Greenspan, `Master of Garblements,’ Fares Poorly in Book on Fed –Blooomberg

None of these chairmen comes off well here. Greenspan, “the master of garblements,” fares the worst. His “skill in presenting imprecise, sometimes near-meaningless, conflicting, yet learned-sounding views won him over-the-top adulation for his insights and abilities,” Auerbach writes.

These evasions and deceptions allowed Greenspan to avoid accountability, which is the thrust of Auerbach’s critique. The Fed has 19 decision makers — seven governors in Washington and 12 regional bank presidents. They are accountable to no one.

Greenspan, `Master of Garblements,’ Fares Poorly in Book on Fed –Blooomberg

None of these chairmen comes off well here. Greenspan, “the master of garblements,” fares the worst. His “skill in presenting imprecise, sometimes near-meaningless, conflicting, yet learned-sounding views won him over-the-top adulation for his insights and abilities,” Auerbach writes.

These evasions and deceptions allowed Greenspan to avoid accountability, which is the thrust of Auerbach’s critique. The Fed has 19 decision makers — seven governors in Washington and 12 regional bank presidents. They are accountable to no one.

Paulson says credit crisis may be fading

Treasury Secretary Henry Paulson said Wednesday the worst of the credit crisis may have passed but acknowledged that rising gas prices will blunt the effect of 130 million economic stimulus checks. He ruled out a second stimulus package for now.

Gas or gamble? Economy forces some to choose

The pressures of a weak economy — concerns about job security and rising prices for gas, food, home heating oil and other goods and services — are causing many gamblers to cancel or reduce the number of casino trips. Those who go are gambling less money than in the past: At the traditional gambling Meccas of Atlantic City and Las Vegas, and in other states, casino revenue is down. Employees are being laid off, and there’s concern about future growth.

BloggingStocks asks about another kind of gaming.

Is the video game industry recession-proof?

Another problem to keep in mind: the Associated Press recently reported that teens are having a tough time procuring summer work in light of the struggling economy. That means less spending money for video games.

Yet we get the conflicting question: Will the Fed raise rates? Rapidly rising prices, slowing economy, spells stagflation, not a pleasant position to be in, the 70s all over again.

Mortgage Delinquencies and Foreclosures

Conclusion

The realtor’s mantra is “location, location, location,” and, as I have discussed this evening, local variation in housing and mortgage markets is considerable.  This variation is useful for understanding the sources of the increase in mortgage delinquencies and foreclosures, and it should be taken into account as servicers and policymakers consider how best to avoid preventable foreclosures.

Most Americans are paying their mortgages on time and are not at risk of foreclosure.  But high rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets, and the broader economy.  Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers.  It’s in everybody’s interest.

The April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices

The Legacy of Bailouts

Republicans Zero In on Fed’s Role in Commodity Inflation

5 Reasons Why the Fed Is Done—or Should Be

Found at FreakingNews.com

Money Celebrities pictures

The Great Depression Debate

Bernanke and many other economists believe the Fed’s failure to bail out stricken banks between 1929 and 1932 was one of the main reasons the Depression lasted so long. In 1932, Herbert Hoover established the Reconstruction Finance Corp., which lent to banks, railroads, and other troubled businesses but failed to reverse the string of bank failures. By the start of 1933, when Franklin Delano Roosevelt entered the White House, thousands of banks had gone under and many more were facing potential runs on their deposits. F.D.R. declared a bank holiday. When the banks reopened, the Fed had broader power to bail out those that were struggling.