Quotes About Fed

Minimum wage law is the 'People's Fed.' Tie minimum wage to money supply. If there is pushback against this idea, then shut down the Fed and its ability to distort the economy, penalizing labor, or make the Fed's distortions available to all businesses and all workers.

Provision of liquidity by the Fed is, conceptually, no different from the government's willingness to enforce contract rights.

While the Fed is usually identified as the Lender of Last Resort (LLR) in the United States, the LLR function is actually shared by the Fed and FDIC.

Barney Frank wanted to know where the Fed was going to get the $85 billion to lend to AIG. I didn't think this was the time to explain the mechanics of creating bank reserves. I said, "We have $800 billion," referring to the pre-crisis size of the Fed's balance sheet. Barney looked stunned. He didn't see why the Fed should have that kind of money at its disposal.

When my Princeton colleague Alan Blinder asked about my prospects of becoming Fed chairman, I downplayed the idea, saying the probability of that happening was "maybe 5 percent

market participants grew even more concerned that the Fed wasn't being proactive enough.

I thought that Dodd's comments were less about principle and more a reflection of his assessment that bashing the Fed was politically popular.

As predicted, bankers remained nervous about the potential stigma of borrowing from the Fed.

When circumstances required cooperation among the Fed, Treasury, and FDIC, it often fell to me to make the call to her, as it did this time.

I already was painfully aware that the Fed chairman's remarks can easily be misunderstood or overinterpreted.

the new administration was leaning toward moving consumer protection duties outside the Fed

Tim was the Fed's principal contact with Fuld.

Many other central banks hold press conferences, some as frequently as monthly, and adopting the practice seemed the natural next step for increasing transparency at the Fed.

However, further limitations on emergency authorities, especially if combined with a rollback of the orderly liquidation authority itself, would leave the Fed and other agencies without essential tools to respond to the next crisis.

now his not-so-secret ambition was to be chairman of the Fed after my departure.

I doubted that my words would have the weight of Greenspan's, and in any case it seemed to me that Congress is ruled first and foremost by interests and ideology, not by the advice of experts or supposed experts, including the chairman of the Fed.

For me personally and for the entire Fed, Don's retirement was a great loss. He

He too greeted me warmly and praised the Fed's response to the crisis.

Jay expressed his concerns mostly within the Fed, as did Betsy. Sandy,

It was a real loss for the Fed and the country.

The Fed is normally very profitable, since we typically earn a higher interest rate on our Treasury and mortgage-backed securities than we pay on the bank reserves that finance our holdings

But now I thought he risked undermining public confidence in the Fed

because I knew that there was plenty of blame to go around, including at the Fed and other regulatory agencies and in Congress.

I decided not to go. I didn't want to compromise the Fed's political independence by getting involved in the details of legislative disputes.