Monetary Policy: The Cost of QE3

Quantitative easing began and continues in front of a computer. If you had visited the Fed when QE1 was being implemented, you would have seen several people, daily, sitting in front of a computer, selecting securities and then buying them. Keeping…

Monetary Policy: QE Insight

At a 2002 conference honoring Milton Friedman on his 90th birthday, then Federal Reserve Governor Ben Bernanke concluded his remarks with… “Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do…

Election Economics: Obama’s Keynesian Message

Comparing Obama/Biden and Romney/Ryan economics, people name John Maynard Keynes and Friedrich von Hayek. Having looked at Hayek several weeks ago, let’s turn to Keynes now. During 1934, with unemployment high and production low, British economist John Maynard Keynes was…

QE3 and the Baby Boomers

At the beginning of yesterday’s QE3 press conference, Fed Chairman Ben Bernanke referred to the plight of savers. Similarly, during an August “Conversation With the Chairman,” Dr. Bernanke was asked, “What about the savers?” Both times, Dr. Bernanke had the…

The Fed Debate

10 years ago, the future Federal Reserve Chairman Ben Bernanke said to Nobel laureate Milton Friedman, “Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” What won’t they…