials are comfortable, for now, keeping rates very low. But they are beginning to strategize about how to walk away from the “extended period” language. My suggestion is t... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2930959 Tue, 27 Oct 2009 14:48:27 +0100 2930959 http://www.medworm.com/index.php?rid=2916085&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FvG64SGU-Y8w%2F Mervyn King, governor of the Bank of England, has shocked the staid world of British banking by raising the possibility of breaking up the UKs big banks. Mr. King is no socialist, but a worried banking regulator. He is worried about “the sheer creative imagination of of the financial sector to think up new ways of taking risk.” Around the world, regulators and finance ministers are hoping that banks will grow their way out of their current mess. To do so, however, banks will in fact need to seek new ways of taking on risk. It is called going for broke: the upside goes to stockholders and managers, and the downside to taxpayers. Mr. King knows that it is a “delusion” that regulators can control bank risk-taking. Whether one agrees with his solution, at least he recog... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2916085 Wed, 21 Oct 2009 18:19:30 +0100 2916085 http://www.medworm.com/index.php?rid=2876022&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fc18y9pP9fp8%2F Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust—and the subsequent financial crisis and recession—would have been averted. In a new study, Cato scholars Jagadeesh Gokhale and Peter Van Doren investigate those claims and dispute them. (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2876022 Thu, 08 Oct 2009 15:05:50 +0100 2876022 http://www.medworm.com/index.php?rid=2851750&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F5mFvHNabPSs%2F In the last few days, we have witnessed an almost unprecedented chorus of warnings about inflation prospects by senior Fed officials. Dallas Fed President Richard Fisher said the Fed must be prepared to tighten monetary policy by raising short-term interest rates with “alacrity.” President Charles Plosser of Philadelphia had spoken of the need to raise interest rates before unemployment returns to normal in order “to prevent the Second Great Inflation.” The comments of the two Reserve Bank presidents reinforce those made by Fed Governor Kevin Warsh. Financial markets are confused because the Fed’s policy-making committee (the Federal Open Market Committee) had just indicated its intention to keep interest rates low for an extended period. The inflation warning... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2851750 Wed, 30 Sep 2009 18:24:51 +0100 2851750 http://www.medworm.com/index.php?rid=2823967&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FFuQ414OVrvQ%2F “Americans are more likely today than in the recent past to believe that government is taking on too much responsibility for solving the nation’s problems and is over-regulating business,” according to a new Gallup Poll. New Gallup data show that 57% of Americans say the government is trying to do too many things that should be left to businesses and individuals, and 45% say there is too much government regulation of business. Both reflect the highest such readings in more than a decade. Byron York of the Examiner notes: The last time the number of people who believe government is doing too much hit 57 percent was in October 1994, shortly before voters threw Democrats out of power in both the House and Senate. It continued to rise after that, hitting 60 percent in Decembe... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2823967 Tue, 22 Sep 2009 21:18:43 +0100 2823967 http://www.medworm.com/index.php?rid=2809662&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FYN8MwjrmY-s%2F Nat Hentoff has a few tough questions for doctors who aided CIA torture. Is public option a private insurer killer? Larry McNeely and Michael Cannon debate. “Cap-and-Trade Is Dead. Long Live Cap-and-Trade!” Fed Chairman Ben Bernanke says the recession is probably over. But was he the man who saved the economy? Podcast: Should the government have the power to punish you for speaking your mind? Many Americans think it should…so long as it’s people with whom they don’t agree. (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2809662 Fri, 18 Sep 2009 20:37:30 +0100 2809662 http://www.medworm.com/index.php?rid=2800378&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fd05woclwRZ4%2F After last weekend’s 9/12 March, you’d have to be deaf not to recognize that small-government conservatism remains a vital part of the national conversation. That, or you watch too much MSNBC. Nothing is simple when dealing with the so-called Democratic People’s Republic of Korea. But here are a few ways the U.S. can engage the nuclear armed nation. Questions that must be answered before we proceed deeper into Afghanistan. Why it’s time to abolish the Department of Transportation, and devolve federal transportation programs to the states. Podcast: New police suit records every move an officer makes while on the job. Radley Balko weighs in. (Source: Cato-at-liberty) Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2800378 Tue, 15 Sep 2009 19:19:01 +0100 2800378 http://www.medworm.com/index.php?rid=2796414&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FgXSkReayefo%2F When Treasury Secretary Hank Paul proposed the bailout of Wall Street banks last September, I objected in part because the TARP meant that government connections, not economic merit, would come to determine how capital gets allocated in the economy. That prediction now looks dead on: As financial firms navigate a life more closely connected to government aid and oversight than ever before, they increasingly turn to Washington, closing a chasm that was previously far greater than the 228 miles separating the nation’s political and financial capitals. In the year since the investment bank Lehman Brothers collapsed, paralyzing global markets and triggering one of the biggest government forays into the economy in U.S. history, Wall Street has looked south to forge new business strategies... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2796414 Mon, 14 Sep 2009 18:27:19 +0100 2796414 http://www.medworm.com/index.php?rid=2778389&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F1NqFM6Kq5LM%2F Commenting on a recent article of mine in The Wall Street Journal, Peter Gartside claims that: Prior to 1913, the U.S. annual gross domestic product changes oscillated between extremes of approximately plus orminus 15%.   After the establishment of the Federal Reserve Board, the limits of GDP oscillations narrowed to approximately plus or minus 6%. You may well wonder where he got that idea, since there are no official estimates of gross domestic product (GDP) for years before 1929.  In the early 1960s, however, John Kendrick and Simon Kuznets bravely attempted to construct such estimates for gross national product (GNP).  That would be close enough to modern GDP data were it not for the primitive statistics and technology they had to work with. The table (after the jump) shows these h... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2778389 Wed, 09 Sep 2009 16:14:21 +0100 2778389 http://www.medworm.com/index.php?rid=2765997&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FB493KuxXxbI%2F The housing boom and bust that occurred earlier in this decade resulted from efforts by Fannie Mae and Freddie Mac — the government sponsored enterprises with implicit backing from taxpayers — to extend mortgage credit to high-risk borrowers. This lending did not impose appropriate conditions on borrower income and assets, and it included loans with minimal down payments. We know how that turned out. Did U.S. policymakers learn their lessons from this debacle and stop subsidizing mortgage lending to risky borrowers? NO. Instead, the Federal Housing Authority lept into the breach: The FHA insures private lenders against defaults on certain home mortgages, an inducement to make such loans. Insurance from the New Deal-era agency has enabled lending to buyers who can’t make a big d... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2765997 Fri, 04 Sep 2009 14:23:40 +0100 2765997 http://www.medworm.com/index.php?rid=2757738&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fp3rMEfrjB-w%2F USA Today reports that President Obama is seeking a cap on federal pay raises: President Obama urged Congress Monday to limit cost-of-living pay raises to 2% for 1.3 million federal employees in 2010, extending an income squeeze that has hit private workers and threatens Social Security recipients and even 401(k) investors. …The president’s action comes when consumer prices have fallen 2.1% in the 12 months ending in July, because of a massive drop in energy prices. The recession has taken an even tougher toll on private-sector wages, which rose only 1.5% for the year ended in June — the lowest increase since the government started keeping track in 1980. Private-sector workers also have been subject to widespread layoffs and furloughs. Last week, economist Chris Edwards discu... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2757738 Tue, 01 Sep 2009 14:37:21 +0100 2757738 http://www.medworm.com/index.php?rid=2734014&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FXmuqbPJu1us%2F In re-appointing Bernanke to another four year term as Fed chairman, President Obama completes his embrace of bailouts, easy money and deficits as the defining characteristics of his economic agenda. Bernanke, along with Secretary Geithner (then New York Fed president) were the prime movers behind the bailouts of AIG and Bear Stearns. Rather than “saving capitalism,” these bailouts only spread panic at considerable cost to the taxpayer. As evidenced in his “financial reform” proposal, Obama does not see bailouts as the problem, but instead believes an expanded Fed is the solution to all that is wrong with the financial sector. Bernanke also played a central role as the Fed governor most in favor of easy money in the aftermath of the dot-com bubble — a policy t... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2734014 Tue, 25 Aug 2009 14:25:29 +0100 2734014 http://www.medworm.com/index.php?rid=2715923&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F-7W3ksPPYwI%2F The health care debate has catalyzed a wonderful national clash of cultures centering on freedom versus control. Here’s one example that’s both complex and delightful. Progressive site TalkingPointsMemo ran a story yesterday about a man named “Chris” who carried a rifle outside an event in Phoenix at which President Obama appeared. “We will forcefully resist people imposing their will on us through the strength of the majority with a vote,” Chris said. To many TPM readers, this kind of thing is self-evidently shocking and wrong: Carrying a weapon is inherently threatening, Second Amendment notwithstanding. And vowing to resist the properly expressed will of the majority—isn’t that an outrageous denial of our democratic values? Well, . . . No.... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2715923 Wed, 19 Aug 2009 16:19:49 +0100 2715923 http://www.medworm.com/index.php?rid=2715924&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FzuIp2BgI0Is%2F Mark Calabria notes how the form of salary scheme at financial institutions played no apparent role in sparking the financial crisis.  But that hasn’t stopped the federal pay czar from boasting about his power, even to regulate compensation set before he took office. Reports the Martha’s Vineyard Times: Speaking to a packed house in West Tisbury Sunday night, Kenneth Feinberg rejected the title of “compensation czar,” but he also said said his broad and “binding” authority over executive compensation includes not only the ability to trim 2009 compensation for some top executives but to change pay plans for second tier executives as well. In addition, Mr. Feinberg said he has the authority to “claw back” money already paid to executives ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2715924 Wed, 19 Aug 2009 15:08:56 +0100 2715924 http://www.medworm.com/index.php?rid=2653841&cid=t_144721_111_f&fid=36048&url=http%3A%2F%2Ffeeds.b5media.com%2F%7Er%2Fb5media%2FAHeartyLife%2F%7E3%2F9rDkCwyrRsA%2F Not to pick on Kevin Federline (or K-Fed, as he’s sometimes known), but the Web is buzzing right now because of photos that show him with a huge stomach. He’s clearly gained a lot of weight. The reason I bring this up, is because how many times does a female celebrity gained a teensy bit of weight (Eva Longoria comes to mind) and suddenly people are all over the girl and attacking her on a few pounds. It seems to take many more pounds for the media to do this to a guy. Now, K-Fed is a dad, he’s got a lot going on, so I’m sure the weight gain is a just a side effect from family life and not being able to work out. Image: Zuma Press Share and Enjoy: Post from: Blisstree Kevin Federline’s Gut (Source: A Hearty Life) A Hearty Life blogs http://www.medworm.com/rss/comments.php?id=2653841 Wed, 29 Jul 2009 21:42:40 +0100 2653841 http://www.medworm.com/index.php?rid=2653672&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FH8pZgt742Hs%2F As I have argued elsewhere, Bernanke’s record as both a Fed governor and Chair suggest we be better off with a new Fed Chair come January 2010, when Bernanke’s term as Chair expires. Outside of those who believe the bailouts have saved capitalism, two very reasonable arguments are put forth for keeping Bernanke at the helm:  1) in a time of crisis, the markets need certainty and dislike change; and 2) the alternatives, such as Larry Summers, would be worse.  Both these points have real merit, however I believe in both cases the pros of change outweigh the cons of staying the course with Bernanke.  I will save the “certainty” debate for another time, for now, let’s ask ourselves:  Would Summers really be any worse than Bernanke? Before I make the... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2653672 Wed, 29 Jul 2009 14:53:41 +0100 2653672 http://www.medworm.com/index.php?rid=2645267&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FAdadN9XnA6Y%2F A recent Gallup Poll surveyed the public’s impression of how various federal agencies were doing their job.  Of the agencies evaluated, on the bottom was the Federal Reserve Board.  Only 30 percent of the respondents rated the Fed’s performance as either excellent or good.  I can understand now why Chairman Bernanke felt the need to take his act on the road.  Even the IRS managed to get 40 percent of respondents to see its job performance as excellent or good. A majority of the public, 57 percent, sees the Fed’s current performance as either poor or fair. The result is not just driven by a general public disdain for federal agencies; over a majority of respondents thought such agencies as the Center for Disease Control, NASA and the FBI were doing an excellent or good... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2645267 Mon, 27 Jul 2009 16:45:32 +0100 2645267 http://www.medworm.com/index.php?rid=2645274&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FkgYKgPAAuI0%2F It’s not just Americans worried about the flood of dollars from the Fed.  The Chinese and now the Malaysians also are wondering if they should keep dealing in greenbacks. Reports the Wall Street Journal: Malaysia’s prime minister said China and his country are considering conducting their trade in Chinese yuan and Malaysian ringgit, joining a growing number of nations thinking of phasing out the dollar. “We can consider whether we can use local currencies to facilitate trade financing between our two countries,” Malaysian Prime Minister Najib Abdul Razak told reporters at a briefing Wednesday after meeting with China’s premier, Wen Jiabao. “What worries us is that the [U.S.] deficit is being financed by printing more money,” Mr. Najib said. &#8220... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2645274 Mon, 27 Jul 2009 12:33:07 +0100 2645274 http://www.medworm.com/index.php?rid=2630047&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FIBK96jTDjOc%2F The First Amendment guarantees our freedom to petition the government, which is one of the reasons why the statists who wants to restrict or even ban lobbying hopefully will not succeed. But that does not mean all lobbying is created equal. If a bunch of small business owners get together to lobby against higher taxes, that is a noble endeavor. If the same group of people get together and lobby for special handouts, by contrast, they are being despicable. And if they get a bailout from the government and use that money to mooch for more handouts, they deserve a reserved seat in a very hot place. This is not just a hypothetical exercise. The Hill reports on the combined $20 million lobbying budget of some of the companies that stuck their snouts in the public trough: Auto companies and eigh... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2630047 Wed, 22 Jul 2009 21:37:15 +0100 2630047 http://www.medworm.com/index.php?rid=2625963&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fj9AVWzqNpdc%2F In today’s Wall Street Journal, Fed Chairman Ben Bernanke has outlined “The Fed’s Exit Strategy.” He tells the reader how the central bank will avoid an inflation of historic proportions resulting from all the money and credit it has injected into the economy. All of the strategies he outlines are technically feasible ways for the Fed to implement monetary restraint. The op-ed has an air of a classroom exercise, however, rather than a practical central-bank strategy. Much of the article is devoted to explaining how the Fed can now pay interest on reserves, and how it could raise that interest rate so as to dissuade commercial banks from lending the reserves out. It could do that, but what would that rate need to be in order to meet a private bank’s threshold r... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2625963 Tue, 21 Jul 2009 15:15:52 +0100 2625963 http://www.medworm.com/index.php?rid=2613827&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FN0C09Kl2jwA%2F Rep. Ron Paul now has a majority of the House of Representatives supporting his bill for an independent audit of the Federal Reserve System. He presented his case at a Cato Policy Forum recently, with vigorous responses from Bert Ely and Gilbert Schwartz. Now more than 200 economists have signed a petition calling on Congress to “defend the independence of the Federal Reserve System as a foundation of U.S. economic stability.” The petition seems implicitly a rebuttal to Paul’s bill. Allan Meltzer, a leading monetary scholar and frequent participant in Cato’s annual monetary conferences, declined to sign the petition and explained why: “I wrote them back and said, ‘the Fed has rarely been independent and it strikes me that being independent is very unlikely’” in th... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2613827 Fri, 17 Jul 2009 21:05:22 +0100 2613827 http://www.medworm.com/index.php?rid=2613838&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fk4KyMt3g-yk%2F More than 250 economists have signed an “Open Letter to Congress and the Executive Branch” calling upon them to “defend the independence of the Federal Reserve System as a foundation of U.S. economic stability.” Allan Meltzer is not a signatory to the petition and he has explained why not.  The Fed has frequently not shown independence in the past, and there is no reason to expect it to do so reliably in the future.  Professor Meltzer has just completed a multi-volume history of the Fed and knows all-too-well of the Fed’s willingness to accommodate the policies of administrations from FDRs to Lyndon Johnson’s.  I would add that the Fed’s behavior under Chairman Bernanke breaks new ground in aligning the central bank’s policy with Treasury’s.  Much of what the Fed has... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2613838 Fri, 17 Jul 2009 12:37:06 +0100 2613838 http://www.medworm.com/index.php?rid=2610878&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FgN5JyxMcyeE%2F In an op-ed Chris Edwards and I wrote for National Review Online yesterday, we shed light on the $100 billion or more in government subsidies pilfered by recipients through fraud and abuse: Every year, criminals and cheats pilfer over $100 billion — that’s $40 billion more than Bernie Madoff scammed off his investors — in federal benefits to which they are not legally entitled. Medicare, Medicaid, food stamps, refundable tax credits, and many other programs are targets for looting. Chris and I focused on fraud and abuse perpetrated by the recipients of taxpayer largesse, and Bernie Madoff made for a good comparison. But as the great economist and Cato adjunct scholar Robert Higgs also pointed out yesterday, “Bernie Madoff Was Only a Petty Crook Compared with Uncle Sam.&#82... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2610878 Thu, 16 Jul 2009 20:51:33 +0100 2610878 http://www.medworm.com/index.php?rid=2598191&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FWpZvflg_xZQ%2F Recent weeks have seen a swirl of speculation over whether President Obama will or will not re-appoint Ben Bernanke to the Chairmanship of the Federal Reserve Board, when his current term as Chair expires in January 2010. Almost all of the debate has centered on his actions as Chairman. This narrow focus misses an important piece: his actions, and words, as a Fed governor during the build-up of the housing bubble. What should have been Bernanke’s greatest strength as a Fed governor and later chair, his understanding of monetary theory and his knowledge of the Great Depression, has ended up being a weakness. While correct in his analysis of the role of “debt deflation” — where the deflation increases the real burden of debts and correspondingly weakens the balance s... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2598191 Mon, 13 Jul 2009 14:19:43 +0100 2598191 http://www.medworm.com/index.php?rid=2561212&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fr70NNXcLMmI%2F Last week Cato hosted a policy forum on “Bringing Transparency to the Federal Reserve,” featuring Congressman Ron Paul. As mentioned in CQ Politics, Rep. Paul’s bill, HR 1207, has been gaining considerable momentum in the House, with currently 244 co-sponsors, ranging from John Boehner to John Conyers Jr. In fact, the Senate companion bill was introduced by Senator Bernie Sanders. Fed Chairman Ben Bernanke discussed the very topic of Federal Reserve Transparency at Cato’s annual monetary conference in the Fall of 2007. After praising moves toward greater transparency at the Fed, Bernanke argued that “monetary policy makers are public servants whose decisions affect the life of every citizen; consequently, in a democratic society, they have a responsibility to give the peo... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2561212 Tue, 30 Jun 2009 19:57:27 +0100 2561212 http://www.medworm.com/index.php?rid=2556087&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FrdZiIACZYC4%2F Fed Chairman Bernanke’s term as Chair ends in January 2010. So far President Obama has offered Bernanke praise for his performance, but little else. After last week’s House Oversight Committee hearing focusing on Bernanke’s role in Bank of America’s purchase of Merrill Lynch, it is now readily apparent that the Chairman has few supporters on Capitol Hill. While his nomination will not be subject to the approval of the House of Representatives, or any of its Committees, the Senate Banking Committee’s reaction to Treasury Secretary Geithner’s plan to extend the Fed’s power serves as a useful proxy in gauging that Committee’s view of the Fed’s recent performance. Several recent polls show President Obama to be broadly popular with the American public, while the public holds ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2556087 Mon, 29 Jun 2009 17:38:24 +0100 2556087 http://www.medworm.com/index.php?rid=2510267&cid=t_144721_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F-WOIyklLYME%2F When Texas Congressman and former Republican presidential candidate Ron Paul speaks about transparency in the Federal Reserve, he sums up his argument with one simple question. Why not? “Why in the world should this much power be given to a Federal Reserve that has the authority to create $1 trillion secretly?” Ron Paul asked a standing room-only crowd today at the Cato Institute. Paul was on a panel of speakers, including Gilbert Schwartz, former associate general counsel to the Federal Reserve, to discuss a new bill that will audit the Fed for the first time in its history. This comes at a time when the Fed’s balance sheet has almost tripled, from just over $800 billion before the financial crisis to almost $2.3 trillion now. “We will only win when the people wake up ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2510267 Wed, 24 Jun 2009 20:02:53 +0100 2510267 http://www.medworm.com/index.php?rid=1677248&cid=t_144721_136_f&fid=35300&url=http%3A%2F%2Fwww.metastaticlivercancer.org%2F2008-08-04-cancer-treatment%2Falans-liver-cancer-story%2F Again another story about liver cancer that’s quite different from the survivor stories you tend to get spoon-fed through TV and media… Commented on Kaye’s Metastatic Liver Cancer Story   Hi, My Dad also died from liver cancer.   When Kay said that they only had 9 days from diagnosis till Kim passed away, it was similar for us.   We had 2 weeks but my dad was fine in the sense that he was able to be up and about. His mental state was fine as well. Doctors said my dad had 3 months to live, but he just went into a sleep & didn’t really wake up.. The shock of how fast it happened was unreal, it was like a car crash… My father Donald passed on the 16 July 2006. He was only 52 & it’s still very hard to deal with it, like the last 2 years did... Metastatic liver cancer blogs http://www.medworm.com/rss/comments.php?id=1677248 Mon, 04 Aug 2008 09:21:55 +0100 1677248 http://www.medworm.com/index.php?rid=838799&cid=t_144721_87_f&fid=34865&url=http%3A%2F%2Fwww.thecancerblog.com%2F2007%2F09%2F04%2Ftoday-i-am-grateful%2F Filed under: Cancer Survivors, Today, I Am GratefulThe following post is one of a series of posts appearing Monday through Friday on The Cancer Blog. This feature -- Today, I am grateful -- allows me to share with readers my appreciation for all the treasures in my life, both big and small. In my post-cancer world, I find It healing for my soul to be mindful of the good in my life. It is my pleasure to share my gratitude with you.When I think about how much my mom rescued me during my breast cancer treatment, I always land at the fact that she watched my little boys for 35 days in a row while I transported myself to and from radiation therapy. That wasn't all she did -- she also accompanied me to surgery, sat with me during chemotherapy treatments, parked herself by my bedside when I was h... The Cancer Blog blogs http://www.medworm.com/rss/comments.php?id=838799 Tue, 04 Sep 2007 04:00:00 +0100 838799